Sector Update: Financial

By Staff,

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Financial stocks are narrowly higher shortly before the closing bell with the NYSE Financial Sector Index advancing about 0.1% and the S&P Financial 100 Index also gaining about 0.1%.

In company news, CBRE Group Inc. ( CBG ) was higher today, climbing nearly 1% to $26.17 a share in recent trade and the property manager late yesterday completing its purchase of Norland Holdings Ltd.

The deal calls on CBG to pay $434.3 mln in cash as well as issuing 362,916 shares of its Class A common stock. The transaction also includes up to $81.8 mln in deferred compensation to the former owners of the British real estate services company.

CBG shares have been trading at their best levels since June 2011, establishing new 52-week highs during each of the past two sessions, including an intra-day high of $26.34 today in light pre-holiday trade.

In other sector news,

(+) ALL, (+0.3%) Closes public offering of 795,000 depositary shares representing 0.1% interest in one share of the insurer's Series D fixed rate non-cumulative perpetual preferred stock, generating $19.9 mln in gross proceeds.

(-) AJG, (+0.1%) Insurance broker overcomes early weakness to trade on positive ground throughout most of the session after late yesterday launching a $600 mln private placement of three series of senior notes.

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

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

This article appears in: Investing Commodities
Referenced Stocks: CBG

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