The week to Tuesday’s close saw a strong performance from second line stocks as investors shunned the winners from COVID-19 – largely technology and pharmaceutical stocks – and invested in those hit hardest by it. This was reflected in the performance of stock markets globally. In the UK the UK top 100 companies gained 0.3% while the next smallest 250 companies, represented by the UK top 250 index rose 4.3%. The pattern was repeated in the US with the technology laden NASDAQ rising 1.1%, the wider S&P 500 Index 1.3% but the S&P 400 MidCap Index 4.7%. Globally, markets with less technology and pharmaceutical stocks fared best.