Logica leads accountancy stocks down

The Accountancy Age/ADVFN index fell 2.05 points, closing the week at 75.29 points as the benchmark FTSE-100 dropped to 96.21. The index’s biggest loser was Logica plunging 13%, ending at 342p. The company’s house broker Merrill Lynch dropped its earnings forecasts and downgraded it to a long-term ‘buy’.

Xansa continued its downward journey losing 10%. The company has seen shares loose 27% since March, when it issued its second profit warning.

Hays dropped 9% and Sage fell 6%. Capita closed the week down 5%. At its agm last week, chairman Rod Aldridge said he was delighted with its current trading.

On the positive side, Reed was up 10% after reporting a 39.9% rise in operating profit in its annual results. However, the company remains cautious on future prospects.

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