The gloom deepens.

The Accountancy Age/ADVFN index plunged last week as heavily-weighted stocks dragged the index to a new all-time low for the second week in a row.

Accountancy-related stocks continued their downward spiral dropping to 82.61 points, down 0.58 points on last week.

The benchmark FTSE-100 also fell compared to last week, recovering from the weekly low of 99.81 points but closing down at 101.47 points. Heavyweights QSP and Robert Walters led the losers as both shed 7% on last week’s share price.

Logica fell sharply last Wednesday after analysts downgraded the sector on a profit warning from the US company Comverse Technology.

This led analysts at Goldman Sachs to cut earnings forecasts across the IT sector. But Logica recovered slightly, closing the week out at 19.75p, down 2p on last week.

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