FTSE 100 movers: Miners gain; Sage hit by downgrade

London’s FTSE 100 was flat at 7,363.82 in afternoon trade on Tuesday, as the pre-Christmas lull set in.

Miners were on the rise, with Glencore and Antofagasta both up, likely on the back of China reopening hopes.

Banks also rallied, with HSBC, Lloyds and NatWest all higher.

On the downside, software firm Sage was the worst performer on the index after a downgrade to ‘sell’ at UBS, which said that margin pressures were set to persist.

"While Sage enjoys a defensive top-line profile entering FY23 we believe ongoing margin pressures were masked last year by bad debt provision reversals and the benefit of a major restructuring round," the bank said.

FTSE 100 - Risers

Glencore (GLEN) 544.70p 1.47%
Antofagasta (ANTO) 1,490.00p 1.29%
HSBC Holdings (HSBA) 501.70p 1.20%
Pershing Square Holdings Ltd NPV (PSH) 2,870.00p 1.06%
Lloyds Banking Group (LLOY) 45.42p 0.93%
NATWEST GROUP (NWG) 261.50p 0.85%
Sainsbury (J) (SBRY) 221.90p 0.82%
Endeavour Mining (EDV) 1,714.00p 0.76%
Kingfisher (KGF) 228.90p 0.75%
Shell (SHEL) 2,302.50p 0.68%

FTSE 100 - Fallers

Sage Group (SGE) 755.00p -2.10%
Ocado Group (OCDO) 622.20p -1.86%
International Consolidated Airlines Group SA (CDI) (IAG) 127.66p -1.85%
Airtel Africa (AAF) 111.00p -1.77%
Hargreaves Lansdown (HL.) 836.00p -1.74%
Scottish Mortgage Inv Trust (SMT) 716.40p -1.70%
Associated British Foods (ABF) 1,541.50p -1.31%
Rolls-Royce Holdings (RR.) 87.69p -1.29%
Intertek Group (ITRK) 3,889.00p -1.22%
JD Sports Fashion (JD.) 114.25p -1.21%