The Finextra50 Financial Technology Index closed down 5.6% last week to 52.88, as Online Resources and Linedata Services led the fallers. Polaris Software Lab bucked the downward trend, gaining almost 30% after it posted Q3 results and maintained a positive growth outlook for the 2010 financial year.
Losers
Online Resources led the fallers, down 21.09% to $3.03. Equity researchers from Janney Montgomery Scott predicted more than a week ago that the Web banking software provider would likely be involved in M&A activity this year, as it seeks to deliver a return to shareholders amid depressed demand for its products in the banking sector. But the prospect of an acquisition on the horizon has not been enough to bouy investors' interest in the stock.
It was closely followed by Linedata Services, down 20.81% to EUR3.92. Computershare also fell sharply, down 13.31% to A$6.58.
After a strong performance last week, shares in Indian outsourcer Syntel slipped back 16.95%, to $21.90. After losing a third of their value the previous week on warnings about full year results, Temenos Group shares continued to slide, down 13.08% to CHf9.30.
Gainers
The week's only big winner was Polaris Software Lab. The Indian firm's shares soared 27.94% to Rs43.50 after it posted a 94% net profit rise for the third quarter.
The firm is also bullish about the coming year, with Arup Gupta, executive director and COO, saying: "Despite the tough macro economic situation, we are confident of growing over 20% in FY '10".
German ATM vendor Wincor Nixdorf was the week's next biggest gainer, up 6.84% to EUR35.91 after recording a nine per cent rise in profit to EUR35 million.
Shares in Pegasystems made a modest gain, up 6.22% to $13.15, as did the stock of Lender Processing Services, up 5.58% to $28.37.
Index comparison
Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.