Sector Update: Financial


Financial stocks were firmer with the NYSE Financial Sector Index sinking about 0.6% and the S&P Financial 100 Index declining about 0.5%.

In company news, SL Green Realty Corp ( SLG ) was trading lower today, with the real estate investment trust saying it has expanded the term-loan portion of its unsecured corporate credit facility by nearly 77% to $783 million.

In addition to the $383 million increase of the term loan, the syndicated facility includes a $1.2 billion revolving line of credit maturing in March 2018. According the company, the package will lower the company's cost of funds, helping to strengthen an already investment-grade balance sheet.

SLG shares were down 1.5% at $97.69 each in recent trade, earlier sliding to a session low of $97.47 a share. The stock has a 52-week range of $83.00 to $101.78 a share.

In other sector news,

(+) IBN, (+2.3%) Shares rally after the Indian government sells 9% stake in Axis Bank, collecting $917 mln. Overall, the government sold $3.1 bln of assets during the year ending next Monday, reducing its budget deficit to 4.6%.

(+) JPM, (+0.8%) Fang Fang, one of the top investment bankers for the company in Hong Kong quits amid U.S. probe of the bank's alleged targeting of the children of top Communist Party officials as employees.

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: SLG

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