Analysts boost stocks
Accountancy-related stocks have climbed for the second week running after receiving a boost from analysts endeavouring to assuage investors' fears about accounting.
The Accountancy Age/ADVFN index finished the week at 79.41 points, up almost 8% on last week. The FTSE-100 was also up and closed the week out at 97.78 points increasing from last week’s 94.42 close.
Reed Executive was the index’s biggest winner, soaring 21% after competitor Michael Page delivered better than expected results, showing market watchers the UK recruitment market is not as low as was earlier feared. Robert Walters, which also specialises in accountancy recruitment, gained 14% on the news.
At second place was computer services company Misys, up 17%. According to analysts, Misys was caught up in the accounting issues scare that hit the city last week, and investors who were selling off shares were reversing their trends.