Swiss core banking system vendor Temenos led the fallers last week as the Finextra50 Financial Technology Index fell to 51.54. Longtop Financial Technologies, Online Resources and Mphasis led the gainers.
Shares in Swiss Exchange listed Temenos Group lost almost a quarter of their value last week, falling 23.45% to CHf8.42, despite announcing that its has retained top position in the IBS Sales League Table for the second year running.
In New York, SEI Investments fell 17.23% $9.80 after Janney Montgomery Scott lowered its investment rating on the shares to neutral from buy. The provider of asset management, investment processing, and investment operations solutions last month announced plans to lay off an unspecified number of employees as part of an “across the company” expense reduction program that aims to cut between 5 percent and 10 percent off 2008 expense numbers.
Other companies to see significant falls include:
Nasdaq-listed Chinese financial technology company Longtop Financial Technologies led the gainers last week, as its shares rose 17.93% to $17.89. The company's share price has seen a resurgance since it reported fiscal Q3 earnings at the end of last month.
For the quarter ended 31 December, it reported net income of $14.36m compared to a net loss of $16.53m for the same period a year earlier. Revenue for the company has close to doubled over the past two years.
US e-banking and bill payments vendor Online Resources rose 16.22% to $3.44 last week after reporting full-year 2008 figures. Revenue was $151.6 million, a 12% increase from $135.1 million in 2007. While earnings (Ebitda) was $32.7 million, the same as the prior year.
The only other company to see a share price rise of more than 5% last week was Indian financial services outsourcing specialist Mphasis. It rose 8.22% to 182.90 after minority shareholder Baring Private Equity India increased its stake by 3.6% to 12.2%.
Baring had earlier sold 34.73% of the company to EDS when it acquired a majority stake in Mphasis in 2006.That 60% majority shareholding now belongs ultimately to HP after its takeover of EDS last year.
According to Reuters reports, Delhi-headquartered Baring firm had made about $255.5 million over an investment of $10-15 million in the company in its early stages.
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.