Accountancy shares hit lowest point
Accountancy-related shares fell to their lowest point this year as technology shares struggled though a difficult week and computer services giant Logica dropped out of the FTSE-100.
The AccountancyAge/ADVFN index lost a further 1.52 points falling to 66.80 point last week, its lowest mark since October of last year. The drop reflected the weakness in the benchmark FTSE-100, which dumped two technology high fliers on Wednesday and fell 3.44 points to end the week at 88.33 points.
And the beating is likely to continue after ‘black Friday’, as another telecoms scare and Andersen’s conviction for obstruction of justice further enhances investor fears.
Computer services star Logica was one victim of the FTSE demotion. Surprisingly, the company’s shares rallied temporarily on that day, ending the week only 1% lower.
The biggest fall was experienced by Xansa, which fell 10%.