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Bolton backs the bull to keep on running

Fidelity fund guru Anthony Bolton has predicted that the current bull market will continue to run into next year.

In an interview at a Reuters news conference in Seoul, Bolton said it is not too late to move into the bull market.

He said: “The bargain phase is over but despite the fact the market is well off lows, we expect the bull market to go on. It is a multi-year bull market.”

Bolton said the global economy is in a recovery phase and he believes that now is the time to take advantage of long-term valuations.
He sees value in financials and property but admits that changing global regulations may increase risk in these stocks.

He said: “I still think it is right to own financials. I generally found after the financial crisis that you can own financials for two to three years.”

At the end of September, Henderson New Star multi-manager Mark Harris forecast the FTSE 100 would hit 5,500 in the next couple of months and was confident that fundamentals would stay strong for a continued push.

Bestinvest senior investment adviser Adrian Lowcock believes retail investors have been encouraged by the rally and those that have stood on the sidelines are now starting to invest money more enthusiastically which will help drive the market higher.

He says: “Because we have not seen the correction that a lot of people were predicting in September/October, we could easily see a leg up through into the new year. You are still going to have good data going through into the start of 2010 which will provide support.

“After that, you have got some poor inflation data coming through and then you have got some tougher comparisons for earnings which will make it harder for the market to remain jubilant.”

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