Accountancy-related stocks rose 2.6p to close the week at 73.59 points after dipping for seven weeks. The FTSE-100 also rose, climbing to 94.42p, fuelled by the positive reaction by Wall Street to signs of a recovery in the US economy.
The winner of the week was Michael Page, which soared 16% after better than expected financial year results. The recruitment firm announced pre-tax profits of £54m.
Recruitment agency Hays was up 9% after Morgan Stanley said Michael Page’s results reflected well on its competitors because it showed the UK recruitment market is holding up well. The broker repeated its ‘buy’ recommendation on Hays.
After a brief rebound, Logica’s shares dropped 7% over the week on a wider telecoms sell-off. HSBC reduced its stance on the company from ‘hold’ to ‘reduce’.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements