Just Energy preferreds improve; Wells Fargo positive; AT&T rises

By James McCandless

San Antonio, July 20 – Opening up the week, the preferred space extended last week’s positive push.

Leading the secondary market, utilities provider Just Energy Group, Inc.’s 8.5% series A fixed-to-floating rate cumulative redeemable perpetual preferred shares improved 11 cents to close at $2.40 on volume of about 242,000 shares.

Elsewhere, in the finance space, Wells Fargo & Co.’s 5.85% series Q fixed-to-floating rate non-cumulative perpetual class A preferreds also gained 19 cents to close at $24.89 with about 200,000 shares trading.

Sector peer Ally Financial Inc.’s 8.125% series 2 fixed-to-floating rate trust preferred securities improved by 21 cents to close at $23.87 on volume of about 191,000 shares trading.

Meanwhile, in telecom, AT&T, Inc.’s 4.75% series C perpetual preferred stock tacked on 1 cent to close at $24.44 with about 196,000 shares trading.

Real estate investment trust Global Net Lease, Inc.’s 7.25% series A cumulative redeemable preferreds shot up 35 cents to close at $23.85 on volume of about 180,000 shares.

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