The FTSE 100 is at its highest level since 20 February 2020, which few will need reminding was when the market started soiling its trews over the impending pandemic.
If you believe the adage, a rising tide lifts all boats but just under a half of the index’s constituents (45 to be precise) seem to have sprung serious leaks and are actually trading below their February 2020 level.
The hardest hit of all have been British Airways owner International Consolidated Airlines Group SA, which is down 60%, and aeroplane engine maker and maintainer, Rolls-Royce Group PLC, which is 52% lower.
Both have been hit hard by the restrictions on international travel, as has Melrose Industries PLC, the holding company that owns aerospace and automotive engineer, GKN; Melrose’s shares are down 31%.
Publisher and exhibitions organiser Informa PLC has lost just over a third of its value as its regular schedule of exhibitions has been seriously disrupted.
Oil companies have not done well, as the global economy went into lockdown and the use of oil declined. BP PLC is down 34% and Royal Dutch Shell PLC is off 24%.
Asia-focused banks HSBC Holdings PLC and Standard Chartered PLC, both down 26%, have both got it in the neck as pundits worry about the effects of the pandemic on China’s economy but even Lloyds Banking Group PLC – not noted for its sensitivity to the Chinese economy – is down 17%.
Property companies such as Land Securities PLC – down 26% - have seen the value of their assets collapse as investors wonder how many people will return to offices to work and whether shoppers have lost the habit of shopping in … er … shops.
Meanwhile, despite the government seemingly doing everything it can to support the housing market/stuff used fivers into the coffers of housebuilders (delete according to political persuasion), the share prices of many housebuilders have yet to recover to pre-pandemic levels; Taylor Wimpey PLC is down 22%, Barratt Developments PLC is off 17% and Berkeley Group Holdings PLC is 15% underwater.
Companies that have done well out of the pandemic include Royal Mail Group PLC, up 175%; bookie Entain PLC, up 132%; and technology-focused investor Scottish Mortgage Investment Trust PLC, up 111%.
As you can see from the table below, only one of the top three (Entain PLC) is trading at its high-point since 20 February of last year. Royal Mail is 17% off its peak and SMT is 3% below its high; on the other hand, Royal Mail has quadrupled since its low point of 124.3p in the period since 20 February 2020 while SMT has risen sixfold.
The table has been sorted based on the change in the current share price since its low point from 20 February, with the thinking being that while it is interesting to see, in the words of Jim Bowen, "what you could have won" had you had a crystal back in February 2020, it is probably more useful from an investment point of view to identify which stocks have not really seen much of recovery from their low points over the last 18 months. If you want to see which stocks might be overbought, just scroll to the bottom of the list.
