The hunt for shares that are riding the wave of momentum can be a good starting point for investors – it's certainly worked for those who have followed the phenomenal growth of US tech companies in the last few years.
To help you find the shares that are riding momentum (both positive and negative), every week we publish a list of shares that have hit or are very close to hitting a new 52-week high or low. The tables include details of shares that have prices within 3 per cent of either a year high or year low.
Why does momentum matter?
Good returns on momentum strategies were first spotted in US stocks by Sheridan Titman and Narasimhan Jegadeesh in 2001 and since then have been discovered in international markets as well as in commodities and currencies.
The success of momentum investing – while never guaranteed – is fairly robust and Professor Titman thinks this is because of investor overconfidence. Chris Dillow explains more in this article.
| NEW HIGHS | source: FactSet (30 Apr 24) | ||
| Name | TIDM | Price | % from hi |
| abrdn Asia Focus | AAS | 276p | 0.0% |
| Griffin Mining | GFM | 157p | 0.0% |
| Rights &Issues | RIII | 2,220p | 0.0% |
| Worldwide Healthcare Tr | WWH | 344p | 0.1% |
| JPMorgan UK Small Cap | JUGI | 319p | 0.2% |
| Monks Investment Tr | MNKS | 1,158p | 0.2% |
| JP Morgan Indian Invt Tr | JII | 948p | 0.2% |
| abrdn UK Smaller Cos | AUSC | 469p | 0.2% |
| Eur Sm Cos Tr | ESCT | 173p | 0.2% |
| Law Debenture | LWDB | 853p | 0.2% |
| MIGO Opport Tr | MIGO | 346p | 0.3% |
| Loungers | LGRS | 244p | 0.4% |
| Cranswick | CWK | 4,310p | 0.5% |
| Pacific Horizon Invt Tr | PHI | 639p | 0.5% |
| Menhaden Resource | MHN | 105p | 0.5% |
| Redcentric | RCN | 145p | 0.5% |
| M&C Saatchi | SAA | 188p | 0.5% |
| Aberforth Smaller Trust | ASL | 1,438p | 0.6% |
| Sirius Real Estate | SRE | 97p | 0.6% |
| TClarke | CTO | 161p | 0.6% |
| Edinburgh Invt Trust | EDIN | 722p | 0.7% |
| Ocean Wilsons | OCN | 1,430p | 0.7% |
| Maintel | MAI | 278p | 0.7% |
| Petershill Ptr | PHLL | 209p | 0.7% |
| Mercantile Investment | MRC | 229p | 0.8% |
| Afentra | AET | 51p | 0.8% |
| abrdn New India Invest | ANII | 750p | 0.8% |
| AVI Global Trust | AGT | 237p | 0.8% |
| Animalcare Group | ANCR | 232p | 0.9% |
| Fidelity Special Values | FSV | 297p | 0.9% |
| Strategic Equity Capital | SEC | 338p | 0.9% |
| Bankers Investment | BNKR | 112p | 0.9% |
| HSBC Holdings | HSBA | 696p | 1.0% |
| BlackRock Smaller Cos Tr | BRSC | 1,410p | 1.0% |
| 3i Group Plc | III | 2,876p | 1.0% |
| Global Smaller Companies Trust | GSCT | 160p | 1.1% |
| Personal Assets Trust | PNL | 483p | 1.1% |
| Witan Inv Trst | WTAN | 255p | 1.2% |
| Aberforth Split Level | ASIT | 79p | 1.3% |
| Quilter | QLT | 110p | 1.3% |
| Temple Bar Investment | TMPL | 258p | 1.3% |
| TEMIT | TEM | 156p | 1.4% |
| JPMorgan Claverhouse | JCH | 706p | 1.4% |
| XPS Pensions Group | XPS | 265p | 1.5% |
| CQS New City High Yield | NCYF | 53p | 1.5% |
| Plus500 | PLUS | 2,162p | 1.5% |
| Luceco Plc | LUCE | 165p | 1.5% |
| NCC Group | NCC | 136p | 1.6% |
| Coca-Cola HBC | CCH | 2,590p | 1.7% |
| Macfarlane Group | MACF | 145p | 1.7% |
| abrdn Priv Opr | PPET | 574p | 1.7% |
| Hargreaves Services | HSP | 572p | 1.7% |
| Morgan Advanced Materials | MGAM | 314p | 1.7% |
| BlackRock Sustainable | BRSA | 198p | 1.7% |
| Motorpoint Group | MOTR | 140p | 1.8% |
| Billington | BILN | 540p | 1.8% |
| Triad Group | TRD | 265p | 1.9% |
| Keller Group | KLR | 1,104p | 2.0% |
| Capital | CAPD | 104p | 2.0% |
| Hilton Food Group | HFG | 916p | 2.0% |
| De La Rue | DLAR | 94p | 2.1% |
| NatWest Group | NWG | 304p | 2.1% |
| Barclays | BARC | 203p | 2.3% |
| Savills | SVS | 1,082p | 2.3% |
| Bank of Georgia Group | BGEO | 5,380p | 2.4% |
| Spire Healthcare Group | SPI | 247p | 2.4% |
| Dewhurst Group | DWHT | 1,175p | 2.4% |
| Bakkavor Group | BAKK | 121p | 2.4% |
| Concurrent Technologies | CNC | 100p | 2.5% |
| Renew | RNWH | 945p | 2.5% |
| Ascential Plc | ASCL | 313p | 2.5% |
| Rockwood Strategic | RKW | 234p | 2.5% |
| PensionBee Group | PBEE | 154p | 2.5% |
| LSL Property Services | LSL | 298p | 2.6% |
| Chemring Group | CHG | 375p | 2.8% |
| Brunner Investment Trust | BUT | 1,310p | 3.0% |
| NEW LOWS | source: FactSet (30 Apr 24) | ||
| Name | TIDM | Price | % from lo |
| Schroders Capital Global | INOV | 12p | 0.0% |
| WH Smith | SMWH | 1,097p | 0.0% |
| Aston Martin Lagonda Global Holdings | AML | 148p | 0.5% |
| Gore Street Energy | GSF | 60p | 0.5% |
| Capital & Regional | CAL | 49p | 0.7% |
| SDI Group | SDI | 55p | 0.9% |
| Starwood European Real | SWEF | 92p | 1.1% |
| VPC Spec Lend | VSL | 48p | 1.1% |
| CloudCoCo Group | CLCO | 0.4p | 1.2% |
| Alliance Pharma | APH | 34p | 1.3% |
| Schroders | SDR | 353p | 1.6% |
| iomart Group | IOM | 129p | 1.9% |
| Baillie Gifford Shin | BGS | 113p | 2.0% |
| Acuityr RM Grp | ACRM | 3p | 2.0% |
| RA International Group | RAI | 8p | 2.0% |
| ValiRx | VAL | 3p | 2.3% |
| Prudential | PRU | 701p | 2.3% |
Source: FactSet
