Top Financial Stocks
Financial stocks turned higher after Federal Reserve minutes
said central bankers expect to end their bond-buying stimulus
efforts in October, with the NYSE Financial Sector Index climbing
about 0.4% and the S&P Financial 100 Index advancing about
In company news, American depository shares of Banco Macro SA (
) surged to a multi-year high Wednesday as efforts continued by
Argentina's economic minister to resolve a fight with a group of
hedge fund creditors over its sovereign debt and avoiding the
country's second default in 13 years.
Mediation talks are slated to resume Friday between Argentine
Economy Minister Axel Kicillof and Daniel Pollack, the
court-appointed lawyer named last month to represent the hedge
funds suing for full payment on defaulted Argentine bonds. The two
sides met for several hours Monday, with the South American country
risks defaulting again on its debt if it doesnÂ´t cut a deal before
the end of the month.
BMA was up nearly 10% at $42.80 per ADS in late afternoon trade,
earlier advancing to its best levels since January 2011 at $43.26
apiece. Over the past 12 months, the stock has more than tripled in
value, rising 211.4%.
BBVA Banco Franc (
) also climbed to a new 52-week high at $13.70 per ADS, up 8.8%,
while Telecom Argentina SA (
) rose nearly 6% to also notch a new high at $24.91 per ADS.
In other sector news,
(+) AINV, Raised to Buy from Neutral at SunTrust Robinson
Humphrey, which also set a price target of $10 a share.
(-) C, Reportedly close to finalizing a $7 bln settlement with
the Justice Department over allegations it sold inferior mortgages
before the financial crisis, according to The Wall Street Journal,
citing unnamed sources.
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