Sector Update: Financial

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Financial shares are flat to higher in today's pre-market session after another record close yesterday.

In financial stocks news, Fortress Investment Group LLC ( FIG ) aims to raise 200 billion yen ($1.9 billion) to set up Japan's first infrastructure fund, Reuters reported.

Fortress plans to invest in roads, airports and other infrastructure with money pooled in the Fortress Japan Income Fund, it said. The Japanese government has been working toward selling rights to operate public assets such as roads and airports to reduce debt.

The shares closed at $8.50 on Thursday in a 52-week range of $4.20 - $9.10.

And, WashingtonFirst Bankshares ( WFBI ) said it has liquidated its investment in a bank trust collateralized debt obligation security because of uncertainty regarding the future accounting implications of such investment under the Volcker Rule.

The Trapeza CDO, which was bought in 2007, was sold for $0.07 million in net proceeds.

The sale will result in an approximate after-tax increase of $0.4 million or $0.05 per share.



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: FIG , WFBI

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