Finextra50 hits all-time low

All five of the index's largest constituents by free-float market capitalisation fell by between 3% and 5% last week. In addition, nine of the index's 50 constituent stocks lost more than 10% of their value by close of trading on Friday. The five biggest fallers were Polaris and Nucleus Software in India, Linedata Services and EDB Business Partner in Europe and Online Resources in the US.

Polaris fell 16.72% to Rs74.95

Linedata Services was down 12.07% to EUR10.85

Nucleus Software closed down 11.87% to Rs205.60

EDB Business Partner fell 11.59% to NOK29.00. After falling the previous week on the back of aborted plans to acquire fellow Nordic IT firm TietoEnator, the company last week announced that it has agreed to sell its Swedish subsidiary Indata to BancTec AB. The company has 50 employees and generated revenues of SEK30m in 2007 and EDB Business Partner said that the divestment will cause an extraordinary asset write-down of NOK6 million.

Online Resources also fell 11.25% to $8.44 last week.

Gainers

Bravura was by far the index's biggest gainer last week, rising 31.13% to $AUD1.39 on news that Ironbridge Capital's planned acquisition of wealth management software provider Bravura Solutions could go ahead. A new transaction structure was agreed in-principle by all parties to help to overcome uncertainty over directors' shares held under a margin loan facility by bankrupt brokerage Lift Capital.

In a statement to the Australian Securities Exchange the company said that May's offer of AUD$1.73per share for the management buy-out backed by Ironbridge would stand, with some structural modifications.

Other companies to see significant gains include:

i-flex, up 9.95% to Rs1378.00

Computershare, up 6.26% tp AUD$9.5

Microgen, up 5.26% to 50p

Index comparison

Methodology
More information on the Finextra50 Financial Technology Index methodology and constituent stocks can be found here.