22 August 2017
Find out more

Finextra50 starts year with record low

07 January 2008  |  3290 views  |  0 Hourly Markets

Led by big falls for Fundtech and ACI Worldwide, the Finextra50 Financial Technology Index fell 4.31% by the end of the year's first week, reaching 91.24. Few companies saw any gains in a depressed start for most markets worldwide, but Gresham Computing did see a bounce back after a recent slump, while FirstSource and Nucleus Software in India also rose.

Major gainers
UK-based supplier of banking and payments software Gresham Computing was last week's biggest gainer. It ended the first week of the year up 28.83% to 71.50p after releasing a positive trading update. It says its Ebita loss for H2 is expected to be roughly half that incurred in the first six months of the year.

The vendor said in September that it would raise £2.75 million in a share placing after it reported falling revenue and widening pre-tax losses of £1.5 million in the first half of the year, compared to pre-tax losses of £0.4 million for H1 2006.

Indian business process outsourcing (BPO) specialist Firstsource closed Friday up 5.91% to Rs80.70. The company, formerly known as ICICI OneSource before listing in January last year, is trading well against some of its larger Indian peers, reportedly due in part to a strong domestic business and diverse customer base that spans Ireland, Argentina, and the Philippines as well as the US.

Nucleus Software, an Indian provider of lending software, also outperformed the flat Indian markets last week, finishing up 4.32% to Rs381.40. ICICI Securities is among firms positive on the stock, saying in a recent report that it's maintaining a buy rating as the company's product pipeline remain strong in Middle East, Africa and India for various new opportunities in the areas of captive auto financing, dealer financing, collateral insurance management, sales lead management, business partner incentives and payment management.

Major losers
The majority of index constituents fell last week, particulary those listed in the US, but the largest fall was seen by payments software firm Fundtech which closed Friday down 17.66% to $11.00 amid heavy trading volume.

ACI Worldwide continued its recent form with a 14.5% drop last week to close at $16.28. The firm is being hurt by its delay in filing its end-of-year with Nasdaq.
Other firms to see significant falls include:

  • Vasco Data Security, down 11.21% to $24.79
  • Pegasystems, down 10.81% to $10.64
  • Total System Services, down 10.04% to $25.19

Index comparison

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

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

Gresham rises on upbeat trading update

Gresham rises on upbeat trading update

04 January 2008  |  4067 views  |  0 comments
Finextra50 ends 2007 down 4.65% since benchmark

Finextra50 ends 2007 down 4.65% since benchmark

02 January 2008  |  3609 views  |  0 comments
Gresham warns of first half loss

Gresham warns of first half loss

03 September 2007  |  4445 views  |  0 comments
Citi shortlists three buyers for Indian BPO unit - reports

Citi shortlists three buyers for Indian BPO unit - reports

27 July 2007  |  5142 views  |  0 comments
Fundtech buys Germany's Prang; posts flat Q4 earnings

Fundtech buys Germany's Prang; posts flat Q4 earnings

14 February 2007  |  7988 views  |  0 comments

Related company news


Related blogs

Create a blog about this story (membership required)
visit www.dorsum.euvisit www.vasco.comvisit www.worldpaymentsreport.com

Top topics

Most viewed Most shared
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
12576 views comments | 26 tweets | 23 linkedin
Barclays pairs banking data with third party apps for SmartBusiness DashboardBarclays pairs banking data with third par...
11158 views comments | 22 tweets | 34 linkedin
hands typing furiouslyWhy Is Risk Analytics Important?
10332 views 0 | 6 tweets | 1 linkedin
RBS to bring Silicon Valley to EdinburghRBS to bring Silicon Valley to Edinburgh
10294 views comments | 10 tweets | 8 linkedin
Australia regulates digital currenciesAustralia regulates digital currencies
10241 views comments | 21 tweets | 34 linkedin

Featured job

London, UK (or flexible)

Find your next job