LAFDI market report - Friday 15th May

The Liberum AltFi Financial Disruptors Index eked out a tiny outperformance against a backdrop of strong global equity markets.   .  

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Weekly return



MSCI World


Top 5 performing Stocks in last week


QIWI US Equity



EPO LN Equity



PAG LN Equity



PAY LN Equity



IPF LN Equity


Worst 5 performing Stocks in last week


TUNG LN Equity



SGM US Equity



NNI US Equity



XOOM US Equity



MONI LN Equity


* Returns are calculated for the week to local market close on Thursday

The rollercoaster ride that is the QIWI plc share price continued this week as the shares put on a whopping 24.2%.  After floating in the mid-teens the shares have been as high as 55 but crashed back down to the teens earlier this year as Russia related concerns impacted the perceived prospects of this payments processor which is very much focused on Russia and the former Soviet states.  However this week the shares added to recent gains on a moderation of Russian concerns with the announcement of a deal that has propelled the shares back towards $35.  QIWI has entered into an agreement with Otkritie Financial Group to acquire 100% ownership of the Contact money transfer system and the Rapida payment processing system. Under the terms of the agreement, QIWI will issue 5,593,041 class B shares to Otkritie in exchange for all of the outstanding interests in Contact and Rapida. 

At the other end of the spectrum the share price performance of Tungsten plc continued to be hard to explain.  The shares were hit hard after what appeared to be expectations beating results.   In a trading update on Thursday, the company said that revenues in the second half of the year that ended April 30 were higher than expected, driven by the accelerating addition of new buyers and suppliers to the Tungsten Network. It therefore expects revenue for the year as a whole to be ahead of market expectations of GBP22.5 million. Combined with lower-than-forecast costs in the second half, it expects its loss for the year to be lower than the market's expectation of GBP31.2 million.  However it may be that the market was disappointed by some of the other metrics that were disclosed with e-invoicing volumes growing by just 10% by volume and 8% by value.  Equally at year-end, 42 buyers were signed up for the company's standard Invoice Status Service, up from 37 at the mid-year, perhaps some way short of the growth rates investors have come to expect from this sector.

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