Business Week - Stocks rebound.
Accountancy-related shares rebounded this week as two new companies made their debut on the Accountancy Age/ADVFN index, writes Adriana Zea.
Shares for accounting software provider Xansa and personnel recruitment company Michael Page have entered the index, replacing QSP, which was suspended last month and is currently in receivership, and Sema, which delisted in the summer after being bought by technology services company Schlumberger.
The revamped index rose this week from 69.92 points to 73.12 points, as the FTSE-100 had a bumpy ride this week, before the benchmark index closed slightly lower at 94.16.
Xansa debuted with a 5% rise. Two days prior to its starring on the index, the company was given a ‘buy’ recommendation by the Bank of America. The broker said Xansa will benefit from outsourcing its business processes amid the current IT spending downturn. Earlier this month, British Telecommunications outsourced key accounting and financial services to the company.
But accountancy recruitment specialist Michael Page began its first week on the index down 5p or 4%. Mysis was the index’s highest climber, jumping 20%. The company’s shares rose steadily after two brokers added the stock to their European and UK focus groups and created two businesses to focus on global asset management and securities trading markets software.
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