Financial Sector Update for 03/15/2019: BAM,BAM-A.TO,GNW,ENV

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Top Financial Stocks

JPM +0.49%

BAC -0.08%

WFC +0.33%

C +1.18%

USB +0.44%

Financial stocks were keeping pace with the broader US markets in afternoon trading, including a more than 0.6% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were ahead about 0.7%. The Philadelphia Housing Index was rising just more than 0.3%.

Among financial stocks moving on news:

(+) Brookfield Asset Management ( BAM ) rose more than 2% after the company agreed to acquire the East-West natural gas pipeline from Reliance Industries, paying $2 billion for a 100% equity interest in Pipeline Infrastructure Private Ltd, which operates the 865-mile span connecting Kakinada on India's eastern coast with Bharuch on western coast of the subcontinent.

In other sector news:

(+) Genworth Financial Inc ( GNW ) climbed almost 7% on Friday after the specialty lender agreed to another extension of the deadline for its proposed merger with China Oceanwide Holdings Group through April 30 to allow for the completion of ongoing regulatory reviews.

(+) Envestnet ( ENV ) was more than 2% higher after the wealth management technology company agreed to buy financial-planning software developer, PIEtech, for $295 million in cash and 3.2 million shares of its common stock.

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

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This article appears in: Investing , Banking and loans
Referenced Symbols: BAM , GNW , ENV

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