23 August 2017
visit www.avoka.com

Finextra50 dips slightly to 99.56

29 May 2007  |  3941 views  |  0 graph

The Finextra50 Financial Technology Index closed last week slightly down, with falls in Reuters and Cognizant a major contributor, while many of the index's smaller cap stocks saw steady gains, particularly in Europe.

Major Gainers
It was a good week for many of the index's European constituents. The Innovation Group closed last week up 11% to 36.5p after reporting a 17% jump in first-half pretax profit. This beat its own expectations, mainly due to a boom in its core business for outsourcing services to insurance firms.

Innovation, which processes 3 million claims annually for 170 customers worldwide, reports the profit came on a 26 percent rise in revenues to 48.4 million pounds ($95.4 million) in the six months to March 31.

AIM-listed UK portfolio analytics vendor Statpro rose 7.2% to 90.5p, as CEO Justin Wheatley bought 55,000 more shares in the company. This transaction lifted his stake to 12.4%, and comes a week after the company reported that the first four months of 2007 are in line with expectations and ahead of last year.

Other major gainers were Ingenico, up 8.6% to EUR21.6, and Choicepoint, up 5.9% to $43.08. It was also a good week for technology firms serving the asset management industry, with DST, Advent and Linedata all posting gains of between 4% and 5%.

Meanwhile, news of Fiserv selling its investment support services division failed to have much impact on its stock price last week, as it closed up just .43% on the previous week.

Major Losers
Cognizant ended down 4.1% to $75.71, continuing its downward trend for May, which has been in evidence since it warned of a slowdown in revenue growth in early May and revealed plans to trim hiring in its Indian centres. The stock has fallen 10.8% since our index was created, but maintains an outperform or buy rating with many analysts, including those at Credit Suisse and Robert W. Baird.

GL Trade closed down 4.7% to EUR38.01 in a week in which it announced a strategic partnership with banking system vendor AVALOQ to provide its customers with a FIX interface to GL Trade's order management system.

Reuters closed the week down 2.4% at 623.25p, as it levelled out after hitting a 5-year high of 639p the previous Friday. The current level, a discount of 9.8% on Thomson's offer of 692 per share, reflects uncertainty about when the deal will close and whether antitrust regulators in Brussels and Washington will clear the deal.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Fiserv sells investment support services operations

Fiserv sells investment support services operations

25 May 2007  |  6197 views  |  0 comments
Finextra50 rebounds to 99.92

Finextra50 rebounds to 99.92

21 May 2007  |  3631 views  |  0 comments
Finextra50 ends first week slightly down

Finextra50 ends first week slightly down

14 May 2007  |  4182 views  |  0 comments
Finextra launches Finextra50 fintech index

Finextra launches Finextra50 fintech index

11 May 2007  |  11341 views  |  0 comments
Thomson outlines £8.8bn Reuters bid

Thomson outlines £8.8bn Reuters bid

08 May 2007  |  5141 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.worldpaymentsreport.comdownload the paper nowvisit www.vasco.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12909 views comments | 27 tweets | 23 linkedin
Rabobank constructs physical model to understand IT architectureRabobank constructs physical model to unde...
12708 views comments | 27 tweets | 66 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11567 views comments | 22 tweets | 34 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10750 views comments | 21 tweets | 35 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10678 views comments | 10 tweets | 8 linkedin

Featured job

New York, NY - USA (some flexibility on location)

Find your next job