Ticker · Company · Last night’s close · %chg 20/2/20 to 10/8/21 · High between 20/2/20 and 10/8/21 · Change since high (p) · Low between 20/2/20 and 10/8/21 · Change since low (p) · % change since period high · % change since period low
TSCO · Tesco PLC · 234.5p · -27.4 · 623.202p · -388.7 · 219.3p · 15.2 · -62.4% · 6.9%
RKT · Reckitt Benckiser Group PLC · 5645p · -13 · 8108p · -2463 · 5150p · 495 · -30.4% · 9.6%
ULVR · Unilever PLC · 4107p · -10.6 · 5324p · -1217 · 3726p · 381 · -22.9% · 10.2%
BATS · British American Tobacco PLC · 2648p · -20.8 · 5643p · -2995 · 2382p · 266 · -53.1% · 11.2%
JET · Just Eat Takeaway.Com NV · 6533p · -13.4 · 9980p · -3447 · 5505p · 1028 · -34.5% · 18.7%
NG. · National Grid PLC · 951.5p · -9.98 · 1233.27p · -281.77 · 799.7p · 151.8 · -22.8% · 19.0%
SN. · Smith & Nephew PLC · 1372.5p · -30.6 · 1990p · -617.5 · 1152.5p · 220 · -31.0% · 19.1%
GSK · GlaxoSmithKline PLC · 1446p · -12.4 · 2288p · -842 · 1190.8p · 255.2 · -36.8% · 21.4%
VOD · Vodafone Group PLC · 119.28p · -23 · 497.115p · -377.84 · 98.02p · 21.26 · -76.0% · 21.7%
ITRK · Intertek Group PLC · 5254p · -10.7 · 6440p · -1186 · 4164p · 1090 · -18.4% · 26.2%
HL. · Hargreaves Lansdown PLC · 1472p · -13.9 · 2433p · -961 · 1158p · 314 · -39.5% · 27.1%
ABF · Associated British Foods PLC · 2073p · -21.3 · 3599p · -1526 · 1607.5p · 465.5 · -42.4% · 29.0%
IMB · Imperial Brands PLC · 1582.5p · -7.4 · 4139p · -2556.5 · 1219p · 363.5 · -61.8% · 29.8%
AZN · AstraZeneca PLC · 8149p · 7.59 · 9320p · -1171 · 6221p · 1928 · -12.6% · 31.0%
SGE · Sage Group (The) PLC · 715.2p · -8.19 · 978.838p · -263.64 · 534.8p · 180.4 · -26.9% · 33.7%
LSEG · London Stock Exchange Group PLC · 7850p · -6.73 · 9910p · -2060 · 5806p · 2044 · -20.8% · 35.2%
STAN · Standard Chartered PLC · 461.2p · -25.8 · 1856.01p · -1394.8 · 336.8p · 124.4 · -75.2% · 36.9%
SVT · Severn Trent PLC · 2813p · 4.85 · 2822p · -9 · 2034p · 779 · -0.3% · 38.3%
UU. · United Utilities Group PLC · 1067p · 1.96 · 1081.5p · -14.5 · 763.6p · 303.4 · -1.3% · 39.7%
POLY · Polymetal International PLC · 1467.5p · 12.4 · 2050p · -582.5 · 1039.5p · 428 · -28.4% · 41.2%
BA. · BAE Systems PLC · 571p · -13 · 677p · -106 · 397p · 174 · -15.7% · 43.8%
REL · RELX PLC · 2133p · 2.45 · 2173p · -40 · 1482.5p · 650.5 · -1.8% · 43.9%
HSBA · HSBC Holdings PLC · 409.95p · -26.8 · 951.602p · -541.65 · 283.35p · 126.6 · -56.9% · 44.7%
LAND · Land Securities Group PLC · 712.6p · -26.4 · 2218.2p · -1505.6 · 489.05p · 223.55 · -67.9% · 45.7%
HIK · Hikma Pharmaceuticals PLC · 2485p · 30.1 · 2695p · -210 · 1701.5p · 783.5 · -7.8% · 46.1%
FRES · Fresnillo PLC · 772.2p · 11.7 · 2150p · -1377.8 · 527p · 245.2 · -64.1% · 46.5%
CPG · Compass Group PLC · 1500p · -23 · 2138p · -638 · 1002p · 498 · -29.8% · 49.7%
PHNX · Phoenix Group Holdings · 700p · -11.9 · 803p · -103 · 467.45p · 232.55 · -12.8% · 49.8%
INF · Informa PLC · 532p · -31.8 · 892p · -360 · 354.4p · 177.6 · -40.4% · 50.1%
SSE · SSE PLC · 1613.5p · -3.73 · 1696p · -82.5 · 1072.5p · 541 · -4.9% · 50.4%
BKG · Berkeley Group Holdings (The) PLC · 4917p · -14.8 · 5905.73p · -988.73 · 3131p · 1786 · -16.7% · 57.0%
