Investment accounts
Adult accounts
Child accounts
Choosing Fidelity
Choosing Fidelity
Why invest with us Current offers Fees and charges Open an account Transfer investments
Financial advice & support
Fidelity’s Services
Fidelity’s Services
Financial advice Retirement Wealth Management Investor Centre (London) Bereavement
Guidance and tools
Guidance and tools
Choosing investments Choosing accounts ISA calculator Retirement calculators
Share dealing
Choose your shares
Tools and information
Tools and information
Share prices and markets Chart and compare shares Stock market news Shareholder perks IPOs and placings
Pensions & retirement
Pensions, tax & tools
Saving for retirement
Approaching / In retirement
Approaching / In retirement
Speak to a specialist Creating a retirement plan Taking tax-free cash Pension drawdown Annuities Investing in retirement Investment Pathways
London midday: Stocks maintain gains as investors grab some bargains
(Sharecast News) - London stocks were still in the black by midday on Tuesday as investors picked up some bargains following heavy losses in the previous session. The FTSE 100 was up 0.6% at 7,259.76.
Russ Mould, investment director at AJ Bell, said: "After yet another miserable session in the US yesterday, Europe and pockets of Asia managed to avoid the rout and push ahead on Tuesday. This is unexpected given market sentiment is weak and the VIX 'fear' index yesterday jumped to its second highest closing price in the past 12 months.
"Stocks in general have struggled this year, with investors worrying about inflation, rising interest rates, a slowdown in the world economy, war in Ukraine, new Covid flare-ups in China, weakness in consumer spending and concerns that business investment might take a back seat.
"The narrative has gone from 'how can I make money?' to 'how can I protect my money?'.
"Growth stocks have gone from invincible to un-investable in the eyes of many investors, while commodity producers have also lost their shine of late, depressed by concerns that economic activity is grinding to a halt.
"Investors are increasingly favouring stocks with generous dividends as the trickle of cash payments is at least one form of positive return on an investment. It's no coincidence that the entire top 10 risers on the FTSE 100 today, as measured by index points, are all mid-to-high yielding stocks including HSBC, Unilever, Glencore and British American Tobacco."
Meanwhile, a survey out earlier showed that retail sales fell in April as the mounting cost of living crisis started to bite.
According to the latest BRC-KPMG retail sales monitor, like-for-like sales fell 1.7% in the four weeks to 30 April compared to the same period a year previously, when they increased 39.6%. On a total basis, sales decreased 0.3%. It was the first decline in sales for over a year.
Food sales decreased 1.3% in the three months to April, or by 1.8% on a like-for-like basis. Non-food sales increased by 1.8% or 6.9% on a total basis, although that remains well below the 12-month total average for growth of 11.1%.
In addition, the British Retail Consortium noted that as sales figures were not adjusted for inflation, the small drop in sales would have masked "a much larger drop" in volumes once inflation was accounted for.
Helen Dickinson, chief executive of the BRC, said: "The rising cost of living has crushed consumer confidence and put the brakes on consumer spending. Sales growth has been slowing since January, though the real extent of this decline has been masked by rising inflation."
In equity markets, British Gas owner Centrica rallied after saying that full-year adjusted earnings per share were set to be at the top end of analyst expectations following a strong performance in the first four months of 2022.
Elsewhere, IWG was boosted by an upgrade to 'buy' from 'hold' at Berenberg.
Precision instrument maker Spectris advanced after announcing the acquisition of US firm Dytran Instruments for $82m (£66m).
Media platform operator Future was also up after it acquired US-based women's lifestyle publisher WhoWhatWear from Clique Brands for an undisclosed sum.
On the downside, Renishaw lost ground after the engineer cut its annual profit forecast.
