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Finextra50 down; insurance vendors lead fallers and risers

27 May 2008  |  3232 views  |  0 graph

The Finextra 50 Financial Technology Index ended Friday down 2.11 at 86.80 in a week that saw insurance technology vendors record the biggest gains and the deepest falls.

Major losers:

Insurance outsourcing firm The Innovation Group was the week's biggest loser and closed Friday down 21.1% to 21.50 pence after reporting first half pre-tax losses of £0.8m, down a hefty 117% from a £3.9 million profit for the same period the previous year. Adjusted earnings per share were 0.23p, down 67% from 0.70p in 2007.

Hassan Sadiq, CEO, said the first half had "been one of challenge and significant transformation for the business".

Following publication of the results, the vendor's chairman Geoffrey Squire bought 10 million shares at 21.50 pence each, raising his holding in the company to 20 million shares or 3.08 percent.

Scandinavian IT services firm EDB Business Partner also fell and ended Friday down 7.85% to Nkr35.20. The vendor is at the centre of market speculation surrounding a takeover of rival outfit TietoEnator, which saw off its own hostile takeover bid from Nordic Capital.

Reuters recently reported that Blackstone, Telenor and EDB are in talks with TietoEnator about a white-knight bid.

Other firms to see major loses during the week include:

Major gainers:

UK insurance services vendor Software Solution Partnership (SSP) was the biggest gainer in the Finextra50 index last week, The firm saw its shares rise 9.63% to close Friday at 148 pence. Earlier in the week the vendor reported a deal with Kwik-Fit Insurance for the supply of its electronic delivery system SDX, which is designed to offer secure messaging technology to support the delivery of motor insurance e-certificates.

Australia's Computershare also saw its stock rise during the week to close 9/18% higher at A$9.99 on Friday. Chordiant Software was also a major gainer and closed Friday up 8.70% at $5.50.

US-based Actuate, which supplies business intelligence and compliance software, finished the week up 7.19% at $4.77 after reporting strong uptake of its Performancesoft Suite among healthcare organisations.

Other firms to see significant gains were:

Index comparison

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

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