BusinessCompany NewsStocks have no cause to be jubilant

Stocks have no cause to be jubilant

Traders may have been looking forward to the long weekend, but most accountancy-related stocks were not raising a glass to celebrate the Queen's golden jubilee last weekend.

The Accountancy Age/ADVFN index fell 1.51 points to end the week at 69.11, continuing on its downward drift.

The stocks will certainly not have been helped by the collapse in the techMark, which has is now at its lowest point since it was launched back in 1999 – it is even lower than it was following 11 September.

The biggest loser was computer and software services company Xansa, which lost 20 points, falling from 165 to 145 in the index.

This wasn’t good news for Alistair Cox, who has just been appointed as the company’s new chief executive, though the shares did shift upwards on the back of positive rating news from Schroder Salomon Smith Barney.

The only real winner on the week was Hays, the recruitment consultancy, which bucked the trend by jumping 12.5 points on the back of an upgrading from Goldmans.

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