Investors who bought shares in shopping centres, builders, pubs and cinemas when Britain went into lockdown in March would have enjoyed returns of 58 per cent during the following three months (Callum Jones writes).
Those who sold the same basket of equities in June, as Boris Johnson declared the end of “our great national hibernation,” would have seen returns of 40 per cent, according to Jefferies.
Its analysts believe the development of a vaccine “will be savage” for stocks as the City adopts a “shoot first, ask questions later” approach, scrambling to acquire shares hammered by this crisis and offload some of its biggest market beneficiaries.
The market “gets there before the newspapers and the politicians”, the broker observed on Friday.
Jefferies argues the arrival
