UK stocks are pushing higher, with the FTSE 100 marking its fourth consecutive day of gains. Life insurers and miners are driving the index upward, while the FTSE 250 is seeing mixed fortunes, weighed down by defence contractor QinetiQ. Meanwhile, global market sentiment remains cautious, with European stocks edging up and US futures struggling to hold ground.
The FTSE 100 is benefitting from strength in life insurers, with Phoenix Group soaring nearly 7% on upgraded guidance. Prudential and Legal & General are also making strong gains. Miners are another bright spot, with rising copper prices fuelled by optimism over Chinese growth and gold attracting investors seeking a safe haven amidst geopolitical uncertainties.
However, not all stocks are enjoying the momentum. Energean has dropped nearly 8% following regulatory setbacks in Italy and Egypt, while Asos has fallen around 7% after analysts at Exane BNP Paribas downgraded the stock. Marshalls is also under pressure, slipping nearly 3% despite posting in-line results, as analysts signal that a sector recovery is needed before momentum can build.
The broader market remains steady, with the pound flat against the dollar and the euro, and little movement in UK government bonds. While Europe follows the UK’s modest gains, US futures are lagging, reflecting ongoing uncertainty in global equities.
Fidelity Special Values PLC (LON:FSV) aims to seek out underappreciated companies primarily listed in the UK and is an actively managed contrarian Investment Trust that thrives on volatility and uncertainty.
