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Sector Update: Financials

By: MT Newswires
Posted: 3/12/2014 8:35:00 AM
Referenced Stocks: QIWI;GCA

Financial shares were firmly lower in pre-market session Wednesday as investors' concerns grow over slowing growth in China as well as over the Ukraine conflict.

In financial stocks news, Qiwi ( QIWI ) rose in pre-market trading Wednesday, after the provider of payment services, which operates in Russia and the Commonwealth of Independent States, reported Q4 earnings above analysts' expectations and reiterated its growth guidance for fiscal 2014.

Shares were up 3% at $38.60 recently, within a 52-week range of $14.51 to $59.24.

The company reported Q4 net earnings attributable to equity holders of RUB505 million ($15.4 million), or RUB9.53 ($0.29) per share, up from RUB275.9 million, or RUB5.30 per share, a year earlier.

Global Cash Access Holding ( GCA ) late Tuesday reported Q4 earnings of $0.19 per share, on par with the Street view, and revenue of $140.5 million, short of the $144 million the Street expected.

GCA was steady pre-market at $8.75, having closed up 0.7% Tuesday and trading in a 52-week range of $5.71 to $10.42.