Sector Update: Late Uptick Lifts Financial Stocks Back Near Break-Even for Session

Wednesday, December 11, 2019 3:33 PM | MT Newswires

Top Financial Stocks

JPM -0.07%

BAC +0.60%

WFC -0.46%

C -0.11%

USB -0.98%

Financial stocks narrowed their prior declines in afternoon trading, with the NYSE Financial Index sliding nearly 0.2% lower while the shares of financial companies in the S&P 500 also were falling about 0.1%. The Philadelphia Housing Index was rising almost 0.8%.

Among financial stocks moving on news:

(+) Barclays (BCS) was ahead 0.6% Wednesday afternoon amid reports the UK financial services company is selling its automated US options trading division to electronic market maker GTS. About 40 Barclays employees will join GTS as part of the deal for Automated Volatility Trading, as the unit is known, according to a statement obtained Wednesday by Bloomberg Law. Financial terms were not disclosed.

In other sector news:

(+) 60 Finance (QFIN) rose 9% on Wednesday after an investor group that includes board chairman Hongyi Zhou will invest up to $60 million in the Chinese financial technology company through the purchase of its shares over the next 12 months.

(-) Capital City Bank Group (CCBG) dropped more than 1% after the bank holding company announcing plans to acquire a 51% stake in BrandMortgage, allowing it to offer mortgage services under the Capital City Home Loans name. Financial terms of the transaction were not disclosed. The deal is expected to close during the first three months of 2020.

(-) Global Medical REIT (GMRE) fell 8% after it priced an upsized $78 million public offering of 6 million common shares at $13 each, representing an 8% discount to Tuesday's closing price. The company and underwriters added 1.2 million shares to the offering shortly before the deal priced.

Price: 28.96, Change: -0.47, Percent Change: -1.60

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