Preferred stock market moves up; Ally Financial, Pennsylvania REIT active in trading

By Christine Van Dusen

Atlanta, April 1 - The preferred stock market was up on Tuesday amid solid liquidity and a healthy amount of trading for Ally Financial, formerly known as GMAC Inc., which provided financing to General Motors dealers.

GM was in the news on Tuesday as the new chief executive officer apologized, in front of a House committee, for 13 deaths related to a faulty ignition switch that was not recalled quickly enough.

"It was a pretty active day," a market source said.

The Wells Fargo Hybrid and Preferred Securities index finished the day up about 29 basis points, or 7 cents, he said.

Ally's preferred securities finished Tuesday's session off 7 cents at $27.23 on 1.24 million shares traded.

Also active on Tuesday were Pennsylvania Real Estate Investment Trust's preferred B shares, which traded up a penny to $25.06 on 677,000 shares.

Investors also expressed interest in issues from CBL & Associates Properties, ING Groep NV and Aegon NV.

CBL's 7 3/8% cumulative redeemable preferred stock, series D, traded at $25.05, down 8 cents on volume totaling 695,103 shares.

ING's 6 3/8% perpetual hybrid capital securities were spotted at $24.97, down a penny on 36,815 shares traded.

And Aegon's 6 3/8% perpetual capital securities dropped 7 cents to $25.64 on volume totaling 36,375 securities.

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