Business Week – Index falls to below opening price.

The Accountancy Age/ADVFN index fell into the summer doldrums last week, dipping below its opening price as the majority of its listed companies plunged into the red.

It closed at a low of 99.20 points, losing 5% of its value, its lowest point since April, when it hit 93.48 points.

The benchmark FTSE-100 also sagged, closing at 106.48 points, down 3.62 points on last week.

Sage was the index’s biggest loser this week. The accounting software specialist lost 14%, ending at 256p after losing ground steadily over the week.

Hays had a bumpy ride on the exchange this week, ending 12% lower. The logistics and outsourcing firm’s shares plunged Monday after Merrill Lynch cut its forecasts. Shares recovered at the end of the week, boosted by speculation it may be the target of a takeover bid fed by the resignation of managing director John Cole last Thursday.

Logica also plunged this week, losing 12% after a profit warning from Nokia saying it expected slower revenue growth in the second quarter.

The stock recovered slightly on Wednesday morning after a positive rating from Goldman Sachs, but dropped again to close at 857p.

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