BUSINESS WEEK - The slide continues.
The Accountancy Age/ADVFN share index has continued to slide, despite a brief rally at the tail end of last week, writes Damian Wild.
The index, based on ten accountancy-related shares listed on the London Stock Exchange, spent its second week in the red, though recruitment stocks Robert Walters and Hays both stood up. Hays went even better, rising almost 20p to #2.88.
Elsewhere, performances were not so good. Business services group Capita lost 20p to hit #4.50, while outsourcing company Itnet lost 15p to reach #2.23 come the close on Thursday, 5 April.
But it was the technology shares of Misys, Logica, QSP and Sage that dragged the index down. Sage lost more than 30p on the week to fall to #2.28 last Thursday while Logica shed #2.51 to reach #8.25. Of the index’s tech stocks only Sema managed to hold up at #5.56.
The falls witnessed on the Accountancy Age/ADVFN share index came as the FTSE overcame mid-week dips to hold steady. There was favourable news elsewhere too.
In the US, positive words from Wall Street analysts helped drive gains on the NASDAQ and Asian markets.