Business Week - Index fall continues.
The Accountancy Age/ADVFN index continued its downward drift, finishing at a new low of 74.70.
Mid-week, the index, which charts accountancy-related stocks, hit a low of 73.15, before coming back on Friday, bucking the FTSE 100 southward trend. Logica, QSP and Sage made gains during the week, as did Reed Executive.
Logica had been hit by fears over its contract with Ford after the car manufacturer announced cuts in IT spending, but the stock recovered to finish the week higher. QSP’s stock moved up following the software company’s AGM despite announcing its fortunes were tied to the global economy.
Its share price moved up 22%, despite being on the receiving end of a battering during the week following an earlier profits warning. Sage rode on the coat tails of US peer Intuit to finish the week in positive form.
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