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Financial Stocks Still Adding to Small Gains; Apollo Global, Zenergy Partnering to Invest in Upstream Assets

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Financial stocks were adding to small gains earlier this afternoon with the NYSE Financial Sector Index rising about 0.2% and the S&P Financial 100 Index climbing 0.3%.

In company news, Apollo Global Management ( APO ) was holding on to a small gain in late Monday trading and the investment manager and Zenergy Inc. forming a partnership to acquire and develop upstream and midstream oil and gas properties.

The partnership has a May 1 effective date and begins with $700 million in committed capital from APO affiliates and $55 million from Tulsa, Okla.-based Zenergy. The companies expect to focus on assets in the mid-U.S. as well as in Texas, Arkansas and Louisiana.

APO was up 0.7% at $25.00 a share shortly before the close, just 13 cents off its session high. The stock has a 52-week range of $20.86 to $36.51 a share, rising 21% over the past 12 months.

In other sector news,

(+) PL, Dai-ichi Life reportedly is looking to buy the American life insurance carrier for around $4.9 bln (500 bln yen). The Japanese company told The Wall Street Journal it is interested in an U.S. firm but would not name a target.

(-) AFSI, Weekend Barron's article questions "multimillion-dollar incongruities" in the company's regulatory filings.

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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