Morning Commentary: Preferreds hold mostly positive tone; Annaly gains; Colony NorthStar flat

By Cristal Cody

Tupelo, Miss., Oct. 11 – The preferred stock market kicked off Wednesday’s session with a mostly positive tone.

By mid-morning, the Wells Fargo Hybrid and Preferred Securities index was up 9 basis points.

The U.S. iShares Preferred Stock ETF rose 7 bps.

Annaly Capital Management Inc.’s 6.95% series F cumulative redeemable preferreds (NYSE: NLYPrF) saw strong trading early Wednesday and were up 15 cents, or 0.56%, to $25.94.

Also in early trading, Colony NorthStar Inc.’s 7.125% cumulative redeemable preferred shares (NYSE: CLNSPrJ) were active but flat at $25.10.

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