Tuesday, July 23, 2024

Argentina plays a part in the week’s financial gainers and decliners

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Argentina dominated the biggest movers, both for the winners and the losers, this week. A legal win propelled the surge in the financial stock marking the biggest gain, while Argentinian banks backtracked from their gains in the previous week amid concerns over the Argentinian peso.

On a broad scale, financial stocks slipped, with the SPDR Financial Sector Select ETF (XLF) down 1.1%, slightly outperforming the S&P 500 (SP500), which fell 1.3%.

Burford Capital (NYSE:BUR) jumped 16% for the week ended Sept. 8, 2023, after its client won a $16B ruling over Argentina’s re-nationalization of oil company YPF.

Investment insights firm Morningstar (NASDAQ:MORN) rose 8.7% after it was added to the S&P MidCap 400, and

Blackstone (NYSE:BX) gained 5.9% after joining the S&P 500.

LPL Financial (NASDAQ:LPLA) rose 5.2% after Barclays assigned the investment advisor-network firm an Overweight rating in new coverage.

Japanese bank Nomura Holdings (NYSE:NMR) increased 5.2% for the week.

Meanwhile, Argentinian banks accounted for three of the five biggest decliners, even though the Argentinian peso was essentially flat against the U.S. dollar during the week. On Thursday, a Reuters poll showed that strategists see the risk of another peso devaluation after October’s presidential election.

Banco BBVA Argentina (NYSE:BBAR) sank 14%.

Banco Macro (NYSE:BMA) slumped 13%.

Grupo Financiero Galicia (NASDAQ:GGAL) slid 12%.

With mortgage rates staying above 7%, wholesale mortgage company UWM Holdings (NYSE:UWMC) dropped 11%.

Banco de Chile (NYSE:BCH) fell 9.4%.

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