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Planned equity issuances at Credit Suisse (NYSE:CS) and 360 DigiTech (NASDAQ:QFIN) put those two companies on the list of financial stocks that slumped the most in the five sessions ended Nov. 25. The top gainers, though, seemed to have little in the way of catalysts propelling them in a holiday week, when trading is normally thin and volatile.
Overall, financial stocks did well in the week that the Federal Reserve released minutes from its November meeting, which backed investors’ expectation that the central bank may soon start dialing back the size of its rate hikes. The Financial Select Sector SPDR ETF (NYSEARCA:XLF) rose 1.8% in the past five session.
The biggest decliners, though, fell at a steeper pace than the climbers. Lufax Holdings (NYSE:LU), dropped the most, -31%, after the Chinese personal financial services platform weakened its guidance and JPMorgan downgraded its rating on the stock to Underperform.
Following LU, was Credit Suisse (CS), down 18% for the week and -6.3% on Friday alone, after it released final terms on its rights offering, issued guidance for its Q4 loss, and its shareholders approved issuing over 2.23B new shares;
SoFi Technologies (NASDAQ:SOFI) slid 15% over the last five sessions, as President Biden extended the federal student loan payments pause by six more months;
360 DigiTech (QFIN) dipped 14% in the week that the Chinese fintech offered 5.54M of new shares to raise HK$277M (US$35M); and
Trupanion (NASDAQ:TRUP) shares fell 8.6% in the previous five sessions.
For the week, Ryan Specialty Holdings (RYAN), which provides specialty insurance products, jumped 14%;
Colombian bank Grupo Aval Acciones y Valores (AVAL) rose 12%;
Another insurance products group, BRP Group (BRP), gained 11%;
Spanish bank Banco Santander (SAN) pushed up 11%; and
Apollo Global Management (APO), the private equity firm, saw its stock advance 7.9%.
On Tuesday, SoFi stock came under pressure as a group of U.S. senators urged regulators to take a closer look at the fintech’s operations, especially in its crypto-related business.
