Shares in Logica were under pressure this morning after it emerged that the IT group's Dutch chief executive had left the company.

Paul Schuyt has headed the Netherlands' business, which accounts for 19 per cent of group earnings, since 2003 and will stay with the company until a replacement is found.

Panmure Gordon has trimmed its profit forecast for the Dutch business, taking its price target on the stock from 69p to 67p.

The broker noted that Mr Schuyt’s resignation was a loss and an opportunity, with his departure allowing Andy Green, the group’s new chief executive, to speed up change within the company. However, it also said that the move is likely to have been prompted by middling operational performance.

Last week the company raised £90.5 million in a share placing and said it would cut its annual dividend to lower its debt.

Logica shares fell almost 6 per cent, down 3.5p to 59.5p.

Overall, the FTSE 100 gained 35.23 points to 4,315.58, with energy stocks, such as Eurasian Natural Resources, up 18.25p to 318.25p, the main driver.

Drax, the power station operator, fell more than 8 per cent, down 43.5p to 497p, after Merrill Lynch downgraded the stock to "underperform" from "buy", cautioning that power prices could fall in the new year.

Centrica lost 16.75p to 235.5p as underwriters of its £2.2 billion rights issue to fund its acquisition of a 25 per cent stake in British Energy, were left trying to place the 8.7 per cent of shares not taken up by shareholders.

Shares in London Stock Exchange were down 15.5p to 598.5p after latest figures from the World Federation of Exchanges showed the number of trades carried out on the bourse fell by almost a third in November to 15.6 million trades, compared with 23 million in October.

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