FTSE 100 movers: Sage Group lifted by Citi note; Fresnillo loses its shine
By Michele Maatouk
Date: Friday 10 Oct 2025
(Sharecast News) - London's FTSE 100 was down 0.1% at 9,502.62 in afternoon trade on Friday.
Sage Group jumped to the top of the index as Citi placed the shares on 'positive catalyst watch' into full-year results in November, saying it expects a "better-than-feared" update.
Citi said Sage has been delivering rather resilient results in an uncertain backdrop, however, small moderation in growth and AI disruption related concerns have been stock overhangs.
The bank said it had revisited its positive investment thesis with a detailed look at the demand environment (SMEs) as well as bottom-up building blocks of Sage's growth.
"Our work supports confidence that Sage has right levers to sustain the growth, and potential to accelerate in a better macro set-up.
"AI would remain key topic of debate, at the same time Sage efforts on bringing and commercialising AI use cases should be more visible in FY26."
Citi noted that the shares have underperformed year to date and said it sees scope for consensus upgrades.
Defence names BAE Systems, Rolls-Royce and Babcock slumped.
Joshua Mahony at Scope Markets said progress towards a ceasefire in Gaza eased geopolitical risk premiums, reducing demand for the sector that had been buoyed by the conflict.
Precious metals miner Fresnillo lost its shine as gold prices pulled back from recent highs.
Aviva was also in the red after KBW downgraded the stock to 'underperform' with an unchanged price target of 650p, following a strong run in the share price.
"We are also swayed by what we believe are relatively elevated valuation multiples against the Big 5 peers even if we credit the group for a further 10% increase in earnings guidance against KBWe / consensus in the 13-Nov business plan update," it said.
"After a strong share price run that we think has been driven by consensus catching up with the Direct Line upside, we think the risk/reward is now poor as UK macro and UK motor fundamentals remain weak."
FTSE 100 - Risers
The Sage Group (SGE) 1,150.50p 3.46%
Compass Group (CPG) 2,575.00p 1.90%
Metlen Energy & Metals (MTLN) 47.50p 1.82%
London Stock Exchange Group (LSEG) 8,890.00p 1.67%
Admiral Group (ADM) 3,384.00p 1.62%
Unilever (ULVR) 4,489.00p 1.54%
Games Workshop Group (GAW) 14,810.00p 1.37%
Ashtead Group (AHT) 5,208.00p 1.32%
Associated British Foods (ABF) 2,152.00p 1.27%
Burberry Group (BRBY) 1,238.00p 1.23%
FTSE 100 - Fallers
Melrose Industries (MRO) 624.80p -2.50%
Fresnillo (FRES) 2,350.00p -1.84%
BAE Systems (BA.) 1,980.00p -1.74%
Entain (ENT) 824.60p -1.62%
Rolls-Royce Holdings (RR.) 1,137.00p -1.56%
Babcock International Group (BAB) 1,236.00p -1.44%
Rightmove (RMV) 687.40p -1.43%
International Consolidated Airlines Group SA (CDI) (IAG) 408.50p -1.04%
Aviva (AV.) 674.20p -1.03%
ICG (ICG) 2,162.00p -1.01%
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