Sector Update: Financial Stocks Outperforming Broader Markets This Afternoon

Last Updated: Thursday, August 11, 2022 1:31 PM | MT Newswires

Financial stocks were higher in afternoon trading, with the NYSE Financial Index rising 0.9% and the SPDR Financial Select Sector ETF (XLF) ahead 1.3%.

The Philadelphia Housing Index was climbing 1.5% although the SPDR Real Estate Select Sector ETF (XLRE) was ahead just 0.2%.

Bitcoin was increasing 1.9% to $24,350, while the yield for 10-year US Treasuries was slipping 5.4 basis points to 2.84%.

In company news, Tricon Residential (TCN) rose 1.4% after the rental housing company reported non-GAAP funds from operations of $0.13 per share for its Q2 ended June 30, improving on adjusted FFO of $0.11 per share during the year-ago period and beating the Capital IQ consensus for the three months ended June 30 by $0.01 per share.

Manulife Financial (MFC) was falling 0.6%, reversing a small morning gain, after the Canadian insurance and asset management company reported core Q2 earnings of CA$0.78 per share, down from CA$0.83 per share during the same quarter in 2021 but still exceeding analyst estimates looking for core earnings of $0.76 per share.

Main Street Capital (MAIN) declined 4.3% after the business development company Thursday priced a $50.1 million public offering of nearly 1.2 million common shares at $42.85 each, or 4.5% under its most recent closing price. After deducting underwriting discounts and other offering costs, Main Street is expecting to pocket around $47.9 million in net proceeds.

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