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ACI and Oracle FSS lead Finextra50 up 12.6%

03 November 2008  |  4701 views  |  0 Financial Graph on screen

ACI Worldwide and Oracle Financial Services Software led the bounce-back in the Finextra50 Financial Technology Index last week, each gaining more than 40%. The index closed up 12.6% to 54.89, but a number of companies, including Advent Software and Bravura Solutions, continued their recent slide.

Gainers

ACI Worldwide was the index's biggest gainer last week, ending the week 40.37% higher to $13.70. It is reporting its Q3 financials this week, and investors are looking for the cost-cutting measures announced in August and last year's investment from IBM and subsequent partnership to start bearing fruit.

Oracle Financial Services Software (Oracle FSS, formerly i-Flex) finished Friday up 40.26% to Rs607.60 after rising steadily each day last week on the back of its Q2 earnings announcement.

The company added 16 new customers across product and services business globally and signed new license fees of USD 27.4 million in the quarter. Revenues were up 23% on the same quarter a year ago, while net income was up 6.8% on the previous year's quarter.

"The branding and integration with Oracle has helped drive synergies and expand operating margins sequentially as well as over last year," said Makarand Padalkar, CFO, Oracle Financial Services Software.

Metavante also rose on strong quarterly results and a positive trading outlook. It ended Friday up 38.82% to $16.77 after saying Tuesday that it expects to exceed its earlier forecast for 2008 earnings. It reported 2008 third-quarter net income of $35.1 million on revenue of $424.5 million. It says year-on-year comparisons aren't easy to make, as the company's structure is different since it span off from parent firm Marshall & Ilsley Corp. and listed in November last year.

Other index firms to see significant gains last week include:

  • The Innovation Group, up 27.12% to 5.25p
  • Diebold, up 24.98% to EUR29.72

Losers

Despite the positive trend for the week a number of firms saw significant drops. Advent Software led the losers, falling 17.41% to finish Friday at $18.74. It reported a third quarter that included record revenue of $65 million, strong operating cash flow and the acquisition of research management solution provider Tamale Software. But net income for the third quarter of 2008 was $2.7 million compared to net income of $3.3 million in the third quarter of 2007, an 18% decrease.

Analysts note that the company's results were reduced by a severance charge, as well as fewer perpetual seat licenses than expected.

Australia's Bravura Solutions continued to fall in the wake of private equity firm Ironbridge pulling out of its planned acquisition. It fall a further 17.14% last week to close at A$0.29.

Other companies to see significant falls inclue:

Index comparison



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

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