Fintechs made up three of the top five financial gainers (market cap of more than $2 billion) in the week ending Aug. 5, while insurers fell further amid a flurry of corporate gains.
Singapore-based fintech and delivery app Grab Holdings (NASDAQ:GRAB) was top dog, increasing 29.2% last week as investors’ risk appetite for growth-oriented assets appeared to increase.
Next was consumer lending platform SoFi Technologies (NASDAQ: SOFI) +26.2%which rose after the company raised its full-year revenue and adjusted EBITDA guidance after second-quarter earnings beat Wall Street expectations.
Arrival (NASDAQ: UPST) +21.7%, an AI-powered consumer lending platform, took third place amid a broad push for fintech names. It is expected to announce second-quarter results on August 8.
Mortgage insurer Enact Holdings (ACT) +13.8% rose after second-quarter earnings; i
Investment brokerage based in Brazil XP (XP) +11.5% animated
For stocks that fell the most, multiline insurer Assurant (NYSE: AZ) -11.7% fell after its Q2 top and bottom lines missed Street consensus;
Assured guarantee from the property and casualty insurer (AGO) -11.5% fell after second-quarter results were hit by unrealized losses in its investment portfolio;
Lincoln National (LNC) -10.5% declined despite stronger-than-expected second-quarter profits;
Markel (MKL) -10%, another liability insurer, fell after its second-quarter loss highlighted a net investment loss of $1.55 million; i
The Hannover Insurance Group (THG) -7.1% fell even after second-quarter earnings came in better than expected.
Earlier (August 5) the US economy added 528,000 jobs.