Morning Commentary: JPMorgan positive; Spire preferreds rise; AXIS Capital improves

By James McCandless

San Antonio, May 16 – The preferred market continued the week’s positive trend as the Wells Fargo Hybrid & Preferred Securities Financial index started up by 0.10%.

In secondary activity, JPMorgan Chase & Co.’s 6% series EE non-cumulative preferred stock started the session higher.

The preferreds (NYSE: JPMPrC) were up 2 cents to $26.47 on volume of about 203,000 shares.

Elsewhere in the finance space, Goldman Sachs Group, Inc.’s floating-rate non-cumulative preferred stock was also improving.

The preferreds (NYSE: GSPrD) rose 5 cents to $19.85 with about 43,000 shares trading.

Meanwhile, natural gas utility Spire Inc.’s new 5.9% series A cumulative redeemable perpetual preferred stock was moving higher on its second trading day.

The preferreds, trading under the temporary symbol “SIPRY,” rose 3 cents to $25.73 on volume of about 58,000 shares.

Insurance name AXIS Capital Holdings Ltd.’s 5.5% series E non-cumulative preferred stock saw an early gain.

The preferreds (NYSE: AXSPrE) added 8 cents to $24.55 with about 41,000 shares trading.

Real estate investment trust AGNC Investment Corp.’s 6.875% series D fixed-to-floating rate cumulative redeemable preferreds were relatively active but flat.

The preferreds (NYSE: AGNCM) were level at $25.20 on volume of about 38,000 shares.

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