Top Financial Stocks
Financial stocks were solidly higher, with the NYSE Financial Sector Index posting a more than 1.0% advance while financial companies in the S&P 500 Index were climbing nearly 1.4%. The Philadelphia Housing Sector Index was increasing 0.3%.
Among financial stocks moving on news:
+ Ambac Financial Group ( AMBC ) rose slightly more than 9% on Friday after the bond guarantor late Thursday was selected to replace Integra Lifesciences ( IART ) in the S&P SmallCap 600 index. The decision by S&P Dow Jones Indices becomes effective with the start of trading on Tuesday, June 5, concurrent with surgical implant manufacturer Integra moving up to replace electric utility Great Plains Energy Inc ( GXP ) in the S&P MidCap 400 index.
In other sector news:
+ Nomura Holdings ( NMR ) rose more than 2% on Friday after the Asian investment bank said German regulators have issued a securities trading license to its new subsidiary in Frankfurt, Nomura Financial Products Europe GmbH. In prepared remarks, Nomura described the new unit as "well advanced" and said the BaFin license marks a significant milestone ensuring clients will keep their access its financial products and services "without disruption after the UK leaves the European Union."
- Deutsche Bank ( DB ) retreated Friday, sinking more than 1%, after Standard & Poor's lowered the credit rating for the German bank by one notch to BBB+, its third lowest investment grade, from A- previously, citing "significant execution risk" for CEO Christian Sewing in his bid to overhaul Germany's largest financial services company. But he ratings shop also kept its Stable outlook for Deutsche Bank, reflecting its view the company "will execute its strategy in earnest" and should see its restructuring efforts begin to bear fruit in 2019 and fully achieving its long-term goals by 2021.
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