Share indices in the week to 12 July 2002
It has been a wretched couple of weeks for the stock markets, and there seems no relief in sight for beleaguered chief executives who have had millions wiped off the value of their companies.

The FTSE100 reached a five-year low, and support services firms in particular have been given a real towelling thanks to Amey's continuing woes and the Enron and Worldcom fiascos making investors question profits and revenues like never before.

Even poor old Carillion lost 10% off its share price last Wednesday when it said changes to PFI bid-cost accounting policies would shave off £12m over the next three years. The City, needing little encouragement to flee in terror, chose to ignore the fact that this wouldn't affect Carillion's earnings because of savings elsewhere.

But the tumbling share prices have opened up an opportunity for investors brave enough to wade back into the murky world of PFI contractors. Analysts point out that many of the companies, such as Carillion, Mowlem and Interserve, are very cheap, given their projected earnings and strong order books.

"I'm telling everybody I know to get in now. Whether they will buy just yet isn't clear, but I know where I'd pump my cash," said one analyst.