Accountancy stocks: Xansa leads the losers
Despite a positive mid-week for most accountancy-related stocks, the Accountancy Age/ADVFN index ended the week lower led by weak computer services companies.
The index dropped 0.24 points last Thursday, falling for the fifth consecutive week and has shed 4% since the spiral began. The FTSE-100 also faltered, closing at 95.10 points.
Xansa led the losers, falling 6% on renewed investor jitters after the computer services company issued a profits warning at the end of March.
Logica lost 4% as the City speculated on possibilities the mobile messaging specialist would not be involved in the development or production of Japan’s 3G J-phone MMS system.
The weakness of the computer services sector also impacted Misys and Sage, which both lost 3%. Sage’s drop came despite a mid-week jump after US rival Intuit increased its quarterly earnings. On a positive note, Reed Executive was up 7%.