Financial Sector Update for 08/13/2019: GNW,BBU,SUPV,UDR

Top Financial Stocks

JPM +2.02%

BAC +1.16%

WFC +1.54%

C +2.09%

USB +1.53%

Financial stocks were advancing in afternoon trading, including a more than 1.2% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were climbing more than 1.6%. The Philadelphia Housing Index was rising over 1.4%.

Among financial stocks moving on news:

(+) Genworth Financial (GNW) rose over 14% on Tuesday after agreeing to sell almost 49 million shares of its Genworth MI Canada unit to Brookfield Business Partners (BBU) as part of efforts to win regulatory approval of its acquisition by China Oceanwide Holding Group Co. Under terms of the proposed transaction, Brookfield will buy the Genworth MI shares for CAD48.86 apiece to acquire 57% of the Canadian mortgage insurer. In a related move, Genworth and Oceanwide agreed to extend their merger deadline until Dec. 31.

In other sector news:

(+) Grupo Supervielle SA (SUPV) climbed 6.8% after the Argentinian financial services company late Monday reported Q2 net income of ARS20.82 per American depositary share, up from ARS2.96 per ADS during the same quarter last year, while net financial income increased 81.7% year-over-year to ARS6.56 billion.

(-) United Dominion Realty Trust (UDR) dropped about 2% after the real estate investment trust priced a $350 million public offering of 7.5 million shares at $46.67 apiece, representing a 1.7% discount to Monday's closing price. The company is expecting to use the net proceeds for planned asset purchases, including an upcoming $270 million acquisition in Boston.

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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