Financial Sector Update for 10/08/2018: MMI,CLDC,HPP,TWO,LYG

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Top Financial Stocks

JPM +0.75%

BAC +0.36%

WFC +1.15%

C +0.30%

USB +0.91%

Financial stocks turned positive this afternoon, including a nearly 0.5% increase for the NYSE Financial Index while shares of financial companies in the S&P 500 also were posting a more than 0.7% advance. The Philadelphia Housing Index was rising almost 0.8% today.

Among financial stocks moving on news:

(=) Marcus & Millichap ( MMI ) was narrowly higher in late Monday trade after the commercial real estate services company said it has acquired rival Canada Primecorp Commercial Realty Inc to extend its expansion into the Canadian market. Financial terms of the transaction that closed on Oct. 1 were not disclosed. Primecorp has offices throughout Ontario and Quebec and Marcus & Millichap said it is now expecting "significant" revenue growth from Canada.

In other sector news:

(+) China Lending Corp ( CLDC ) soared Monday, more than doubling in price at one point this morning after the non-bank business lender announced a new strategic agreement with Zhejiang Lixin, a Chinese financial services company providing financial funding, leasing and factoring services in in the Yangtze River delta region. The companies plan to develop new financial products as well as exploring a potential business combination.

(+) Two Harbors Investments Corp ( TWO ) was advancing Monday afternoon, rising more than 1%, after the real estate investment trust late Friday said Brad Farrell will step down as chief financial officer and company treasurer early next year to pursue other opportunities. The company has selected Mary Riskey to be acting CFO until Farrell leaves on Jan. 31, 2019, when her appointment become permanent.

(-) Lloyds Banking Group ( LYG ) finished little changed on Monday, trimming a previous 1% slide, following reports the British financial services company was talking with asset manager Schroders about a potential joint venture combining their wealth management operations. Under the proposed agreement, Lloyds would own 50.1% of the joint venture, which would be the first of a three-step alliance between the firms.

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: MMI , CLDC , TWO , LYG , HPP

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