Financial Stocks See Solid Gains

Financial stocks were advancing in afternoon trading, including a 0.8% gain for the NYSE Financial Index while shares of financial companies in the S&P 500 were rising 1.3%. The Philadelphia Housing Index was rising 0.5%.

Among financial stocks moving on news:

(-) Banco Bradesco (BBD) dropped 2% after Goldman Sachs Monday began analyst coverage of the Brazilian bank company With a sell rating.

In other sector news:

(+) Jupai Holdings (JP) was edging higher this afternoon after the asset manager reported an adjusted Q1 net loss of RMB0.67 per American depositary share, reversing a non-GAAP profit of RMB3.59 per ADS during the year-ago period ended March 31. Total revenue dropped 35% year over year to RMB282.2 million compared with RMB434.4 million during the first three months of 2018.

(-) Ellington Financial (EFC) was fractionally lower after the board of directors at the specialty finance company approved a monthly dividend of $0.14 per share, unchanged from its most recent distribution and payable July 25 to shareholders of record on June 28.

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