The slide continues.
The ADVFN/Accountancy Age share index has dipped to a new low, dropping below the 80-point mark as the majority of its stocks fell. It fell a further 5.04 points to end the week at 77.47 points. The benchmark FTSE-100 also fell, losing 1% and closing at 100.65 last Thursday.
Mysis was the week’s biggest loser, sliding a staggering 31%, down 137p to 308p after the company announced its annual results. The software and IT services company saw profits and earnings per share drop. Shares tumbled 26% on Wednesday to a two-year low and brokers downgraded their forecasts after Mysis said it expected a drop in sales in its key banking division.
Logica continued to drop, losing 87p on continued weakness in the sector, while heavyweight QSP saw its shares de-valued by 10%. Shares for Sema held steady as city watchers say they expect the companies operating line to break even this half-year.
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– The Accountancy Age/ADVFN share index is based on a portfolio of ten accountancy-related shares listed on the London Stock Exchange. The companies are Capita (business services); Itnet (outsourcing); Hays, Reed and Robert Walters (recruitment); and Logica, Misys, QSP, Sage and Sema (software). The index is based on a notional #100,000 invested in the companies on 23 March 2001 and reflects the percentage change in the value of the portfolio based on current prices at close each day. The FTSE has been rebased to 100 using its 23 March value of 5,402.3 points.