Morning Commentary: Citigroup and Allstate gain in early preferred trading as market rises

By James McCandless

San Antonio, April 12 – Traders reported the beginnings of a positive day in the preferred market amid a growing sense of optimism in the broader equity markets.

Citigroup Inc.’s series L preferred shares led the market in early trading as more than 39,000 shares traded hands, already surpassing its average volume of about 38,000.

Traders saw the series L preferreds up 9 cents on Thursday morning at $26.24.

Allstate Corp.’s recent $500 million issue of 5.625% $25-par series G noncumulative perpetual preferred stock was another leader in early volume, with about 37,000 shares floating around.

The series G preferreds were up 3 cents to $25.28 in early trading.

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

The Wells Fargo Hybrid & Preferred Securities Financial index was up 0.06% Thursday morning after closing down 0.05% at the market close on Wednesday.

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