The Finextra50 Financial Technology Index closed last Friday down four per cent on the previous week to 77.74, despite the bounce in global markets after news of the proposed US government bailout for banks laden with bad debt.
EDB and Misys led the big fallers, while Gresham Computing and ACI Worldwide bucked the trend and saw modest gains.
Although we didn't report last Monday on the previous week due to Sibos, it had been a relatively steady period, with the index rising 0.67%. But when news hit on Monday about Lehman Bros and Merrill Lynch, it started a slide in markets worldwide, particularly in stocks related to the financial services industry.
Interestingly, all the biggest losses for the week by close of trading on Friday were non-US companies.
EDB Business Partner down 20.89% to Nkr17.80
Misys down 19.75% to 130.00 pence
The Innovation Group up 17.24% to 12.00 pence
Nucleus Software down 17.06% to Rs136.15
Polaris Software down 16.17% to Rs78.05
3i Infotech down 15.89% to Rs90
Fidessa down 15.38% to 825.00 pence
But there were some gains:
Gresham Computing up 6.54% to 69.25 pence
ACI Worldwide up 6.11% to $20.13
Pegasystems up 5.07% to $13.68
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.