Top Financial Stocks
Financial stocks continued to extend their gains this afternoon despite a lack of fresh economic data, with the NYSE Financial Sector Index rising almost 1.5% while financial companies in the S&P 500 Index were climbing nearly 1.6%. The Philadelphia Housing Sector Index was slipping more than 0.3%.
In economic news:
Investors were bidding U.S. stocks higher on Monday after White House adviser Larry Kudlow this morning said there were no tariffs currently in place on Chinese goods and that talks with Chinese officials on ways to reduce the trade gap between the two countries were ongoing. There were no economic reports on Monday.
Among financial stocks moving on news:
+ Arthur J. Gallagher & Co ( AJG ) gained Monday after the insurance broker and risk management services company said it has acquired Houston-based Integrity Transportation Insurance Agency for an undisclosed price. As the name suggests, Integrity Transportation Insurance Agency provides property and casualty insurance brokerage services to transportation clients throughout Texas. The transaction already is the company's sixth buyout of a smaller rival in 2018.
In other sector news:
+ Deutsche Bank ( DB ) was advancing in Monday U.S. trading after the German banking company named a new chief executive on Sunday, only two months after posting its third consecutive year of net losses under outgoing CEO John Cryan. Christian Sewing begins as CEO, effective immediately, while Cryan is scheduled to leave Deutsche Bank by the end of the April. The move follows Cryan saying in March Deutsche Bank's financial results had "so far not been what all of us would want them to be."
+ Canadian Imperial Bank of Commerce (CM,CM.TO) was edging higher in Monday trading after Canada's fifth largest bank as measured by deposits announced its support for the Financial Stability Board's task force on climate-related financial disclosures, an international group working to develop voluntary, climate-related financial risk disclosures for use by companies, investors, lenders, insurers and other stakeholders. CIBC already participates in a global carbon disclosure program that enables companies, along with local and regional governments, to measure and manage risks and opportunities related to climate change.
+ Grupo Supervielle SA ( SUPV ) gained on Monday, rising more than 1%, after the Argentina-based lender said it was acquiring Micro Lending SA for $20 million in cash, expanding the company's reach into auto-lending. The transaction is expected to close before mid-year. Micro Lending current is fourth largest auto lender in Argentina, with an estimated 6% share of the overall market and rising to 10% of the used car loan business.