The Finextra50 Financial Technology Index saw strong gains last week, ending Friday 3.7% up, thanks mainly to the impressive performance of Chordiant, Vasco Data Security and Cognizant.
The week's three biggest gainers are all listed on Nasdaq, which had a positive week last week after recent falls. The Nasdaq 100 Tech Sector Index rose 5.07% itself after a fall of 4.56% the previous week.
Customer management software provider Chordiant saw the week's biggest rise, up 16.73% to $6.42, although the vendor is still the second worst performing member of the Index since inception, down 53.04% overall.
Vasco Data Security also had an impressive week, rising 16.65% to $12.96 whilst New Jersey-based Cognizant jumped 16.05% to $35.28.
Other major gainers include:
UK fintech house Gresham Computing continues to struggle, seeing the biggest fall of the week, down 9.96% to 58.75p. The company is the worst performing Finextra50 member since the index began, down 54.89%.
Australian pensions and wealth management technology vendor Bravura fell 9.72% to AUD$1.3 despite reporting a positive net operating cash flows of $1.5 million for the third quarter.
The firm continues to face uncertainty over a proposed management buy out in partnership with private equity firm Ironbridge Capital in a deal worth around A$272 million. The deal depends on joint CEOs Iain Dunstan and Simon Woodfull retaining control of a 30.5% stake in the company that may have been sold-on in the collapse of domestic stockbroker Lift Capital.
Last month Bravura said the Ironbridge proposal is expected to be implemented by mid August 2008.
Insurance outsourcing firm The Innovation Group continued to fall last week - down 9.30% to 19.50p. The vendor fell 21.1% the previous week after reporting first half pre-tax losses of £0.8 million the previous week, 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.
Other major losers were:
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.