Morning Commentary: Preferreds open with mostly positive tone; Invesco up; Annaly slips

By Cristal Cody

Tupelo, Miss., Oct. 12 – The preferred stock market opened with a mostly strong tone on Thursday.

The U.S. iShares Preferred Stock ETF climbed 23 basis points.

The Wells Fargo Hybrid and Preferred Securities index, which closed up 19 bps on Wednesday, was up modestly by 7 bps over the morning.

Invesco Mortgage Capital Inc.’s 7.5% series C cumulative redeemable preferred stock (NYSE: IVRPrC) gained 4 cents to $25.09 in early trading.

Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) continued to be heavily traded early Thursday following strong trading volume in the previous session. The preferreds were down 2 cents to $25.93 over the morning.

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