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Updated from 1:06 p.m. EDT
The financial sector joined the sliding broader market for the third straight session Thursday, largely scooping just under the major indices. Weighing heavily was Security Capital Assurance (SCA Quote).
The Bermuda-based insurer slid 3.6% to $30.61 in unusually active trading on news that its parent, XL Capital (XL Quote), is offering 9.68 million SCA shares at $31 apiece, thereby slashing its stake in SCA to roughly 47.5% from 63%. If underwriters fully exercise their 1.45-million-share purchase option, XL will own just 45.3% of the company.
SCA priced the shares postbell Wednesday after filing for the offering two weeks ago. XL closed Thursday off 2.7% at $80.49. ...
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