Accountancy index hits all time low
The AccountancyAge/ADVFN index has hit a new all-time low as its most heavily weighted stock suspended its shares and the world economy continued its slowdown.
Accountancy related stocks lost another 1.5 points this week and are now trading at 58.36 points. Meanwhile, the FTSE-100 recovered slightly, fighting off lows of 82 points to end the week 3.8 points higher than last week’s close at 88.18.
The index suffered as QSP, its most heavily weighted stock, suspended its shares. The financial software provider lost 3% before it had its shares suspended following disappointing results and a profit warning.
QSP said it was asking for the suspension of its shares while it urgently pursued additional funding. It said: ‘The challenging trading conditions that prevailed through 2000 have continued into 2001, causing deferrals in software licence sales.’ But the index’s biggest loser was Reed Executive, which lost 16% following a profit warning.
The company, which specialises in recruitment, said although there was a 7% improvement in its half-year profits, it was ‘acutely aware that the second half will see much more difficult trading conditions,’ following the terror attacks in the US.
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