London – 10 December 2025
Banks, energy majors and big-name retailers dominate the United Kingdom stock market today, as traders crowd into a familiar set of FTSE 100 and FTSE 250 heavyweights.
By mid‑morning, Lloyds Banking Group, Vodafone, HSBC and Barclays were at the top of the “Most Active – United Kingdom Stocks” board, each trading millions of shares, with BP, Tesco, J Sainsbury, Glencore, Scottish Mortgage, Rolls‑Royce, Ocado and Volution Group also featuring among the busiest names. [1]
The FTSE 100 itself edged higher, up around 0.2% by 08:30 GMT, while sterling gained roughly 0.2% against the US dollar to above $1.33, even as German and French benchmarks slipped into the red. [2]
Key takeaways
- Banks dominate the volume leaderboard. Lloyds, Vodafone, HSBC and Barclays sit at the top of the most‑traded UK shares list this morning, with Lloyds alone turning over more than 12 million shares in early trade. [3]
- Big oil and utilities stay in focus. BP and National Grid remain heavily traded as BP continues share buybacks, cancels a hydrogen project in Oman and completes the sale of its US onshore wind business. [4]
- Defensive retailers are back in favour. Tesco, J Sainsbury, B&M and Ocado attract brisk activity, with Tesco building on a break above its 200‑day moving average and enjoying a broadly “Buy” analyst consensus. [5]
- Mid‑cap Volution is today’s standout story. Volution Group jumps over 7% after reporting a strong start to the financial year and agreeing to acquire Australia‑based AC Industries, lifting revenue and earnings expectations. [6]
- Analysts still see upside – but warn on valuations. Fresh broker upgrades on HSBC and Vodafone, plus supportive research on Tesco and Volution, contrast with more cautious commentary on rallying names such as Lloyds. [7]
Market backdrop: FTSE 100 inches higher as traders eye the Fed
The broader UK market tone is constructive but cautious. The FTSE 100 is modestly higher, supported by a firmer pound and a raft of corporate updates, even as wider European indices drift lower ahead of a closely watched US Federal Reserve decision later today. [8]
A widely followed FTSE 100 wrap notes:
- The UK blue‑chip index is up around 0.2% in early trade.
- Sterling is trading just above $1.33, adding a small currency headwind for exporters but signalling confidence in the UK macro outlook. [9]
- Stock‑specific news – particularly from homebuilder Berkeley Group and defence contractor Cohort – is helping sentiment beneath the index level. [10]
Against that backdrop, today’s most active UK stocks are being driven by a mix of fresh news flow, sector‑wide themes (rates, energy transition, consumer resilience) and technical positioning into year‑end.
Banks crowd the most‑active board
Lloyds, HSBC, Barclays and NatWest dominate early volume
According to Investing.com’s “Most Active – United Kingdom Stocks” list for London, the top of the volume table this morning looks like this: [11]
- Lloyds Banking Group (LLOY) – trading around 94p, down roughly 0.4% on the day, on more than 12 million shares.
- Vodafone Group (VOD) – near 94p, off about 1%, with volumes above 4 million.
- HSBC Holdings (HSBA) – roughly 1,088p, up about 1.9%, with around 3.5 million shares traded.
- Barclays (BARC) – around 440p, slightly lower on the day, on about 2.7 million shares.
- NatWest Group (NWG) – just over 610p, modestly weaker, with close to 900,000 shares changing hands.
The weight of bank and telecom names at the top of the list reflects both their large free float and a burst of stock‑specific news.
HSBC: upgrade, probe settlement and governance shake‑up
HSBC is one of today’s clearest news‑driven movers:
- BofA Securities upgraded HSBC to “Buy” from “Neutral” and lifted its price target to £13.00, implying around 20% upside from current levels. The bank highlights growth opportunities in Hong Kong deposits and Asian wealth management, and expects HSBC’s earnings per share for 2026–27 to run 7–9% above consensus, supported by higher revenue and a renewed $2–3 billion per quarter share buyback programme from Q2 next year. [12]
- A Bloomberg‑reported plan to pay roughly $300 million to settle a French criminal probe into alleged involvement in “cum‑cum” dividend tax trades adds legal overhang clarity; the settlement has not yet been officially confirmed but is widely circulated in the market. [13]
- A newsletter from Bloomberg UK also emphasises “accountability” at the top of HSBC under new CEO Georges Elhedery, signalling a tighter grip on risk and performance among senior bankers. [14]
HSBC’s own investor relations page shows the London‑listed stock trading around 1,086–1,090p this morning, up close to 2% versus yesterday’s close, reinforcing its status as one of the day’s strongest large‑cap gainers. [15]
What the market is pricing in:
The combination of:
- legal clean‑up in Europe,
- renewed capital returns, and
- stronger Asia‑centric growth guidance
is encouraging investors to treat HSBC as a yield plus growth play rather than a low‑growth bond proxy. The BofA upgrade’s 20% upside target underscores that view. [16]
Lloyds: top of the volume list – but is the rally stretched?
Lloyds is the single most traded UK share this morning by volume, with more than 12 million shares changing hands at around 94p. [17]
Key developments:
- The bank has joined seventeen other major financial institutions in launching the UK Retail Investment Campaign, an industry‑wide push to get more Britons investing for the long term. [18]
- A fresh Motley Fool UK column published today asks whether Lloyds’ roughly 70% gain year‑to‑date has turned the stock from “hero to zero”, questioning how much more upside is left if the UK credit cycle turns less friendly, even as the site continues to recommend the shares in some of its model portfolios. [19]
The tension between strong recent performance and cyclical risk is drawing in both momentum traders and value‑minded sellers, helping explain Lloyds’ prominent spot on the most‑active leaderboard.
Barclays and NatWest: stress‑test reassurance, macro sensitivity
Barclays and NatWest round out the bank cluster in today’s most active list. [20]
- A recent Bank of England 2025 stress‑test showed Barclays and its peers able to withstand severe downturn scenarios, with Barclays called out in coverage for passing one of the toughest tests and UK banks generally seen as well‑capitalised. [21]
- With the Fed’s rate decision looming, both names are trading heavily as investors recalibrate their expectations for future net interest income and credit losses.
For traders, this adds up to a classic macro‑plus‑stock‑specific banking story: resilient capital and still‑elevated net interest margins, balanced against richer valuations after a strong 2025 run.
Energy, commodities and utilities: BP and Glencore stay busy
BP: buybacks, portfolio reshaping and energy transition questions
BP is again among London’s most traded stocks, with more than 1.5 million shares changing hands and the price hovering around 445p, off roughly 0.3% in early dealings. [22]
Recent catalysts include:
- On 8 December, BP bought back just over 1.6 million shares as part of an ongoing repurchase programme launched in early November, underlining management’s commitment to returning surplus cash to shareholders. [23]
- The company has cancelled a planned hydrogen project in Oman, reshaping its low‑carbon pipeline and sparking debate over the economics of large green‑hydrogen developments. [24]
- Today, power and infrastructure firm LS Power confirmed completion of its purchase of BP’s US onshore wind business, including a 1.3GW portfolio of operating assets – another step in BP’s shift from earlier‑generation renewables towards projects it believes can deliver higher returns. [25]
For investors, BP’s heavy trading reflects two overlapping narratives: sustained cash returns through buybacks and dividends, and a more targeted approach to the energy transition, with some older renewables projects being sold or shelved. [26]
Glencore and National Grid: volume in cyclical and defensive corners
Glencore and National Grid also appear high on the most‑active list:
- Glencore (GLEN) is trading around 384p, up just under 1% on volume above 2.2 million shares. [27] A TradingView/Reuters “key facts” note last week highlighted that Glencore stock hit a 10‑month high after the company laid out a long‑term copper production target of 1.6 million tonnes by 2035, even while cutting nearer‑term output guidance and announcing job cuts in a chrome joint venture.
