Sage secure in FTSE-100
Accounting software firm Sage, the only technology company left in the FTSE-100, looks like it is firmly entrenched in the blue-chip index ahead of its reshuffle on 11 December.
This morning, the company’s share price has continued to rise and was priced at 149.75p in mid-morning trade. The climb has continued from yesterday, when Sage shares closed up 5.75p at 144.5p.
Sage’s recent success has been helped by several upgrades from City brokers and better than expected first quarter results from US competitor Intuit, whose figures were boosted by its Quickbooks software.
Quickbooks competes directly with Sage’s Peachtree division and analysts say the UK company’s product is maintaining its market share in the growing market.