Temenos shares plummet as Finextra50 continues slide

Temenos shares plummet as Finextra50 continues slide

Temenos shares dropped a third of their value last week, as the core banking system vendor led the fallers on the Finextra50 Financial Technology Index, which ended Friday down 4.4% to 56.03. But more positive outlooks for Gresham Computing and Syntel saw them gain against market trends.

Losers

Temenos Group shares tumbled 35.54% to Chf10.70 last week after the Swiss core banking vendor warned its full year results will fall short of guidance. The firm says it now expects FY sales of between $400 million and $420 million, compared to a target of $444 million.

Shares in Vasco Data Security also continued to slide, down 13.68% to $7.13, on top of a 20% fall the previous week after a revision of its full year guidance.

Bravura shares fell 12.00% to A$0.22, settling back down after a 38.89% gain the previous week.

Other companies to see significant falls include:

Gainers

Gresham led the gainers, up 14.13% to 52.5p, following an upbeat trading update in which the firm says it expects to report "significantly improved" full year results compared to 2007.

Indian outsourcer Syntel saw its shares rise 6.16% to $26.37. Last week TheStreet.com upgraded Syntel from hold to buy, citing a net income rise for the quarter of 20.9% and saying it does not see any "significant weaknesses which are likely to detract from the generally positive outlook".

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.

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