Market Movers
FTSE 100 (UKX) 7,259.76 0.60% FTSE 250 (MCX) 19,478.91 0.89% techMARK (TASX) 4,235.67 0.49%
FTSE 100 - Risers
Melrose Industries (MRO) 112.50p 4.55% Aveva Group (AVV) 2,169.00p 4.43% Croda International (CRDA) 6,914.00p 3.32% Smurfit Kappa Group (CDI) (SKG) 3,324.00p 3.13% Imperial Brands (IMB) 1,703.00p 3.06% Mondi (MNDI) 1,609.00p 3.01% Persimmon (PSN) 2,093.00p 3.00% Barratt Developments (BDEV) 472.00p 2.81% Dechra Pharmaceuticals (DPH) 3,246.00p 2.79% Phoenix Group Holdings (PHNX) 585.80p 2.56%
FTSE 100 - Fallers
Airtel Africa (AAF) 138.00p -4.23% Shell (SHEL) 2,191.50p -1.51% BP (BP.) 400.40p -1.09% BAE Systems (BA.) 736.60p -1.02% Entain (ENT) 1,238.50p -0.80% Avast (AVST) 505.80p -0.71% Whitbread (WTB) 2,543.00p -0.70% Glencore (GLEN) 455.40p -0.69% Rentokil Initial (RTO) 514.20p -0.58% Burberry Group (BRBY) 1,482.50p -0.47%
FTSE 250 - Risers
Abrdn Private Equity Opportunities Trust (APEO) 480.00p 5.73% Genus (GNS) 2,344.00p 4.92% Centrica (CNA) 75.08p 4.36% Investec (INVP) 434.40p 4.17% TBC Bank Group (TBCG) 1,230.00p 4.06% Darktrace (DARK) 428.60p 3.98% Watches of Switzerland Group (WOSG) 857.50p 3.94% Ferrexpo (FXPO) 141.60p 3.58% Discoverie Group (DSCV) 700.00p 3.40% Urban Logistics Reit (SHED) 172.50p 3.29%
FTSE 250 - Fallers
Polymetal International (POLY) 255.00p -3.77% Network International Holdings (NETW) 217.00p -3.56% SSP Group (SSPG) 206.60p -3.10% Aston Martin Lagonda Global Holdings (AML) 726.20p -2.97% Energean (ENOG) 1,254.00p -2.94% QinetiQ Group (QQ.) 349.60p -2.02% Clarkson (CKN) 3,335.00p -1.91% Renishaw (RSW) 4,110.00p -1.91% Oxford Instruments (OXIG) 2,100.00p -1.87% Lancashire Holdings Limited (LRE) 391.40p -1.51%
Share this article
Related Sharecast Articles
Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.
Award-winning online share dealing
Search, compare and select from thousands of shares.
Expert insights into investing your money
Our team of experts explore the world of share dealing.
Policies and important information
Accessibility | Conflicts of interest statement | Consumer Duty Target Market | Consumer Duty Value Assessment Statement | Cookie policy | Diversity and Inclusion | Doing Business with Fidelity | Fidelity gender pay report | Investing in Fidelity funds | Legal information | Modern slavery | Mutual respect policy | Privacy statement | Remuneration policy | Security | Statutory and Regulatory disclosures | Whistleblowing policy
Please remember that past performance is not necessarily a guide to future performance, the performance of investments is not guaranteed, and the value of your investments can go down as well as up, so you may get back less than you invest. When investments have particular tax features, these will depend on your personal circumstances and tax rules may change in the future. This website does not contain any personal recommendations for a particular course of action, service or product. You should regularly review your investment objectives and choices and, if you are unsure whether an investment is suitable for you, you should contact an authorised financial adviser. Before opening an account, please read the ‘Doing Business with Fidelity’ document which incorporates our client terms. Prior to investing into a fund, please read the relevant key information document which contains important information about the fund.
This website is issued by Financial Administration Services Limited, which is authorised and regulated by the Financial Conduct Authority (FCA) (FCA Register number 122169) and registered in England and Wales under company number 1629709 whose registered address is Beech Gate, Millfield Lane, Lower Kingswood, Tadworth, Surrey, KT20 6RP.