Stock markets have been particularly jumpy recently due to heightened fears over the AI trade and the Democrats’ unexpectedly strong showing in the US midterm elections.
This market backdrop is therefore not one in which you might expect more UK stocks to be making new yearly highs versus those making new lows. But the UK is seen as relatively insulated from the technology selloff and trades at a valuation discount to the US, in particular across smaller companies.
As of 11 November there were 10 companies in the FTSE 350 index making a new 12-month high, while only one company made a new low. Therefore, the list of new lows is comprised of stocks trading within 5% of their 12-month lows.
The list of FTSE 350 stocks making new highs is roughly split between those names recovering after significant underperformance and those extending recent gains.
In the recovery camp is premium drinks maker Diageo, which has been in the doldrums since 2021 when the shares peaked at around £40 following a period of strong trading during the pandemic.
An unscheduled warning on a fall in organic sales across Latin America and the Caribbean in November 2023 precipitated an extended period of poor performance, which culminated in CEO Debra Crew resigning two years later.
It is probably not a coincidence that the popularity of weight loss drugs also took off during this timeframe, with GLP-1 patients reporting reduced appetite for alcohol consumption. While the evidence is inconclusive, the narrative was not helpful for drinks companies like Diageo.
The company appears to be on the mend under CEO Dave Lewis, who was appointed in early 2026 and has initiated a £1 billion three-year cost-savings plan, sparking a rebound in the shares.
On the Buses
Bus and rail operator FirstGroup has accelerated roughly 37% since September 2026 to new 12-month highs driven by a major £109 million West Yorkshire asset sale, new contract wins and an aggressive £100 million share buyback.
FirstGroup won two five-year bus franchise contracts in Bramley and Huddersfield worth around £40 million in annual revenue. Significantly, the local authority is taking on passenger revenue risk while FirstGroup receives a fixed fee to operate the routes, de-risking the revenue stream.
Management has projected roughly £400 million of free cash flow over the next three years and lifted its full-year dividend by 11% to 7.2p per share.
Another factor influencing the positive share price trend has been increased takeover interest across UK transport after rival Mobico attracted a cash takeover from Spanish transport from Autobuses de León at a 55% premium.
Which stocks are making new 12-month lows?
It is generally healthy to see rotation in the stock market, which means that while some stocks are rising, others are trading close to their lows.
The list of companies making new lows can be split between those experiencing a correction after a strong run up and those which have been underperforming for an extended period.
Fantasy miniatures retailer Games Workshop falls into the first camp, having been on a tear with the shares up almost four-fold from mid-2022 to the middle of 2026, so some profit taking is understandable.
Pre-tax profit increased by 5% to a record £275.7 million in the financial year to 31 May, but the company also flagged tariff impacts and higher plastic input costs due to inflationary pressures linked to global energy markets.
With the shares trading at a premium valuation to the market, an inline September trading statement and lack of an upgrade to the outlook led to further weakness in the shares.
Dr Martens trips up again
Iconic British footwear maker Dr Martens has had a horrid time since listing on the stock market in 2021 at 370p per share, with several missteps and operational issues driving the shares lower.
There were hopes that Ije Nwokorie could engineer a turnaround after taking over as CEO in 2025, but the initial momentum seems to have stalled again.
Dr Martens reported a near 10% fall in first half 2026 revenues on 12 November, sending the shares down 15%.
Boot revenue fell 20% which management attributed to the hot summer weather, but they also acknowledged that the wider boot market remains weak. Adjusted pre-tax losses widened to £13.7 million from £9.4 million.
Martin Gamble: Shares and Markets Writer
Martin Gamble is Shares and Markets writer at AJ Bell. He was previously the Education Editor of Shares Magazine. He has been with the business since 2019.
Martin graduated from the University of Kent in...