The Accountancy Age/ADVFN index has inched down, hitting a new low as most shares lost ground or remained unmoved. Seven out of ten accountancy-related stocks slid last week, while the others remained static, causing the index to drop 1.6points closing at 73.21, as the benchmark FTSE-100 also saw red.
Reed Executive, Sage and Logica topped the losers’ list, shedding 4% each. After gaining the previous week Logica dropped 25p ahead of its results, plagued by fears for its IT contract with Ford.
The company recovered slightly on Wednesday on news that the computer software company will help the government develop policy on smartcard use and better than expected earnings from peer CMG. But the positive sentiment was short-lived, and the stock succumbed to sector fears fuelled by the Nasdaq taking a beating.
Misys kicked off the week badly after a Daily Telegraph report said the company, which has lost 41% of its value in one year, has awarded its top five executives bonuses worth #1.3m. The software provider failed to recover despite announcing the creation of a portal for independent financial advisers.
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