Markets

Financial Sector Update for 03/06/2019: SCM,AON,WLTW,FFBC

Top Financial Stocks

JPM -0.10%

BAC -0.21%

WFC -0.02%

C -0.23%

USB -0.81%

Financial stocks were narrowly lower in afternoon trading, including a 0.4% retreat for the NYSE Financial Index while shares of financial companies in the S&P 500 were falling 0.5%. The Philadelphia Housing Index was rising 0.1%.

Among financial stocks moving on news:

(+) Stellus Capital Investment ( SCM ) was extending its Wednesday advance, rising almost 4% after the investment manager reported FY18 net investment income of $1.42 per share, up from $1.21 during the prior year and beating the Capital IQ consensus by $0.13 per share. Total investment income also grew, climbing to $53.3 million from $39.6 million during FY17 and topping the $51.9 million analyst mean.

In other sector news:

(+) Aon ( AON ) climbed 4% Wednesday after it said "it does not intend to pursue" a business combination with rival insurance broker Willis Towers Watson ( WLTW ), less than one day after confirming early talks over a potential all-stock transaction. Aon did not provide additional information on why the potential transaction fell through.

(-) First Financial Bancorp ( FFBC ) fell 2% on Wednesday after Stephens lowered its investment recommendation for the bank holding company to equal weight from overweight previously.

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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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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