Finextra50 rallies 2% led by Morningstar, i-flex and Orc

The Finextra50 Financial Technology Index finished last week up 2.06% to 94.4.

Major gainers
Morningstar was the index's star performer last week, ending Friday up 14.03% on the previous week to a record close of $81.35 amid heavy trading.

i-flex continued its bounce back from reaching a 52-week low of Rs1275.10 on November 9, ending last week up 12.31% to Rs1505.00.

ORC Software rose 11.63% to Skr148.75 in a week that saw it add yet another Chicago-based customer for its Liquidator algorithmic trading solution. Prime International Trading, a Chicago-based trading firm, has deployed the software for its algorithmic futures spreading solution on CME and Nymex. In a separate deal, it also announced that AG Capital Nordic, part of the Russian investment group AG Capital, has integrated the latest Orc market connectivity technology to deliver enhanced market gateway connections for the Russian financial markets.

Iress Market Technology ended last week up 9.9% to AUD$8.55 after Australia's securities market operator Australian Stock Exchange (ASX) said it has raised its stake in the local securities trading platform by about 5% to 17.7%. ASX said it had no plans to further increase its holding in Iress and that the move was to bring its stake up to around the same level as before Iress recently issued new shares, thus diluting ASX's interest.

Other companies to see significant rises include:

SEI Investments, up 8.54% to $31.02
Chordiant Software, up 8.2% to $10.03
Fidessa, up 8.14% to 957.00p
Broadridge Financial Solutions, up 7.71% to $22.77

Major losers
Most index constituents either stayed steady or rose last week, and only three saw significant share price falls. Again this week it was UK-listed fintech stocks seeing the biggest drops. Although Misys and Fidessa bounced back after the previous week's dips (up on Friday by 3.34% and 8.14% respectively), Gresham and Microgen continued to fall.

Banking and payments software vendor Gresham was the index's biggest faller, ending down 16.51% to 68.25p. Microgen, also slipped 12.5% to 35.00p, and buy-side outsourcing specialist GlobeOp was down 4.76% to 195.25p.

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