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This past week’s winners among financial stocks were led by three fintech companies, a cryptocurrency exchange and a regional bank. The five biggest losers, meantime, included a Chinese-based fintech, two Japanese lenders, a Chilean lender and a reinsurer.
Overall, financial stocks (with market cap over $2B) suffered in the week ended September 29, with the Financial Select Sector SPDR Fund ETF down 1.7%, outpacing the S&P 500’s 1.1% decline.
Upstart (NASDAQ:UPST), which offers a loan platform for banks, notched the biggest gains in the sector, climbing 7.5%, as Needham started coverage of the stock;
SoFi Technologies (NASDAQ:SOFI), known for refinancing student debt, perked up 6%;
Nu Holdings (NYSE:NU), the parent of Latin American neobank NuBank, advanced 5.8%;
Crypto exchange Coinbase Global (NASDAQ:COIN) gained 5.8% as bitcoin closed out the week with a 2.7% ascent; and
ServisFirst Bancshares (NYSE:SFBS) rounded out the five biggest winners with a 5.5% increase.
For the losers, Lufax Holding (NYSE:LU), the Chinese personal financial services platform, fell 7%;
Japanese banks Nomura Holdings (NYSE:NMR) and Mizuho Financial Group (NYSE:MFG) slid 6.5% and 6%, respectively;
Banco Itau Chile (NYSE:ITCL) took the fourth slot, dipping 5.9%; and
Everest Group (NYSE:EG), provider of reinsurance and insurance products, retreated 5.1%.