Post-jubilee gloom for stocks
With the stock market hung-over from the weekend's jubilee celebrations the FTSE-100 dipped below the 5000 mark, dragging accountancy-related shares down with it.
The Accountancy Age/ADVFN index fell 0.8 points on the week, though there was effectively only two trading days post the long weekend. The slip was matched by the FTSE 100, which has been battered by turmoil in the tech stocks.
Outsourcers Capita, and computer software suppliers Logica, Misys and Sage all saw their shares fall, while the accountancy recruitment stocks – Robert Walters, Reed, Michael Page and Hays remained steady. Xansa was also dragged down, but rallied late in the week on the news it had signed a £50m deal with BT – the second outsourcing contract the company has picked up from the telecommunications giant.
It will be interesting to see how the World Cup affects the index – it may take more than a few good results to stem the slide.