It rose 0.26 points over the week, closing last Thursday at 71.26 points, rising for the first time in four weeks. Meanwhile, the FTSE-100 ended the week at 97.15 points, 0.94 points higher than the previous week’s close.
Logica fell a massive 20% over the week after it issued a profit warning and said it was making redundant 700 workers worldwide in its mobile networks and IT services operations. It announced last Friday that trading conditions had worsened and expected earnings per share before restructuring costs to be ‘significantly below last year.’ The computer services company added it would take a one-time restructuring cost of £34m.
Sage fell again this week, losing 4% on news that Microsoft is buying Navision, threatening the accountancy software specialist’s competitive position. Hays also continued to crumble after the resignation of executive director Keith Charlton, responsible for the company’s logistics and commercial arms.
On the upside, Xansa resurged after seven weeks in the red after house broker UBS Warburg upgraded its stance on the stock. Shares rose 8% on UBS’ increased recommendation to ‘strong buy’. ITNet was also up, rising 5% after it announced it had a good first-quarter and a strong order book.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements