Financial shares

Sector update: financial stocks weakened this afternoon but still on positive ground

Financial stocks advanced in afternoon trading, with the NYSE financial index rising 0.9%, while the SPDR Financial Select Sector ETF (XLF) was ahead 1.3%.

The Philadelphia Housing Index was down 2.3% and the SPDR Real Estate Select Sector ETF (XLRE) was down 1.7%.

Bitcoin fell 1.5% to $ 46,638, while the yield on 10-year U.S. Treasuries was 11.1 basis points higher at 1.623%.

In business news, First Financial Bancorp (FFBC) rose 1.5% after the banking holding company announced on Monday that it had completed its purchase of specialist lender Summit Funding. Financial terms of the transaction were not disclosed, but First Financial said the acquired business would continue to operate under its current name with Summit founder and CEO Rick Ross leading the new subsidiary.

German American Bancorp (GABC) edged down, yielding a 2.1% gain earlier Monday after the company closed through the takeover of privately held Citizens Union Bancorp in Shelbyville, Ky. Under the deal, investors received $ 13.44 in cash and 0.7739 German-US shares for each of their Citizens Union shares, valuing the target company at around $ 43.60 per share.

Kinsale Capital Group (KNSL) fell 7.7%, reversing an initial drop of 1%, after the property and casualty insurance company completed the transfer of its stock listing to the New York Stock Exchange from the Nasdaq Global Select Market on Monday .

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