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Financial Sector Update for 09/06/2017: MKTX, ZAIS, IRT

Top Financial Stocks

JPM +0.86%

BAC +0.64%

WFC -0.02%

C +0.43%

USB +0.45

Financial stocks were adding to their prior gains, with the NYSE Financial Sector Index recently adding nearly 0.6% in value while financial companies in the S&P 500 Index were climbing over 0.5% in recent trade.

In company news, MarketAxess Holdings ( MKTX ) declined Wednesday, with shares of the fixed-income trader dropping to a session low of $177.32 a share after reporting a 1.2% drop in its monthly trading volume from the prior month during August and a 9.2% increase compared with year-ago levels.

Volume totaled $114.3 billion during August, down from $115.7 billion in July but increasing from $104.0 million in August 2016. The month-over-month decline during August largely resulted from a nearly $4.7 billion drop in volume for other credit securities to $41.3 billion, although that 10.1% decline was offset by 3.6% increase in volume for fixed-rate high-grade U.S. bonds to $65.39 billion along with a 20.8% rise in floating rate, high-grade U.S. bond to $3.22 billion.

In other sector news,

(+) ZAIS, (+92.3%) Activist investor Christian Zugel proposes negotiating a going-private transaction for the company after yesterday agreeing to buy 6.5 mln shares now held by Famguard LLC, boosting his share to 49.8% of Zais Group stock.

(-) IRT, (-9.5%) Begins public offering of 12.5 mln shares, with a 30-day option to underwriters to buy up to nearly 1.9 mln more shares.

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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