DCC · DCC PLC · 6172p · -1.44 · 7755p · -1583 · 3878p · 2294 · -20.4% · 59.2%
BP. · BP PLC · 308.9p · -33.7 · 712p · -403.1 · 193.44p · 115.46 · -56.6% · 59.7%
RTO · Rentokil Initial PLC · 554.6p · 10.2 · 571p · -16.4 · 340.1p · 214.5 · -2.9% · 63.1%
DGE · Diageo PLC · 3593p · 15 · 3625.5p · -32.5 · 2200p · 1393 · -0.9% · 63.3%
EXPN · Experian PLC · 3094p · 7.84 · 3251p · -157 · 1882p · 1212 · -4.8% · 64.4%
BLND · British Land Co PLC · 517.8p · -8.74 · 1426.8p · -909 · 313.8p · 204 · -63.7% · 65.0%
ABDN · abrdn PLC · 290.8p · -10.6 · 560.389p · -269.59 · 174p · 116.8 · -48.1% · 67.1%
SBRY · Sainsbury (J) PLC · 293.9p · 40.6 · 594p · -300.1 · 174.95p · 118.95 · -50.5% · 68.0%
OCDO · Ocado Group PLC · 1789.5p · 56.3 · 2895p · -1105.5 · 1064p · 725.5 · -38.2% · 68.2%
RDSB · Royal Dutch Shell PLC · 1467.4p · -23.6 · 2841p · -1373.6 · 866.4p · 601 · -48.3% · 69.4%
SMDS · DS Smith PLC · 433.9p · 19.6 · 538.914p · -105.01 · 252.7p · 181.2 · -19.5% · 71.7%
MNDI · Mondi PLC · 2033p · 19.8 · 2236p · -203 · 1183p · 850 · -9.1% · 71.9%
HLMA · Halma PLC · 2900p · 30.8 · 2958p · -58 · 1667p · 1233 · -2.0% · 74.0%
AUTO · Auto Trader Group PLC · 641.4p · 12.6 · 660.8p · -19.4 · 364.7p · 276.7 · -2.9% · 75.9%
AVV · Aveva Group PLC · 4018p · 0.336 · 4263.64p · -245.64 · 2283.03p · 1735 · -5.8% · 76.0%
RMV · Rightmove PLC · 707.2p · 2.49 · 729.2p · -22 · 400.1p · 307.1 · -3.0% · 76.8%
WTB · Whitbread PLC · 3198p · -21.3 · 4673.63p · -1475.6 · 1808.45p · 1389.5 · -31.6% · 76.8%
SMIN · Smiths Group PLC · 1444p · -17.8 · 1801p · -357 · 814.6p · 629.4 · -19.8% · 77.3%
SDR · Schroders PLC · 3735p · 10.3 · 3773p · -38 · 2098p · 1637 · -1.0% · 78.0%
JMAT · Johnson Matthey PLC · 3004p · 8.14 · 3823p · -819 · 1683.5p · 1320.5 · -21.4% · 78.4%
TW. · Taylor Wimpey PLC · 178.5p · -22.4 · 518.5p · -340 · 99.18p · 79.32 · -65.6% · 80.0%
CCH · Coca-Cola HBC AG · 2693p · -4.03 · 3074p · -381 · 1494p · 1199 · -12.4% · 80.3%
BT.A · BT Group PLC · 176.75p · 13.2 · 1102.69p · -925.94 · 97.86p · 78.89 · -84.0% · 80.6%
ADM · Admiral Group PLC · 3449p · 50.1 · 3449p · 1887p · 1562 · 0.0% · 82.8%
IAG · International Consolidated Airlines Group SA · 166.86p · -60.2 · 503.862p · -337 · 91p · 75.86 · -66.9% · 83.4%
PSON · Pearson PLC · 798.6p · 36.7 · 2301.79p · -1503.2 · 423.5p · 375.1 · -65.3% · 88.6%
SGRO · Segro PLC · 1245p · 35.3 · 1269p · -24 · 659.4p · 585.6 · -1.9% · 88.8%
PSN · Persimmon PLC · 2915p · -10.6 · 3298p · -383 · 1534.5p · 1380.5 · -11.6% · 90.0%
AV. · Aviva PLC · 403p · -0.788 · 1280p · -877 · 211p · 192 · -68.5% · 91.0%
LLOY · Lloyds Banking Group PLC · 46.64p · -17.5 · 56.55p · -9.91 · 23.98p · 22.66 · -17.5% · 94.5%
SPX · Spirax-Sarco Engineering PLC · 15125p · 60.6 · 15410p · -285 · 7710p · 7415 · -1.8% · 96.2%
BDEV · Barratt Developments PLC · 717.4p · -16.9 · 878.4p · -161 · 364.7p · 352.7 · -18.3% · 96.7%
IHG · InterContinental Hotels Group PLC · 4705p · -8.12 · 5738p · -1033 · 2385.5p · 2319.5 · -18.0% · 97.2%
BRBY · Burberry Group PLC · 2146p · 11.8 · 2345p · -199 · 1085p · 1061 · -8.5% · 97.8%
LGEN · Legal & General Group PLC · 277.3p · -11.9 · 318.4p · -41.1 · 138.6p · 138.7 · -12.9% · 100.1%
