Argentine lenders take the lead in week's financial winners, while Chinese fintechs dip

Sep. 10, 2022 10:07 AM ETCredit Acceptance Corporation (CACC), KNSL, FUTU, LU, BANF, TRUP, TPG, STEP, GGAL, BMABy: Max Gottlich, SA News Editor2 Comments

Financial stock market graph. Selective focus.

Diego Thomazini

  • This week's five biggest winners in financial stocks (with market cap of over $2B) were led by two Argentine regional banks, while two Chinese fintechs took a hit.
  • The best-performing financial stock featured Banco Macro (NYSE:BMA), climbing 16% in the week ended September 9, as the Argentine peso rose 1.6% against the U.S. dollar at the time;
  • Similarly, Grupo Financiero Galicia (NASDAQ:GGAL) +14.8% jumped;
  • Investment firm StepStone (NASDAQ:STEP) +12.8% took the third slot;
  • Alternative asset manager TPG (NASDAQ:TPG) gained 12%; and
  • Pet insurance provider Trupanion (NASDAQ:TRUP) +10.4% increased after it acquired Smart Paws for an undisclosed amount.
  • On the bearish front, regional lender BancFirst (NASDAQ:BANF) fell 7.3%;
  • Lufax (NYSE:LU), a Chinese-based operator of a technology-powered personal financial services platform, slid -5.5%;
  • Futu (NASDAQ:FUTU), another Chinese fintech, drifted down 5.3%;
  • Property and casualty insurer Kinsale Capital (NYSE:KNSL) -3.8% slipped; and
  • Credit Acceptance (NASDAQ:CACC) edged down 3.4% amid a recent best idea short call at Hedgeye.
  • Take a look at how the broader stock market fared this week.

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