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Sector Update: Financial

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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 0.3%.

In company news, shares of Wheeler Real Estate Investment Trust ( WHLR ) rose Tuesday after the property manager today announced plans to acquire three retail development properties for a combined $4.2 million in cash and assumed debt.

All three of the properties - located in Edenton and Moyock, N.C., and Courtland, Va. - are in established commercial zones and were acquired from a WHLR affiliate, Development Fund I LLC, with plans to develop the parcels into retail locations. Together the properties cover around 55.2 acres.

WHLR shares were up about 2.8% at $5.09 apiece, just 6 cents off its best level of today's session and 7 cents under its 52-week high. The stock has traded within a 52-week range of $3.75 to $5.16 a share, rising about 13.6% over the past 12 months.

In other sector news,

(+) HGSH, (+75.7%) 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, (-0.1%) Leads $17.0 mln majority recapitalization in Guerdon Enterprises LLC, providing $13.6 mln in funding for the deal.

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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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