The Finextra50 index rose a steady 2.479% last week, driven by a strong performance by outsourcing firm Cognizant, although it was UK group Statpro that had posted the biggest share price rise by the end of Friday.
- a provider of portfolio analytics software for fund managers - is top of the table, with the stock rising almost 14% last week to 98.25 pence on the back of a strong set of first half results. Statpro said its first half was in line with exectations and that it was confident of full year growth, especially as its new business pipeline is "at its highest ever level".
Offshore outsourcing firm Cognizant
performed strongly again this week and was the second highest riser in the index. The stock closed the week 9.241% higher at $86.18. The stock had performed well on Wednesday and Thursday after its Indian rival Infosys posted a strong set of results and talked up demand for IT services in the future. Furthermore, as Coginzant is headquartered in the US, analysts expect the firm to be insulated from the surge of the rupee against the dollar - something which could cause problems for its rivals, including Mphasis which was one of the worst performers in the index this week.
- which posted the biggest fall last week - saw its stock rise 7.349% to 46.60 pence this week on the back of an up-beat trading update saying the firm expected first half results to be above management expectations.
Other risers on the index include Paris-based Oberthur Card Systems
which rose 7.750% and UK dealing systems vendor Fidessa
which was up 6.804%.The losers
Swedish trading systems vendor Orc Software
was the biggest faller in the index last week. The stock fell 7.311% to close at SKr177.50 on Friday despite the vendor reporting a solid set of interim results earlier in the week.
After posting a rise the previous week, US eftpos vendor Hypercom
struggled last week after it disclosed that its CEO William Keiper had quit the firm and would leave in August. The stock fell 6.947% to close at $5.76 on Friday.
The recent appreciation of the Indian rupee against the US dollar hit Indian tech stocks last week and helped make BPO vendor Mphasis
one of the biggest fallers on the Finextra50 index. The shares closed the week down 6.618% at Rs299.85.
Other fallers on the index included EDB Business Partner
, which dived 4.425% to close at NKr54.00 on Friday, and Factset Research Systems
which dropped 2.733% to end the week at $66.56.
fell 2.387% to close at EUR14.31 despite the confirmation of a takeover of the market data business by Telekurs. Fininfo stock had risen steadily in previous weeks on the back of M&A speculation.Index comparisonMethodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.