PracticePeople In PracticeTenon survives tumbling prices.

Tenon survives tumbling prices.

Share prices dropped across the world last week amid fears of recession and profit warnings. In one week indexes fell to lows not seen since 1998, as the FTSE-100 was down 6% and the Nasdaq shed 7.9% of its value.

But AIM-listed Tenon has gained 5.1% since last week. Stuart Duncan, equity analyst at Numis, said its core business and broad business base have kept the company from a negative trend.

Duncan said that Tenon had been resilient because its core business is outsourcing – used as a means of cost cutting by distressed businesses – and it ‘does not have exposure to American markets.’

Other listed accountancy-related businesses were not so lucky. Software giant Sage, tumbled 13.8% after a profit warning from competitors Oracle and Inuit.

KPMG Consulting, which recently floated on Nasdaq, fell 21.3% and is now trading below its initial offering price.

For a look at stock exchange websites see page 15.

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