Financial Sector Update for 09/10/2019: GCAP,HLNE,STC,MTG

Top Financial Stocks

JPM +0.83%

BAC +2.31%

WFC -0.31%

C +0.20%

USB +1.46%

Financial stocks still were narrowly mixed this afternoon, with the NYSE Financial Index slipping nearly 0.2% while shares of financial companies in the S&P 500 were rising less than 0.1%. The Philadelphia Housing Index was falling about 0.1%.

Among financial stocks moving on news:

(+) GAIN Capital Holdings (GCAP) rose 5.5% after Tuesday reporting a 5% increase in average daily trading volume during August compared with year-ago levels to $8 billion. Futures contracts surged 38% year-over-year to 797,472 contracts traded last month while futures average volume jumped 45% in August to 36,249 contracts per day.

In other sector news:

(-) Stewart Information Services (STC) was more than 1% higher Tuesday afternoon, reversing a small decline for the property and casualty insurance carrier after it canceled its proposed merger with Fidelity National Financial (FNF) after the US Federal Trade Commission moved to block the proposed business combination.

(-) MGIC Investment (MTG) was nearly 1% lower after the private mortgage insurance company delinquencies declined 10.3% during August, slipping to 30,276 loans from 33,748 loans in August 2018.

(-) Hamilton Lane (HLNE) slid over 7% after the asset management firm priced a $148.6 million public offering of 2.45 million shares of its common stock at $60.60 apiece, representing a 2.7% discount to Monday's closing price. Two Hamilton Lane shareholders - Hartley Rogers and Juan Delgado-Moreira - sold another 228,456 shares as part of a concurrent secondary offering. The company did not receive any proceeds from those transactions.

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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