Sector Update: Financial Stocks Weaken Slightly After FOMC Says 0% Interest Will Remain Through 2023

Wednesday, September 16, 2020 3:47 PM | MT Newswires

Financial stocks eased slightly in afternoon trading, with the NYSE Financial Index advancing 1.5% while the SPDR Financial Select Sector ETF also was 1.5% higher.

The Philadelphia Housing Index also was climbing 2.5%.

In company news, Netfin Acquisition (NFIN) declined fractionally after prospective merger partner Triterras Fintech Wednesday said trade volume for its Kratos commodity trading and trade finance platform totaled $5 billion during the six months ended August 30, keeping it on track to meet its own annual forecasts. Tritterras and the blank check company are expecting to complete their business combination by late October when the surviving entity will begin to trading under the TRIT ticker symbol.

MarketAxess (MKTX) also turned narrowly lower in late trade, giving back a mid-day advance that followed the online fixed-income trading company announced its acquisition of MuniBrokers, which operates an electronic platform for more than $400 million in taxable and non-taxable municipal bond trades per day, for an undisclosed sum.

To the upside, Overstock.com (OSTK) rose 1.7% after Wednesday saying trading volume on its tZERO digital platform rose to a best-ever 2.3 million trades during August, or about 21 times higher than year-ago levels. The company also said almost $22 million in trades were executed last month through tZERO, up from $7.6 million during July.

Axos Financial (AX) was 2.8% higher after the bank holding company Wednesday priced a $175 million public offering of 4.875% fixed-to-floating rate subordinated notes maturing in October 2030. Net proceeds will be used for general corporate purposes and potential stock buybacks.

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