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This week’s five top gainers in financial stocks featured three Japanese lenders after the Bank of Japan unexpectedly widened its yield curve control tolerance range. Among the five biggest decliners were two mortgage lenders, two investment managers and one provider of financial data and analytics.
Mitsubishi UFG Financial Group (NYSE:MUFG), Japan’s largest bank, shot up 21% in the week ending December 23, as it considered further share buybacks and acquisitions;
Grupo Financiero Galicia S.A. (NASDAQ:GGAL), a bank located in Argentina, jumped 20.9%;
Sumitomo Mitsui Financial Group (NYSE:SMFG), another Japanese megabank, climbed 18.7% after the BoJ’s move prompted speculation that Japanese lenders’ interest income could see some improvement;
American Equity Investment Life Holding Company (NYSE:AEL), up 17.6%, advanced after Raymond James gave the life and health insurer a Strong Buy rating, citing its potential to be targeted as a takeover candidate; and
Japan’s Mizuho Financial Group (NYSE:MFG) rounded out the winners with a 13.8% gain.
For the losers, residential mortgage lender UWM Holdings (NYSE:UWMC) topped the list, falling 16.6%;
Asset manager AllianceBernstein Holding (NYSE:AB) retreated 9.1%;
Rocket Companies (NYSE:RKT), a provider of mortgage lending and other fintech services, slid 8.4%;
Texas-based private equity firm TPG (NASDAQ:TPG) decreased 7.3%; and
Financial data and analytics firm FactSet Research Systems (NYSE:FDS), down 7.1%, drifted lower after posting mixed fiscal Q1 results.
Previously, (Dec. 23) strategists expect little from the S&P in 2023, but SA readers still love stocks.
Image and article originally from seekingalpha.com. Read the original article here.