Citigroup (C) to gain further momentum on sale of Japanese brokerage arm

Citigroup (NYSE: C) completed the sale of its Japanese brokerage firm on Wednesday to Sumitomo Mitsui Financial Group (SMFG) of Japan, as another step in its plans to shed non-core assets. Citigroup (C) said it will form an alliance with SMFG to gain access to its global corporate banking clients. C stock gained another 3% on high volumes to close at $4.84 and is likely to gain further momentum following the deal, since it is already showing strength on improving 20 days and 50 days moving average charts.