Finextra50 dips 1.14% led by Chordiant Software

Finextra50 dips 1.14% led by Chordiant Software

The Finextra50 Financial Technology Index fell to 95.32 last week. Chordiant Software, which fell 16.75%, was the biggest faller in a week that saw few firms buck the negative trend in global markets. Linedata Services and TSYS were among those that did rise.

Major gainers
Linedata Services was the index's biggest gainer last week, closing Friday up 6.61% to EUR12.74 after chairman Anvaraly Jiva agreed to buy 450,000 shares, or 3.84% of the capital of the company, at EUR13 per share for a total of EUR5.85 million. This took the chairman's stake to 20.68%.

In June, Jiva signed a shareholder pact with other majority owners, and the latest purchase, subject to regulatory approval, will see the pact members control 41.88% of shares and hold 55.21% of the voting rights.

Total System Services also closed last week up 6.39% on the previous week to $28.81.

The only other constituents to rise more than 3% were;

  • Bravura, up 3.91% to A$1.86
  • The Innovation Group, up 3.05% to 33.75p after posting a full-year rise in pre-tax profit of 23% thanks in part to a contribution of £1.8m from First Notice Systems, the US company it acquired earlier in the year.

Major losers
Chordiant Software was the index's biggest faller last week, ending down 16.75% to $8.25. The firm is still seeing downward pressure on its share price due to an earnings release and outlook statement in November that many analysts called conservative. Despite concerns that some deals have slipped, most analysts still have a buy recommendation on the stock.
Nucleus Software lost 8.89% of its value last week, closing Friday at Rs355.45. The lending software vendor pared back some of the gains from the previous week, which saw it rise 22.3%.
Other companies to see significant falls last week include:

  • SimCorp, down 7.11% to Dkr980.00
  • Gresham, down 6.71% to 66.00p
  • S1, down 6.17% to $6.99

Index comparison

More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.

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