Buy British stocks26 Jan 2022 09:54
The London market rallied after two major banks said now was the perfect time to buy British stocks.
The FTSE 100 rebounded 1 per cent, or 74.31 points, to 7371.46 while the FTSE 250 rose 0.9 per cent, or 193.21 points, to 21,645.71 after JP Morgan analysts said London-listed firms looked ‘exceptionally cheap’.
Meanwhile, Morgan Stanley said there was a ‘compelling case’ for buying stock in FTSE 350 companies, as UK equities were ‘more defensive’ than global peers.
The assessment from the Wall Street banks was echoed by AJ Bell investment director Russ Mould, who noted that the lack of tech stocks in the FTSE 100 may now be a blessing amid a sell-off.