Top Financial Stocks
Financial stocks are keeping pace with the steep downdraft for
stocks today with the NYSE Financial Sector Index falling 2.5% and
the S&P Financial 100 Index declining 2.1%.
In company news, Goldman Sachs Group Inc (
) is down 4.1% at $157.02 a share and the investment bank today
inking a deal for a stake in a Mexican toll-road operator while
scrapping another proposed acquisition.
GS today said it will acquire an 18.7% stake in Red de
Carreteras de Occidente SAB de CV, the concessionaire for
approximately 760 kilometers of Mexican highways, from Empresas ICA
SAB de CV (
) for around $377.5 mln (Ps. 5,073 million).
ICA will continue to operate the highways. The transaction
completes an asset recycling process initiated by the Mexican
construction firm in 2012.
GS today also cancelled a proposed purchase of Ebix Inc. (
) after a U.S. Attorney's office opened an investigation into
allegations of intentional misconduct by the insurance software
company. EBIX has denied any wrongdoing.
In other sector news,
(-) ALL, Estimates its pre-tax catastrophe loss during May
totaled about $323 mln, with three severe weather-related evenut
accounting for over 90% of the estimated loss. The insurer
previously reported a $216-mln pre-tax loss in April, bringing its
Q2 loss so far of around $539 mln.
(-) AGNC, Declares cash dividend on its 8% Series A cumulative
redeemable preferred stock of $0.50 per share, payable July 15 for
shareholders of record on July 1.
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