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.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

4m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

12m Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor