Business Week - Accountancy index hits all-time high.
The index reached an all-time high of 106.89 points on 2 May but settled to 104.96 points. This contrasted with the benchmark FTSE-100 that rose at the beginning of the week, but lost ground, closing at 106.7286 points, down 1.9 points on last week’s close.
IT consultancy Logica led this week’s winners, gaining 14% after an upgrade at the end of last week from analysts at Goldman Sachs. The analysts increased their recommendation of Logica from ‘market performer’ to ‘trading buy’, saying the company’s provides a ‘relatively safe haven’ in a volatile market.
In second place was recruitment firm Robert Walters, which ended its losing streak by gaining 12% on last week’s close. Its shares jumped 6% last Thursday morning after the company announced its intention to list 2.4 million additional shares.
Sema’s shares remained relatively static, despite the resignation of three of its directors and the loss of Deutsche Bank as an important and prominent shareholder.
ITNET continued its losing streak, falling 4% followed by Reed Executive, which fell 3% having gained 22% last week.