Diego Thomazini
Two of the five biggest decliners in financial stocks featured regional lenders, while four of the top five winners were non-U.S.-based companies.
Cryptocurrency bank Silvergate Capital (NYSE:SI), down 15.4%, was the biggest loser among financial stocks with market cap over $2B the week ended September 16, as bitcoin (BTC-USD) slid 8.7% to $19.73K as of Friday evening after CPI data for August came in hotter-than-expected;
Regional lender SVB Financial (NASDAQ:SIVB) took the second slot, falling 14.3% in the past week, after Oppenheimer downgraded the Silicon Valley lender to Perform on softer Q3 guidance;
Pet insurance provider Trupanion (NASDAQ:TRUP) dipped 12.4%;
Hagerty (NYSE:HGTY), a property and casualty insurer, turned lower by 12.1%; and
Hong Kong-based online brokager and wealth management platform Futu (NASDAQ:FUTU) -11.7% drifted down.
On the positive front, Netherlands-based financial firm ING Group (NYSE:ING) climbed 6.9%;
Bermuda’s RenaissanceRe (NYSE:RNR) gained 5.8%;
Enstar Group (NASDAQ:ESGR), another Bermuda-based reinsurer, advanced 4%;
Spanish bank Banco Santander (NYSE:SAN) rose 3.5%; and
First Interstate BancSystem (NASDAQ:FIBK) edged up 3.1%.
In the week ended September 9, Argentine lenders took the lead in week’s financial winners, while Chinese fintechs dipped.
Image and article originally from seekingalpha.com. Read the original article here.