BusinessCompany NewsIT slump hits accountancy index

IT slump hits accountancy index

A slump in the world's technology markets has hit the Accountancy Age/ADVFN index causing shares to fall 3% led by nervous Logica shareholders.

Accountancy-related stocks fell more than two points since last Thursday to close at 71.00 points, with most stocks losing ground Tuesday in response to a negative Nasdaq. But the UK’s FTSE-100 index went the opposite way and ending the week up slightly higher at 96.21 points.

The biggest loser was Logica, down 10% over the week as technology fears hit the IT sector. The company’s share prices are likely to continue their freefall as the group issued a profits warning and sacked 700 staff on Friday. Other losers included Xansa, which fell 9%, and Robert Walters, which dropped 7% after the accountancy recruitment company’s agm last Thursday.

ITNet fell 5% over technology fears too. But the company is likely to rise over the next week after a positive agm on Monday.

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