Morning Commentary: Citigroup, Allstate up; broader preferred market edges higher in early trading

By James McCandless

San Antonio, April 11 – Trading in the preferred market Wednesday morning was seen by traders as a continuation of Tuesday’s positive trend.

Citigroup Inc.’s preferred N shares led the market in early trading. The preferreds were also leading the market on Tuesday with about 400,000 shares changing hands.

Traders saw the series N preferreds up 12 cents Wednesday morning at $27.34.

Allstate Corp.’s recent $500 million issue of $25-par 5.625% series G noncumulative perpetual preferred stock was spotted trading up Wednesday morning.

The series G preferreds were up 3 cents to $25.29 in early trading.

Allstate is a Northbrook, Ill.-based insurance provider.

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.03% in morning trading after closing down 0.01% at the end of trading Tuesday.

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