peterschreiber. media
The takeover offer sparked the week’s biggest move in mid- and senior financial stocks, while a potential block on payment for order flow led one market-making firm and its execution to point to one of the week’s biggest declines.
And Although 23 of the largest banks are located in the United States passed the Fed’s annual stress tests, None of these stocks made moves big enough to appear in the five biggest increases or the five biggest declines.
For the week, the SPDR ETF (New York: XLF(up 2.1%, but down 1.4% in the first half of 2023. By comparison, the SPDR S&P 500 ETF (New York: The Spy) gains of 1.1% in the past week and 16% since the beginning of the year.
American Equity Investment Life Holding (New York Stock Exchange: AEL) topped the biggest gainers among financial stocks with a market capitalization of more than $2 billion in the week ending June 30, 28% rise to $52.11 after Brookfield Reinsurance (New York Stock Exchange: BNRE) made an offer of $55 per share to the insurance and annuity company.
F&G and Life Annuities (New York Stock Exchange: FG), as well as providing pension and life insurance, up 19%;
conceited holding (Nasdaq: UPST), which provides a lending platform for banks, jumped 19% for the week, bringing its performance over six months to 171%;
Coinbase Global (Nasdaq: Coin) up 16% In a week where Bitcoin (BTC-USD) has been basically flat. On Thursday, Coinbase confirmed that the SEC has no authority to regulate cryptocurrencies; And
Santander Bank (New York Stock Exchange: San) Rounding out the top five gainers with a stretch 11% up.
Patria Investments (Nasdaq: PAX), a Cayman Islands-based asset manager, was the biggest loser among financial stocks with a 4.7% decline for the week, even as it joined the Russell 2000 and 3000 indices at the US market open on Monday;
Virtu Financial (Nasdaq: Vert) down 3.7% With the EU reaching a temporary agreement for a general ban on payment for the flow of orders, putting it on track to be phased out by June 30, 2026;
Corville (Nasdaq: CRVL), which provides workers’ compensation and other insurance products, decreased by 3.4%;
Enstar group (Nasdaq: ESGR), an insurance and reinsurance company, decreased 2.8%; And
Hermes Union (New York Stock Exchange: FHI), which was dropped from the Russell 3000 decreased 2.5% In the week.