The Finextra50 Financial Technology Index slipped two per cent to 88.21 last week, with London-based Patsystems recording the biggest fall after it warned of a profit shortfall in the first half of the year.
Fallers
Shares in trading technology vendor Patsystems fell 23.15% to close the week at 20.75 pence after it released a trading update saying sales it expected to conclude in the first half will slip to the second half, and a number of second half opportunities may be delayed until 2009.
The vendor says existing and new customers are delaying expenditure on new technology projects due to the "disruption in the banking sector".
UK core banking vendor Misys also saw its stock drop 9.75% to 143.50 pence after the merger of its struggling healthcare unit with US clinical software provider Allscripts Healthcare Solutions moved a step closer. The waiting period under the Hart-Scott-Rodino Antitrust Improvements Act has now expired, although the deal is still subject to other closing conditions. Misys is set to pay £330 million in cash for a 54.5% stake in the combined healthcare group.
Other index constituents to see significant falls last week were:
GainersNordic IT services firm EDB Business Partner was the biggest gainer last week, with its stock closing Friday up 9.70% at Nkr39.60. The firm has been at the centre of speculation surrounding a merger with rival outfit TietoEnator, which recently fought off a hostile EUR1.1 billion bid from Nordic Capital.
Paris-based GL Trade continues to perform well, rising 7.88% to EUR38.08, following up on a 7.79% gain the previous week. Last month the firm revealed shareholders in holding company Financière Montmartre which - directly and indirectly - own 63.9% of its capital, are considering various options for the company, including "withdrawing their participation".
Other major gainers for the week include:
Index comparison
Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.