Markets

Sector Update: Financials

Financial shares were lower in pre-market trade Tuesday after suffering losses Monday and as investors continue to brace for the upcoming first-quarter earnings season.

In financial stocks news, Prospect Capital ( PSEC ) said it has invested $92 million of debt and equity in aircraft leasing company Echelon Aviation, in which it is the controlling shareholder.

Concurrent with the investment, Echelon has bought the majority stake in 11 commercial aircraft.

PSEC was lower by 1.2% in recent pre-market trade. The stock is trading in the lower half of the 52-week range between $10.05 and $11.62.

And, Mortgage-insurance holding company MGIC Investment ( MTG ) reported its primary new insurance written in March reached $2 billion, down 17% from a year earlier, but its inventory of primary delinquencies declined over the course of the month.

The $2 billion in primary new insurance written is up from $1.5 billion in February and $1.7 billion in January. However, it is down from $2.4 billion in March 2013.

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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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