BusinessCompany NewsAccounting shares still heading south

Accounting shares still heading south

The Accountancy Age/ADVFN index has continued its downward drift, in part dragged down by the continuing poor performance of Xansa, but rallied towards the end of the week.

The outsourcing company had plunged after announcing poor results, hitting a low of 215p but came back to finish the week at 233.5p. The index of accountancy-related stocks closed at 77.51 points, having touched 76.59 on the Wednesday, compared with the benchmark FTSE-100, which closed at 97.58, slightly up on the week.

Other fallers included fellow outsourcing company Capita, software producer Logica and recruitment consultant Reed, though most of these staged a recovery on Thursday.

Hays, the logistics group, made a small gain on the news that it had sold its clinical supports services division to Synergy Healthcare, backed by the news it is planning to set up in competition to the Royal Mail.

The company finished at 180.5p.

For real-time shares information, tools and education for private investors, go to www.advfn.com.

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