It was a grim day for the markets, but traders looking for a bargain found themselves eyeing stocks of the firms they work for.
Last year’s lockdown saw a surge in new punters buying the stock. As a new breed of investors opening accounts with Hargreaves Lansdowne, IG and CMC Markets decided to try their luck in the stock market.
The retail investor boom was about to end, as the country went back into offices and began spending extra cash in Pret A Manger.
Fears that the covid variant could lock Brits at home again and the tube strike saw stocks in brokers rally.
Shares of CMC Markets, led by Lord Peter Cruddas, crashed in September after a profit alert confirmed the end of the Covid investor frenzy.
Today they jumped from 4p to 240p. Rival spread betting house IG Group, where the chief executive is June Felix, rose from 6p to 769p.
Online home delivery grocer, Ocado also enjoyed a jump of 22p to 1773p.
The shares of the bank all got bifurcated. More recently they have been in favor of the notion that the Bank of England was bound to raise interest rates higher.
This increases bank profit margins – stocks rose on the assumption that rates would be higher and that the economy was mostly recovering.
Today that notion came into doubt. Lloyds Bank was down 3p to 47p, NatWest up 12p to 213p and HSBC was down 19p to 424p.
With Wall Street closed tomorrow for Thanksgiving and half a day today
FTSE 100 is up over 200 points, down 212 at 7098.
It still remains on September 20 at 6903 hits.
Dan Boardman-Weston at BRI Wealth Management said: “We think it’s too early to quantify the potential impact of this new version, but the markets have had a very strong performance over the past 12 months and so it’s unlikely to see such a reaction.” Not surprising. This. It is important to note that if this is to take the world back from a post-Covid outlook, it is likely that inflation will subside and monetary policy will remain lax for a long period of time, which is moderate. The period is likely to be positive for the markets.”