Index soars after early losses

The Accountancy Age/ADVFN index soared this week, crossing the 110-point mark on Tuesday as good news made two of its key stocks jump over 5%, writes Adriana Zea.

Accountancy-related stocks hit 110.0092 points when five of its companies rose, but a correction in the two days that followed subdued gains and the index ended the week at 105.7593.

The benchmark FTSE-100 made modest gains in the meantime, closing at 109.5071 points last Thursday.

The biggest riser on the index was Logica, which rose 12% this week closing at 1001 pence after jumping 8% Tuesday. Sage closed the week 7% higher on news of high growth and profit margins.

Shares began the week in the doldrums as analysts at Nomura Securities cut earnings estimates but jumped 11% Tuesday after chief executive Paul Walker said it would be ‘inexcusable’ if the software company does not meet its growth target

Hays jumped 6% Tuesday, but settled 2% up, on news that the European Commission had filed an anti-trust suit against Belgian postal service La Poste.

Robert Walters was the biggest loser this week as the company lost 9% after saying it expected interim profits to only be the same as last year’s.

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