Preferreds down in light trading; Wells Fargo recoups losses; Fidus Investment improves

By Abigail W. Adams

Portland, Me., Feb. 14 – The preferreds market ended Wednesday down in a trading session that saw light volume.

The Wells Fargo Hybrid & Preferred Securities Financial index seesawed between positive and negative territory early in the day but remained mostly flat throughout the session.

However, the index saw losses in the last half an hour before the market close, a market source said.

While trading volume was light across the board, there were one or two exceptions, a source said. Wells Fargo & Co.’s depositary shares representing 8% series J non-cumulative perpetual preferred stock recouped last weeks losses in high volume trading activity on Wednesday.

Fidus Investment Corp.’s recently priced 5.875% notes due 2023 were also up on Wednesday. The notes listed for trade on Nasdaq under the ticker “FDUSL” last week.

The preferreds market saw another down day on Wednesday with both the Wells Fargo Hybrid & Preferred Securities Financial index and the U.S. iShares Preferred Stock ETF ending the session with losses.

The index was largely flat throughout the day, a market source said.

However, the index was pushed into negative territory about one-half hour before the closing bell and ended Wednesday down 0.08%.

The U.S. iShares Preferred Stock ETF closed Wednesday down 0.19%.

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