Jonathan Cucina
Biggest declines among financial stocks this week include three bitcoin (BTC-USD) miners, a cryptocurrency exchange and an insurance company. In contrast, non-US banks made the biggest gains in the wake of the weakening US dollar.
Overall, financial stocks (with market capitalization over $2 billion) kicked off the first week of the second quarter in the red, with the SPDR Financial Select Sector ETF (NYSEARCA:XLF) adrift down 1.3%compared to the S&P 500 index 1% drop..
As the price of bitcoin (BTC-USD) dropped during the week, BTC CleanSpark miners (NASDAQ:CLSK), Marathon Digital Holdings (NASDAQ: MARA) and riot platforms (NASDAQ: RIOT) fell more than any other financial stock, sliding 26.5%, 18.4% AND 16.7%respectively;
Specialist insurance company Kinsale Capital Group (NYSE:KNSL) retreated by 14.6%; AND
Global Coinbase (NASDAQ: MONEY), the largest cryptocurrency exchange in the United States, rounded out the five biggest financial losers with a Collapse of 9.1%.. During the week, the trading platform secured a limited dealer license in Canada amid a regulatory crackdown in the United States
For the winners, the Argentine bank Grupo Financiero Galicia (NASDAQ:GGAL) took the initiative, up 7.7%as the US dollar weakened against a basket of developed currencies during the week.
Bancolombia (NYSE:CIB), a Colombian lender, advanced 6.3%;
Fellow Argentina-based lender Banco Macro (NYSE:BMA) gap up by 6.1%;
The Indian bank HDFC (New York Stock Exchange: HDB) gained 5.4%; AND
NatWest Group (NYSE: NWG), a UK-based lender, slipped higher 5.2%.