LIVE MARKETS-Fresnillo takes FTSE gold

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FRESNILLO TAKES FTSE GOLD

Precious metal miners have glittered in 2025 with falling rates and roaring demand fuelling a rally in gold and silver not seen since the late Seventies.

On the FTSE 100 .FTSE, Fresnillo FRES.L stole the show. The miner rocketed more than 450% this year, smashing most analysts' price targets.

It's taking a breather on Wednesday – down over 2% after hitting yet another record high the day before, as volatility grips metals.

Yet Citi is doubling down. The bank lifted its target to 39 pounds, an 18% upside from current levels, saying higher silver and gold prices will boost cash flow and earnings even further.

It expects Fresnillo to double its dividend to $1 billion year and says at 7.7 times expected earnings, valuation is attractive. "We remain buyers of the stock."

Further down on the FTSE, the silver medal goes to Airtel Africa AAF.L. The stock is up 220% helped by booming connectivity demand in Africa and buzz around its mobile money spin-off planned for 2026.

Bronze goes to Endeavour Mining EDV.L, riding the gold wave with a 170% jump. Close behind, engineer Babcock BAB.L climbed 150%, lifted by Europe's defence stock boom.

(Danilo Masoni)

EARLIER ON LIVE MARKETS:

LONDON STOCKS MUTED ON FINAL DAY OF THE YEAR CLICK HERE

BEFORE THE BELL: EUROPE WRAPS UP 2025 ON A HIGH CLICK HERE