The Accountancy Age/ADVFN index crumbled slightly this week as the majority of its stocks lost ground in feeble trading.
The index fell 1.05 points over the week, reaching 103.90 points by Thursday’s close as the FTSE-100 went the opposite way, rising 3.67 points to 110.40 points by the end of the week.
The index’s biggest shaker was recruiting firm Robert Walters, which fell 4.5p or 3% after gaining 12% last week.
Logica lost 2% after a research report by Morgan Stanley Dean Witter said spending in IT services companies is ‘growing at a slower pace than the overall technology budget’.
News that Capita Group was named preferred bidder for a #100m contract from the UK department of education and employment did not cheer investors.
Although shares jumped 15p on the news, they lost 16p the following day and finished 2% lower than last week.
Sage was the index’s biggest gainer after reporting pre-tax profits of #59.16m on sales of #229.65m. The results were below analyst expectations and dropped over 5% Wednesday, but recovered ending the week up 2%. Beleaguered computer services company ITNET finally gained ground rising 2.5p or 1% after falling for seven straight weeks.
Related reading
5 tips for SMEs to protect cash flow
SMEs suffering from late payments often find themselves facing gargantuan tax bills, forcing them to dip into their cash reserves. Here are 5 tips for SMEs to combat a cash flow crisis
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’
Andrew Tyrie airs views on the Finance Bill, 'Making Tax Policy Better' report, and Brexit
Managing partner Q&A – the year ahead: Richard Toone, CVR Global
In our latest managing partner Q&A looking towards 2017, CVR Global's Richard Toone talks about recruitment, and the potential threat of competition from the legal sector, as key issues for the firm in the coming year
Deloitte ‘self-imposes exile’ on government contracts to defuse PM row
Deloitte to avoid tendering for government contracts over the next six months, to appease Theresa May following consultant's report that painted a less-than-flattering picture of Brexit plans
