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Preferreds stocks soft as equities decline; energy preferreds weaken; JPMorgan climbs
By Cristal Cody
Tupelo, Miss., Oct. 26 – After modest improvement on Thursday, preferreds stayed soft on Friday along with equities in general.
The Wells Fargo Hybrid and Preferred Securities index headed out down 0.15%. The U.S. iShares Preferred Stock ETF ended the session off 0.33%.
Equities remained weak over the day but recovered from wider losses in early trading.
The Dow Jones industrial average closed down 1.19%, the S&P 500 fell 1.73% and the Nasdaq declined 2.06% on Friday.
Preferred stocks were mixed in lighter trading volume.
New energy issues were weaker on Friday.
Dynagas LNG Partners LP’s 8.75% series B fixed-to-floating rate perpetual preferreds closed the day 10 cents, or 0.40%, softer at $24.60 on a trading volume of about 163,000 shares. The preferreds trade under the temporary symbol “DGAGF.”
DCP Midstream, LP’s 7.95% series C fixed-to-floating rate cumulative redeemable perpetual preferred units (B1/B/BB-) (NYSE: DCPPrC) dropped 13 cents, or 0.53%, to $24.50 on Friday. Trading volume was about 63,000 shares.
Meanwhile, JPMorgan Chase & Co.’s 5.75% series DD non-cumulative preferred stock (NYSE: JPMPrD) climbed above par over the day. The trading volume was 2.12 million shares with the preferred stock ending the session up 3 cents, or 0.12%, to $25.01.
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