Sector Update: Financial Stocks Holding On To Slight Gains; Wheeler REIT Rising After Acquiring 3 Retail Properties for $4.2 Mln


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Financial stocks were narrowly higher today with the NYSE Financial Sector Index climbing about 0.2% and the S&P Financial 100 Index advancing about 0.3%.

In company news, shares of Wheeler Real Estate Investment Trust ( WHLR ) rose Tuesday after the property manager today announced plans to acquire three retail development properties for a combined $4.2 million in cash and assumed debt.

All three of the properties - located in Edenton and Moyock, N.C., and Courtland, Va. - are in established commercial zones and were acquired from a WHLR affiliate, Development Fund I LLC, with plans to develop the parcels into retail locations. Together the properties cover around 55.2 acres.

WHLR shares were up about 2.8% at $5.09 apiece, just 6 cents off its best level of today's session and 7 cents under its 52-week high. The stock has traded within a 52-week range of $3.75 to $5.16 a share, rising about 13.6% over the past 12 months.

In other sector news,

(+) HGSH, (+75.7%) Signs its first shanty-area rebuilding framework agreement with the Hantai District government of Hanzhong City. The estimated value of the project is $580 mln.

(-) MAIN, (-0.1%) Leads $17.0 mln majority recapitalization in Guerdon Enterprises LLC, providing $13.6 mln in funding for the deal.

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.

Copyright (C) 2014 All rights reserved. Unauthorized reproduction is strictly prohibited.

This article appears in: Investing , Commodities

Referenced Stocks: WHLR

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