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Financial stocks easily outpaced the broader equity market this past week, with the Financial Select Sector SPDR ETF (NYSEARCA:XLF) climbing 3% versus the S&P 500’s 0.2% increase. Argentine banks scored the biggest weekly gains within the financials sector, while cryptocurrency-linked firms fell the most.
Argentine lender Grupo Financiero Galicia (NASDAQ:GGAL) and Banco Macro (NYSE:BMA), both of which received upgrades from J.P. Morgan on the view that an acceleration in loan growth should help boost their price multiples, gapped up 13% and 9.8%, respectively;
Taking the third slot, F&G Annuities & Life (NYSE:FG) gained 8.5%;
Canadian Imperial Bank of Commerce (NYSE:CM), known as CIBC, jumped 7.4% after posting stronger-than-expected fiscal Q3 earnings. Bank of America Securities subsequently upgraded the stock on the potential for strong execution and an improving return on earnings outlook.
Rounding out the five biggest financial winners, Hanover Insurance Group (NYSE:THG) advanced 7.1%.
On the negative side, homeownership company Better Home & Finance Holding (NASDAQ:BETR) dropped 16.9%; and
Crypto-tied firms CleanSpark (NASDAQ:CLSK), Coinbase (NASDAQ:COIN), Riot Platforms (NASDAQ:RIOT) and Marathon Digital (NASDAQ:MARA) slid 15.2%, 13.3%, 11.4% and 10.7%, respectively, as the price of bitcoin (BTC-USD) fell markedly during the week.
