The Finextra50 Financial Technology Index rose 2.87% last week to close at 82. Misys and Linedata Services led the gainers while Indian fintech stocks ended the week lower.
Gainers
Fifteen of the index's 50 constituent companies rose more than 5% last week, as US and European markets closed higher.
Misys was the index's strongest performer last week, rising sharply on Thursday to finish the week up 17.81% to 163.75p. The company last month forecast strong earnings growth for its banking and capital markets businesses and claimed the merger of Misys Healthcare with Allscripts Healthcare Solutions is on track. Misys will release preliminary results for the fiscal year ended 31 May 2008, on Thursday 24 July.
Last week the company announced that Axis Bank, India's 3rd largest private bank, has licensed its Misys Summitt FT treasury software. It also appointed Charles Smith as vice president solutions management, for its Misys Treasury and Capital Markets division.
Linedata Services rose 12.31% to EUR11.68 after announcing Asian expansion plans and the hiring of Andrew Miller from Xinhua Finance to head up its business in the region, from its regional office in Hong Kong.
Thomson Reuters also ended the week strongly, up 7.39% to 1,380p, on news that Merrill Lynch completed the sale of its 20% ownership stake in Bloomberg back to the company for $4.425 billion - valuing that company at $20 billion, compared to Thomson Reuters' current market capitalisation of $23 billion.
Other companies to see significant rises last week include:
Fallers
The biggest fintech fallers last week were in the Indian market, where two bellweather tech companies - Wipro, India's third-largest IT outsourcer, and Satyam Computer Services, the country's fourth-largest computer services group - warned of an uncertain sales outlook, as their main western clients grapple with a global economic slowdown.
As a result, three of our fintech index's Indian stocks took a beating last week: 3i Infotech was down 9.39% to Rs93.55; Mphasis fell 7.99% to Rs187.20; and Nucleus Software dropped 6.74% to Rs185.50.
Outside the Indian market, Norway's EDB Business Partner was the only other index company to fall more than 5%. It fell 7.27% to Nkr26.80 as of Friday after posting second quarter pretax profits below expectations, pulled down by the costs of considering a bid for Finland's TietoEnator Oyj.
Index comparison
Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.