Natixis can’t stop bleeding
Natixis shares extend the decline on Friday after a conference call with investors in which management tried to assuage their fears but apparently without much success.
The French investment bank is the worst performing of any European bank on Friday
Stocks impacted: Natixis Investment Managers (CNAT)
Earlier this week, it was reported that its fund management arm H2O had amassed over 1.4 billion euros to bonds issued by companies controlled by Windhorst. The next day, advisory firm Morningstar suspended its rating on one of those funds, Allegro, citing concerns about the liquidity of some of its holdings. As a result, the bank’s shares plunged nearly 12% on Thursday. Despite there’s no suggestion that Natixis’ problems have any systemic dimension, investor reaction shows the shares are very sensitive to any negative signals.
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