The Innovation Group and Computershare drag Finextra50 lower

The Innovation Group and Computershare drag Finextra50 lower

The Finextra50 Financial Technology index closed last Friday down .75% for the week, as losers far outstripped gainers in number and Misys and Morningstar saw the only significant gains.


Few companies saw significant gains last week, but of those that did, Misys performed the best, rising 6.97% to 153.50p. This rebound after the previous week's 9.7% fall came after Wednesday's announcement that Goldman Sachs Group Inc. has lifted its stake in the company to 30.48 million shares or 6.05 percent of the company's issued share capital.

Morningstar also finished strongly last week, closing Friday up 6.73% to $74.55


Insurance outsourcing specialist The Innovation Group was again the index's biggest faller last week, as it closed down 15% to 17p. The firms shares have lost half of their value since the start of the year, mostly since posting a half-year losses earlier in May. It blamed the losses on acquisition costs, but has since announced several small acquisitions. Last Tuesday it completed the acquisition of National Service Network Holdings Holdings Ltd. (NSN) from management, Aftermarket UK Ltd. and South East Growth Fund Managers Ltd. for up to 6.85 million pounds.

Oberthur Technologies also fell last week, dropping 6.04% by Friday to EUR4.82 after chairman and CEO Jean-Pierre Savare announced at the company's AGM that he would hand the reins to his son, Thomas Savare.

Other companies to see significant falls last week include:

Index comparison

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

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