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This week’s winners among financial stocks were led by two insurers, one credit-card issuer, one Indian bank and one Brazilian digital bank. On the flip side, two crypto-linked companies, one fintech-focused lender and two Argentine lenders fell the most.
In all, financial stocks (with market cap over $2B) finished the past five trading sessions through June 21 in the green, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) advancing 1.4%, trouncing the S&P 500’s 0.6% gain.
Ryan Specialty Holdings (NYSE:RYAN) rose the most of any financial stock this past week, jumping about 13%, on news the stock will join the S&P MidCap 400;
Bread Financial Holdings (NYSE:BFH), up 9.2%, ascended after Evercore upgraded the credit card company after its investor day highlighted strengthening return on tangible common equity trajectory, improved visibility into CFPB late fee rule impacts, and an intact credit outlook;
India’s ICICI Bank (NYSE:IBN) gained 6.4%;
Primerica (NYSE:PRI) gapped up 5.8%; and
Nu Holdings (NYSE:NU), the parent of Latin American neobank NuBank, rounded out the five biggest gainers with a 5.4% increase.
For the losers, bitcoin (BTC-USD) miner Riot Platforms (NASDAQ:RIOT) slumped 13% as the price of bitcoin extended its gradual decline;
Crypto exchange Coinbase Global (NASDAQ:COIN) shed 8.8%;
SoFi Technologies (NASDAQ:SOFI) slumped 7.1% after the Qatar Investment Authority disclosed that it disposed of its entire stake in the fintech-focused lender; and
Argentine banks Grupo Financiero Galicia (NASDAQ:GGAL) and Banco Macro (NYSE:BMA) slid 7% and 6.1%, respectively.