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Sector movers: Logica's surge boosts software stocks

Thu, 31st May 2012 16:20

Software and computer services stocks were making strong gains on Thursday afternoon, as the sector got a massive lift from FTSE 250 firm Logica which rocketed after a takeover bid from Canadian peer CGI Group.Logica, the business and technology services group, soared 67% today after it agreed on a 105p-a-share cash bid from CGI, valuing the company at around £1.7bn."Logica was unloved by the UK investment community and this bid crystallises what we believe to be the company's true worth," said Peel Hunt analyst Peter Morland in a research note this morning.Sector peer Kofax, the business process management solutions group, was also in demand, up over 7%.Top performing sectors so far todaySoftware & Computer Services 803.09 +6.58%Tobacco 34,711.77 +1.00%Food & Drug Retailers 3,786.71 +0.89%Chemicals 8,047.29 +0.61%Beverages 11,108.08 +0.57%Bottom performing sectors so far todayIndustrial Metals & Mining 2,917.20 -3.87%Construction & Materials 3,100.20 -2.34%Personal Goods 21,051.68 -2.34%Mining 16,748.34 -1.95%Media 4,009.38 -1.93%BC