Accountancy shares suffer from Logica warning
After a brief moment in the sun, accountancy-related shares were looking negative this week, with the computer services sector still reeling from Logica's profit warning.
The Accountancy Age/ADVFN index fell 0.53 points to end the week at 70.73, slipping back to lows not seen since last month. And the FTSE-100 also saw red, closing at 95.80 points, down 1.35 points. Top loser was Misys, which fell 7% along with Logica, which dropped 3% after investment bank Goldman Sachs downgraded the entire European software stocks.
Hays lost 5% as the UK postal regulator had issued three more one-year interim postal service licences to competitors Securicor Omega Express, Datarun and London Underground. Michael Page also lost ground, dropping 2%, saying first quarter revenues would be £49.5m. Xansa continued its upward journey, gaining 4% after broker Schroeder Salomon Smith Barney upgraded the company on consolidation hopes.