Financial Stocks Narrowly Higher Near Close; A.J. Gallagher Acquires Majority Stake in Peruvian Insurance Broker

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Financial stocks were holding on to modest gains this afternoon with the NYSE Financial Sector Index advancing 0.1% and the S&P Financial 100 Index up about 0.3%.

In company news, shares of Arthur J. Gallagher & Co. ( AJG ) were higher in late Friday trading after the insurer broker announced a deal to acquire a 56% equity stake in JAO & Partners in Peru. Financial terms of the transaction were not disclosed.

According to the companies, JAO is producing around $4 million in annualized revenues, primarily placing property & casualty and financial institution risk products. In particular, it specializes in the energy, mining and construction industries.

Shares are up 1.1% at $46.12 apiece, earlier climbing to intra-day high of $46.29 a share. The stock has a 52-week range of $37.95 to $49.46 a share.

In other sector news,

(+) NNI, Q4 adjusted net income of $1.51 per share beats by $0.12. Total interest income rose 10.8% year over year to $167.9 million while combined revenue from the company's fee-based segments climbed 5.8% over year-ago levels to $103.9 million.

(-) STT, Shares reduced to Sector Perform from Outperform in a downgrade by RBC Capital Markets.



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Commodities

Referenced Stocks: AJG

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