'Horrible' is about the only way to describe the continuing plummet of both the FTSE 100 and the accountancy-related stocks, as accounting scandals battered share prices once more.
The Accountancy Age/ADVFN index continued to plumb new depths dropping to below 54 points for the first time since the index began last April.
At least the accountancy stocks were not alone, as the FTSE 100 index is now only 78% of its value when the index was launched.
Sage, the accounting software giant was singled out for particularly harsh treatment during the week – its share price fell from 160p to a new low of 138.75p by the close on Friday.
A fresh round of profit warnings from the US software sector served to undermine the already-fragile sentiment in Sage, sending shares in the last technology stock left in the FTSE 100 to a new four-year low.
It also suffered from recurring concerns that it should be made to depreciate the value of goodwill on its balance sheet at a predetermined annual rate.
Outsourcing company Capita was dragged down 30p during the week, to finish at 254.25p, and technology company Logica fell 23p, ending up at 176p – Capita’s fall was in part due to persistent rumours over its accounting practices.
Outsourcer Xansa, having staged a mini-recovery the previous week, lost its recent gains to finish the week on 101.5p – on Friday it announced it was to issue four million shares to cover the cost of acquiring Synergy International Consulting last year.
The recruitment firms also suffered, though not in equal measure. Robert Walters only fell 2.5p, but Reed dropped 21.5p to finish another gloomy week at 140p.
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