Liz Truss’s resignation 20th October marked the end of her disastrous tenure as the UK Prime Minister and a period of self-inflicted market turmoil.
Her doomed mini-budget sent shockwaves through financial markets and many FTSE 100 companies suffered heavy selling.
However, since Truss’s demise, many FTSE 100 shares have bounced back as financial conditions ease and investors pick up beaten down shares.
These are the top performing FTSE 100 stocks since Truss’s resignation 20th October:
1. Centrica +38.9%
2. Fraser Group +38.2%
3. Ocado Group + 34.8%
4. B&M European Value +33.7%
5. Melrose Industries +29.3%
6. JD Sports +27.1%
7. Fresnillo +25.9%
8. 3i Group +23.7%
9. Intermediate Capital +23.4%
10. Rolls Royce Group +22.8%
Clearly, sentiment around the UK consumer has improved dramatically since Liz Truss left office. The FTSE 100’s UK consumer facing stocks are standout performers with Fraser Group, JD Sports and B&M staging sharp rallies.
The move in Uk consumer stocks has coincided with an easing in mortgages rates and a recovery in the pound demonstrating a broad improvement in sentiment around UK assets.
Centrica is by far the best performer, which may be attributed to a different approach to energy bills by Sunak and Hunt.