Sector Update: Financial

By Staff,

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Financial stocks were ending narrowly mixed with the NYSE Financial Sector Index rising about 0.1% and the S&P Financial 100 Index declining about 0.2%.

In company news, RenaissanceRe Holdings Ltd. ( RNR ) rose Monday, after S&P Dow Jones Indices late Friday said its was adding the provider of reinsurance and insurance coverage to the S&P MidCap 400 index after the close of trading Jan. 2, replacing Lender Processing Services Inc. ( LPS ).

LPS is being acquired by Fidelity National Financial Inc. ( FNF ).

RNR shares were up nearly 5% in recent trade at $96.49 each, earlier establishing a new all-time high at $96.57 a share. Additions to major indices tend to send those stocks higher in the days leading up to their inclusion as fund managers shuffle their holdings to mimic them.

In other sector news,

(+) TRNO, Acquires four buildings containing 229,000 square feet along with an adjacent 0.2 acre parcel in Queens, N.Y., for $53.1 mln.

(-) WFC, Resolves dispute with Fannie Mae ( FNMA ) over repurchase demands on loans originated prior to 2009, making a one-time cash payment of $541 mln to FNMA. FNMA shares were higher today.

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: FNF , FNMA , LPS , RNR

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