Some good news at last.
The sinking Accountancy Age/ADVFN index managed to poke its head out of the water last week, hedging slightly higher as investors threw a lifeline to three accountancy related stocks. In a small recovery from an all-time low of 77.40 points on Tuesday, the index inched up 0.03 points from last week to 77.60 points.
The benchmark FTSE-100 also fell, losing 2.8 points as global companies announced they would cut more than 50,000 jobs this year.
Mysis was the biggest winner, up 12% after investors realised last week’s sell-out was an over reaction. Market watchers said Mysis was good in the long-term and the drop in price a buying opportunity. Shares for Capita Group rose 4% after the company announced pre-tax profits were up 60%.
The biggest loser was heavyweight QSP, which ended the week down 6%
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The Accountancy Age/ADVFN share index is based on a portfolio of ten accountancy-related shares listed on the London Stock Exchange. The companies are Capita (business services); Itnet (outsourcing); Hays, Reed and Robert Walters (recruitment); and Logica, Misys, QSP, Sage and Sema (software). The index is based on a notional #100,000 invested in the companies on 23 March 2001 and reflects the percentage change in the value of the portfolio based on current prices at close each day. The FTSE has been rebased to 100 using its 23 March value of 5,402.3 points.