Business Week - Stocks start to rise.
The Accountancy Age/ADVFN index rebounded this week, showing signs of revival after weeks in the doldrums, with most of its stocks back above water.
The index of accountancy-related shares clawed their way back, gaining 3.86 points to end the week at 62.22 points.
The index’s biggest winner was Misys, which gained 20%. Stocks rose 22.75p after the group’s agm statement last Wednesday was more positive than expected. Chairman Kevin Lomax said: ‘We continue to make steady progress in our financial services business and current trading remains in line with expectations.
An upbeat trading statement from Capita made its shares rise 17%. As it applied for additional listing of ordinary shares last Friday, it said: ‘Trading continues to be excellent. The current economic conditions are providing a number of new opportunities which are expected to be of benefit to the group.’
Correction: In last week’s share index report we said that Reed Executive’s share price ‘lost 16% following a profit warning’. This was an error on our part. We are happy to make clear that Reed’s share price rose 15% after it issued its interim results. It did not issue a profit warning and the rise made it the index’s biggest gainer, not loser as we reported. Accountancy Age would like to apologise to Reed for our error.
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