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Sector Update: Financial

Financial stocks were narrowly higher today with the NYSE Financial Sector Index climbing about 0.2% and the S&P Financial 100 Index advancing about 0.1%.

In company news, shares of Newcastle Investment Corp ( NCT ) were trading higher Tuesday afternoon, rising a post-reverse split 2.8% after late yesterday the real estate investment trust priced a public offering of its common stock at less than a 0.5% discount to Monday's closing price for its shares.

NCT shares recently were fetching around $13.64 apiece, up 38 cents - or about 2.9% - from a split-adjusted $13.26 a share closing price yesterday after accounting for the stock's 3-for-1 reverse split this morning. On a nominal basis, the stock recently was ahead nearly 208%, rising $9.18 a share from its $4.42 close on Monday.

Separately, NCT last night priced an offering of 40 million shares at $4.40 apiece, or just 2 cents under yesterday's pre-split closing price. Underwriters also exercised options to buy an additional 5.93 million shares, boosting gross proceeds for the company to around $202.1 million before paying underwriter discounts and other offering costs.

The company primarily plans to use net proceeds to acquire senior housing facilities.

In other sector news,

(+) HGSH, Signs its first shanty-area rebuilding framework agreement with the Hantai District government of Hanzhong City. The estimated value of the project is $580 mln.

(-) MAIN, Leads $17.0 mln majority recapitalization in Guerdon Enterprises LLC, providing $13.6 mln in funding for the deal.

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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