BNZL · Bunzl PLC · 2599p · 34.8 · 2674p · -75 · 1277p · 1322 · -2.8% · 103.5%
WPP · WPP Group PLC · 987.6p · 0.345 · 1921p · -933.4 · 483.7p · 503.9 · -48.6% · 104.2%
PRU · Prudential PLC · 1451.5p · -3.23 · 1981p · -529.5 · 710.8p · 740.7 · -26.7% · 104.2%
RIO · Rio Tinto PLC · 6164p · 46.4 · 6658p · -494 · 2968p · 3196 · -7.4% · 107.7%
AVST · Avast PLC · 568.4p · 26.5 · 609.4p · -41 · 270.6p · 297.8 · -6.7% · 110.1%
BME · B&M European Value Retail SA · 561p · 50.6 · 601p · -40 · 266.5p · 294.5 · -6.7% · 110.5%
SKG · Smurfit Kappa Group PLC · 4115p · 43.7 · 4126p · -11 · 1944p · 2171 · -0.3% · 111.7%
ITV · ITV PLC · 117.55p · -10.8 · 280.7p · -163.15 · 54.42p · 63.13 · -58.1% · 116.0%
CRDA · Croda International PLC · 8814p · 72.8 · 8814p · 4070p · 4744 · 0.0% · 116.6%
III · 3i Group PLC · 1322p · 12.6 · 1322p · 597.8p · 724.2 · 0.0% · 121.1%
MRO · Melrose Industries PLC · 168.5p · -31.1 · 261.2p · -92.7 · 74.36p · 94.14 · -35.5% · 126.6%
PSH · Pershing Square Holdings Ltd · 2570p · 63.7 · 2790p · -220 · 1134p · 1436 · -7.9% · 126.6%
BARC · Barclays PLC · 185.38p · 2.24 · 729.759p · -544.38 · 80.24p · 105.14 · -74.6% · 131.0%
NWG · NatWest Group PLC · 217.2p · 4.57 · 6176.9p · -5959.7 · 93.32p · 123.88 · -96.5% · 132.8%
NXT · Next PLC · 7944p · 11.5 · 8320p · -376 · 3390p · 4554 · -4.5% · 134.3%
CRH · CRH PLC · 3719p · 27.3 · 3766p · -47 · 1574p · 2145 · -1.2% · 136.3%
BHP · BHP Group PLC · 2311p · 37.8 · 2631.5p · -320.5 · 939.8p · 1371.2 · -12.2% · 145.9%
MNG · M&G PLC · 230.8p · -7.61 · 251.4p · -20.6 · 93.65p · 137.15 · -8.2% · 146.5%
FERG · Ferguson PLC · 10080p · 33 · 10510p · -430 · 4086p · 5994 · -4.1% · 146.7%
STJ · St James's Place PLC · 1633p · 39.8 · 1633p · 660p · 973 · 0.0% · 147.4%
ANTO · Antofagasta PLC · 1537.5p · 79.6 · 1925p · -387.5 · 612p · 925.5 · -20.1% · 151.2%
WEIR · Weir Group PLC · 1679p · 22.8 · 2761p · -1082 · 666.2p · 1012.8 · -39.2% · 152.0%
FLTR · Flutter Entertainment PLC · 13950p · 54.7 · 16915p · -2965 · 5512p · 8438 · -17.5% · 153.1%
RR. · Rolls-Royce Group PLC · 110.02p · -51.8 · 442.344p · -332.32 · 38.9839p · 71.036 · -75.1% · 182.2%
KGF · Kingfisher PLC · 361.6p · 65.1 · 702.15p · -340.55 · 124.05p · 237.55 · -48.5% · 191.5%
SMT · Scottish Mortgage Investment Trust PLC · 1370p · 111 · 1415p · -45 · 468.4p · 901.6 · -3.2% · 192.5%
GLEN · Glencore PLC · 330.45p · 44.3 · 535p · -204.55 · 112.5p · 217.95 · -38.2% · 193.7%
AAL · Anglo American PLC · 3352.5p · 58 · 3680p · -327.5 · 1091.8p · 2260.7 · -8.9% · 207.1%
EVR · Evraz PLC · 632.6p · 63.2 · 709.4p · -76.8 · 203.4p · 429.2 · -10.8% · 211.0%
JD. · JD Sports Fashion PLC · 939.8p · 8.35 · 985p · -45.2 · 293.2p · 646.6 · -4.6% · 220.5%
ICP · Intermediate Capital Group PLC · 2182p · 17.4 · 2340p · -158 · 559.5p · 1622.5 · -6.8% · 290.0%
RMG · Royal Mail Group PLC · 502.4p · 175 · 631p · -128.6 · 124.3p · 378.1 · -20.4% · 304.2%
AHT · Ashtead Group PLC · 5518p · 98.9 · 5708p · -190 · 1300p · 4218 · -3.3% · 324.5%
ENT · Entain PLC · 1971.5p · 132 · 1971.5p · 323.7p · 1647.8 · 0.0% · 509.1%
Note: The share price low for Lloyds has been corrected.