Top Financial Stocks
Financial stocks were extending their earlier advances Tuesday afternoon, with the NYSE Financial Sector Index rising over 1.9% and the S&P Financial 100 Index surging nearly 2.4%.
In company news, Apollo Investment Corp ( AINV ) rose Tuesday after the business development company late Monday said it authorized a new share repurchase program to buy back up to $50 million of its stock.
The new authorization arrives after Apollo completed an equally sized buyback program in slightly more than four months. A portion of the current authorization will be used to repurchase shares from Apollo executives and other insiders through pre-arranged stock-sale programs, the company said.
AINV shares were up more than 9% at $5.37 each, easing only slightly from a prior advance to $5.39 a share this morning.
In other sector news,
(+) FSB, (+12.0%) Announces $29.7 mln acquisition of privately held Civic Bank & Trust in Nashville. Expects deal to immediately add to its tangible book value and per-share earnings during its first year after closing.
(-) FXCM, (-11.9%) Retail customer trading volume declines 12% compared with year-ago levels to $298 bln during November. Institutional trading drops 51% year over year to $41 bln.
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