Business Week
Index hits new low after brief recovery.
After briefly recovering its losses, the Accountancy Age/ADVFN index dropped to another low, as all but one of its stocks saw further losses.
The index of accountancy-related stocks fell 5.65 points to a new low of 74.88 points, after a brief recovery at 80.53 points last week.
The biggest loser was ITNet, plunging 15%. As City analysts remain bearish on the IT services sector, the computer software company has the added pressure of the new terms and conditions it is negotiating with Islington council. Software company Mysis lost 12% after investors and the government cleared its acquisition of an 88.3% stake in DBS Management.
Accounting software giant Sage also shed 12% this week after City analysts reduced profit forecasts. Heavyweight QSP Group dropped 11% to an all-time low of 10p after a profit warning saying its half-year turnover would be lower than expected and it would cut 155 jobs in the next 12 months.
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