ARGO BLOCKCHAIN PLC

ARB
Delayed London Stock Exchange - 11:39 2022-12-05 am EST
6.050 GBX +0.83%

Sector Update: Financial Stocks Fall after September Jobs Report Likely to Keep Fed Raising Rates

10/07/2022 | 01:50pm
(MT Newswires) -- Financial stocks were falling hard again during afternoon trading, with the NYSE Financial Index sliding 2.2% while the SPDR Financial Select Sector ETF (XLF) was off 2.2%.

The Philadelphia Housing Index also was dropping 2.2% and the SPDR Real Estate Select Sector ETF (XLRE) was slipping 1.8%.

Bitcoin was declining 3.4% to $19,418, while the yield for 10-year US Treasuries was climbing 3.9 basis points to 3.865%.

In company news, Argo Blockchain (ARBK) declined about 28% after Friday disclosing several moves to strengthen its balance sheet as the London-based cryptocurrency firm struggles with soaring energy costs and slumping Bitcoin prices, including selling a nearly 15.5% stake in the company to an unnamed strategic investor in exchange for 24 million British pounds ($27 million) in new capital. It also plans to sell 3,400 of its unused Bitmain S191 Pro mining devices for 6 million pounds in addition to revising its equipment financing deal to free up around 5 million pounds in restricted cash.

Arco Platform (ARCE) slid 7.1% after the educational software firm Thursday said it was buying 75.1% of Brazilian financial and budgeting technology company Inco Ltd, with plans to issue around 10.4 million Arco shares to Inco investors, providing them with a 15.8% equity stake in the company.

Hudson Pacific Properties (HPP) fell 3.6% after Piper Sandler cut its price target for the real estate investment trust by $4 to $13 and reiterated its neutral stock rating.

MT Newswires 2022
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