Financial Sector Update for 04/22/2021: CB,HIG,EFX,GRNQ,MKTX

Financial stocks were losing ground late in afternoon trading, with the NYSE Financial Index dropping 0.6% while the SPDR Financial Select Sector ETF was slipping 1.1%.

The Philadelphia Housing Index also was falling 0.5% and the SPDR Real Estate Select Sector ETF was down 0.3%.

In company news, Chubb (CB) rose 1.5% after The Hartford Financial Services Group (HIG) again rebuffed a sweetened $70 per share buyout offer, marking the third time it has spurned the rival property and casualty insurer since it first went public with a $65-per-share bid on March 11. Hartford shares were down 1.2%.

Equifax (EFX) gained almost 15%, the most in the S&P 500, after the credit reporting agency reported better-than-expected Q1 financial results and also raised its forecast for FY21 earnings and revenue.

To the downside, Greenpro Capital (GRNQ) turned lower this afternoon, reversing a more than 15% gain that followed it saying it acquired a limited edition series of 7,700 non-fungible tokens depicting the 1957 Sputnik satellite launch for $16 million.

MarketAxess Holdings (MKTX) fell 3.8% after the online broker reported Q1 net income of $2.11 per share, up from $1.96 per share during the same quarter last year but still lagging the Capital IQ consensus expecting a $2.12 per share profit for Q1.

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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