Following gains over the holiday period, the Finextra50 Financial Technology Index slipped 2.7% last week to 58.62. China's Yucheng Technologies and Belgian firm Vasco Data Security both fell over 20% as they had to revise their 2008 guidance down.
Losers
The weeks biggest loser was Yucheng Technologies, which fell 31.86%, to $5.39, after revising guidance on net income downwards. "Due to the global financial crisis, our larger bank customers became more conservative in the fourth quarter and have not spent as aggressively on new software and solutions as anticipated," says Weidong Hong, CEO, Yucheng.
Shares in Vasco Data Security also tumbled on revised guidence. The Belgian authentication technology outfit fell 20.58% to $8.26, after it reduced revenue guidance for 2008 to between 9% and 12%, against previous guidance for a maximum 25% uplift in sales.
Other companies to see significant falls include:
Gainers
Bravura shares made the biggest gain, up a massive 38.89% to A$0.25, as the Australian vendor bounced back from record lows at the end of 2008. At the end of December the company established a Level I American Depositary Receipt (ADR) programme, enabling US investors to buy its shares and, hopes Bravura, raising its profile.
GlobeOp also saw a significant rise, up 28.80% to 59.25p at the end of a week in which it reported a fund administration outsourcing contract win with Millennium Management.
The Innovation Group, a UK provider of insurance outsourcing services and software, was up 21.5% tp 6.95p. Last Monday the firm's chairman, Geoff Squire, stepped down, leading to renewed speculation about a takeover after it knocked back a private equity offer that valued the company at £130 million in December.
Other companies to see significant rises include:
Index comparison
Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.