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Online Resources and Fidessa lead big drop in Finextra50

24 November 2008  |  4572 views  |  0 Hourly Markets

The Finextra50 Financial Technology Index plummeted 10.2% to 46.68 last week led by Online Resources, Fidessa and Temenos. Worsening confidence in the global financial industry is fuelling the decline, as most Finextra50 companies are performing worse than general tech sector indices. The S&P 1200 Global Financial Sector Index itself fell 18.6% last week, and has lost 70% of its value since May last year.

Online Resources led the many fallers, dropping 35.06% to $2.00 by market close on Friday. Despite recently being named one of the United States' 500 fastest growing technology companies by Deloitte for the fifth time in eight years, earlier in November the company posted a Q3 net loss of $1.5 million, or $0.05 per diluted share, compared to a net income of $1.1 million, or $0.04 per diluted share, in the same period of 2007.

Other companies to see significant falls last week include:

Gainers

Only two index companies saw share price improvements last week. Australia's Bravura Solutions was up 13.64% to A$0.25. The company this month paid A$31.5 million for an information systems division of wealth management giant Citi.

The Citi division, which is based in the Polish capital of Warsaw, has a three-year outsourcing contract with Citi. Bravura says the contract will deliver more than $15 million in revenue a year and give the company a presence in continental Europe.

London AIM listed Ffastfill rose 3.57% to 7.25p after reporting six-monthly revenue increased by 45%. While it posted a wider net loss on the same period in 2007 , the company also announced its intention to place new shares to raise £1 million to fund phase 2 of its Asia Pacific expansion.

Index comparison



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

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