In a week when red dominated equity markets, Credit Suisse (NYSE:CS) dropped the most of financial stocks with market cap over $2B for the week ended Sept. 23. after media reports that it approached investors to raise fresh capital. Meanwhile, the shares rising the most were led by the ADSs of three Brazilian banks.
Credit Suisse (CS) ADSs dropped 21% during the week when a number of headlines came out regarding the Swiss lender, including a reported proposal to split its investment bank into three units and, along with a group of other banks, it lost money in underwriting the Citrix buyout.
U.K bank NatWest Group (NWG) suffered the second biggest drop, - 16%, with much of the decline occurring on Friday after the British government unveiled a tax cut plan that sent the pound sterling lower; it's followed by
Ares Management (ARES), another private equity firm, -13%; and
Out of 300 financial stocks with market cap over $2B, only 11 stocks were in the green for the week. ADSs of Brazilian banks Banco Bradesco (NYSE:BBD), up 6.7%; Itau Unibanco Holdings (NYSE:ITUB), +6.3%, and Banco Santander (Brasil) (NYSE:BSBR), +3.9%, rose the most of financial stock's this week.
They're followed by Virtu Financial (VIRT), +3.5%, that gained after a report that the SEC would stop short of banning payment-for-order-flows, an important part of its business.
Rounding out the top five financial gainers is International Bancshares (IBOC), a Laredo, Texas-based bank, +1.5%.
On Thursday, real estate stocks slumped after the Fed rate hike, with proptech falling even more