Financial Sector Update for 05/31/2019: PLMR,YIN,AON,NMR

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Top Financial Stocks

JPM -1.06%

BAC -1.99%

WFC -1.30%

C -2.36%

USB -0.55%

Financial stocks still were declining in late afternoon trading, including a nearly 1.0% drop for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling over 1.5%. The Philadelphia Housing Index was sinking more than 1.4%.

Among financial stocks moving on news:

(-) Palomar Holdings ( PLMR ) dropped nearly 3% in Friday trading. The property and casualty insurer earlier said it has renewed a $470 million core reinsurance program and also purchased $200 million of incremental limit. Its reinsurance program also provides up to $1.05 billion in coverage for earthquakes, enabling the company to maintain a cushion above the probable peak zone maximum loss.

In other sector news:

(-) Yintech Investment Holdings Ltd ( YIN ) was down 6% this afternoon, giving back a 9% morning advance. The Chinese commodities brokerage Friday reported non-GAAP Q1 net income of RMB1.14 per American depositary share, reversing a RMB0.41 per ADS adjusted loss last year, while revenue grew over 69% from the same quarter last year to RMB268.5 million. The company Friday also announced the start of a new $20 million stock buyback program.

(-) Aon ( AON ) was down 1% this afternoon. The company Friday announced a new commercial agreement with CoverWallet, partnering with the digital insurance carrier in a bid to expand its footprint in Australia's $100 billion market for small- and medium-sized business insurance.

(-) Nomura Holdings ( NMR ) dropped over 2% after Reuters reported Japan's finance ministry excluded the brokerage from a proposed stock sale by the Japan Post after Nomura admitted some of its employees leaked sensitive market information about listing and delisting criteria under review by the Tokyo Stock Exchange.

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: PLMR , YIN , AON , NMR

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