Markets

Sector Update: Financial

Financial shares were positioned higher in pre-market trade Monday as tensions in the Ukraine region eased after peace talks.

In financial stocks news, China Ceramics ( CCCL ), a Chinese maker of ceramic tiles, said second-quarter profit fell due to higher advertising costs and foreign currency fluctuations.

Profit dropped to RMB 0.7 million (US$ 0.1 million) in the April-to-June period, compared to a profit of RMB 9.6 million in the year-earlier period.

The Jinjiang City, China-based company said profit would have been RMB 3.7 million, or US$ 0.6 million, if the foreign currency transactions had not been in place during the quarter.

Selling and distribution expenses were RMB 5.7 million, or US$ 0.9 million, up 159.1% from RMB 2.2 million in Q2 2013.

And, Prospect Capital ( PSEC ), a business development company, has announced that it recently provided a $210 million first lien senior secured credit facility to support the recapitalization of a food services company in the H.I.G. Capital portfolio.

Separately, Prospect recently announced the sale of AMU Holdings Inc and Airmall Inc, resulting in a gross 16.7% internal rate of return and 1.61 x cash-on-cash return to Prospect.

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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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