Financial Stocks Slipping Into the Close

Financial stocks were narrowly lower shortly before tonight’s closing bell, with the NYSE Financial Sector Index dropped nearly 0.3% while financial companies in the S&P 500 Index were falling almost 0.4%. In company news, Net 1 UEPS Technologies (UEPS) rose Friday after the electronic payments processor last night said it was splitting its CEO and board chairman roles and named long-time independent director Christopher Seabrooke to be its next chairman of the board.

Seabrooke moved into the chairman’s seat after chief executive Serge Belamant relinquished the post he’s held since 2003, three years after founding the company. The move follows similiar decisions at many other publicly traded companies in recent years to divide the positions in a bid toward improved corporate governance.

Seabrooke has been a member on the Net 1 UEPS board since 2005, currently chairing its audit, nominating and corporate governance committees. Belamant will retain his seat on the five-member board.

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