pace gain

[Eartha]

Dear all,

How should I understand the underlined?

How does a rally is related to brokerage?
What's the meaning of "pace gain"?

Thanks in advance.

Eartha

Citic Securities Co. jumped more than 5 percent, leading a rally for brokerages, after the China Securities Regulatory Commission increased quotas for qualified foreign institutional investors to $80 billion from $30 billion. Suning Appliance Co. and Kweichow Moutai Co. paced gains for consumer companies after Credit Agricole CIB said borrowing costs will be cut this month. Aluminum Corp. of China Ltd. added 1.4 percent after the 21st Century Business Herald said the parent company plans to boost investment in rare earth production in Guangxi province.

 

[JohnParis]

Hello Eartha,

This bit of reported speech (did it come from an article or a blog?) is typical of the writing style used by business and financial reporters. It's not easy, and is frequently incorrect. What's more, authors of these sorts of articles often employ lots of jargon which most people outside of the financial world are not familiar with.

In my opinion, use of the term "rally" means that "Citic Securities Co. jumped more than 5 percent,leading a revival for brokerages...
This "revival" could mean that the share price of other brokerage firms traded on the exchange increased that day.

"Paced gains", as it's used in your example, could have many meanings. When I first read it, I thought it may have been a typo. "Posted gains" came to mind. But, "pace" also means "to lead in order to establish a competitive speed" and this would make some sense given the context of the rest of the paragraph.

I wish I could answer your question definitively, but there are so many possibilities that I cannot say for certain.
Let's see what others have to say.

 

[BobK]

:up:
I suspected a typo too, but the meaning of 'pace' that you suggest could well be part of the argot of high finance - there were gains, and SAC and KMC led the field.

b

 

[SoothingDave]

They set the pace. Others followed.