- National Grid (NG), one of the quintessential UK defensives, is changing hands around 1,130p with almost 650,000 shares traded and a small positive move on the day. [28]
The pair illustrate a broader theme in today’s tape: investors are simultaneously seeking cyclical exposure to the commodity up‑cycle and defensive ballast in regulated utilities, often within the same portfolios.
Retail and consumer names: Tesco, Sainsbury, B&M and Ocado draw interest
Tesco: above its 200‑day average and still climbing
Tesco is one of the standout consumer names on today’s most‑active screen, with about 1.4 million shares traded and the price around 447–448p, up roughly 1.7% intraday. [29]
Recent analysis and data points underpinning the move:
- A MarketBeat alert on 5 December flagged Tesco’s share price breaking above its 200‑day moving average near 425p and trading as high as 455p on heavy volume of more than 12 million shares. [30]
- The same piece notes that five sell‑side analysts currently rate Tesco a Buy, with an average price target just above 460p and a recent Deutsche Bank target lift to 495p, implying further upside from current levels. [31]
- Dividend trackers put Tesco’s forward yield at a little over 2%, reflecting a more modest but still meaningful income component for investors. [32]
A separate broker‑driven analysis published on 8 December characterises Tesco as a “stable consumer defensive play” with resilient cash flows and a mid‑single‑digit dividend yield on some valuation metrics, reinforcing its role as a relatively defensive holding in a volatile macro environment. [33]
J Sainsbury and B&M: value retail and food inflation dynamics
Alongside Tesco, J Sainsbury (SBRY) and B&M European Value Retail are both actively traded this morning, each with well over 1 million shares traded and daily moves around 1% in either direction. [34]
Recent coverage of Sainsbury’s has focused on:
- solid like‑for‑like growth despite pricing pressure,
- a shift in shopper behaviour towards value ranges, and
- concerns that competition from discounters could cap margins.
B&M, meanwhile, continues to trade as a high‑beta proxy on UK consumer confidence, with investors using it to express views on discretionary spending among lower‑ and middle‑income households.
Ocado: speculative interest after a brutal year
Ocado (OCDO) has also broken into the most-active list, with around 1 million shares traded and the price near 202p, up almost 4% on the day. [35]
The online grocery and automation group remains a lightning rod for speculation:
- A recent Yahoo Finance piece asked whether the Ocado share price has finally bottomed, following heavy losses and a string of negative headlines.
- In September, Reuters reported a 13% plunge in Ocado’s shares after US partner Kroger signalled it might rethink its warehouse strategy, reminding investors of the execution risk in Ocado’s international licensing model.
Today’s buying looks like a mix of short covering and bargain hunting, with traders betting that bad news is now largely priced in.
Volution Group and mid‑caps: M&A and growth stories capture attention
One of the more eye‑catching stories behind today’s most active stocks list is Volution Group (FAN).
Volution: strong start to FY26 and Australian acquisition
Volution’s shares are trading around 646p and have moved up more than 5% in early dealings, with close to 1 million shares changing hands. [36]
Investing.com reports that the ventilation and air‑movement specialist:
- Delivered about 5% organic revenue growth in the opening months of its new financial year, with all three geographic regions growing despite a tough backdrop.
- Maintained an adjusted operating margin around 22.3%, broadly in line with last year, underlining cost control and pricing power.
- Announced a deal to acquire AC Industries (ACI) in Australia for an upfront consideration of roughly £75 million, plus up to £14.5 million in performance‑linked earn‑outs – a valuation of about 8.7x ACI’s 2025 adjusted EBITDA.
- Highlighted consensus forecasts (via RBC Capital Markets) for fiscal 2026 revenue of about £473 million, adjusted EBIT above £100 million and around 35p in adjusted EPS, with leverage expected to stay below 2x.
The combination of better‑than‑expected early trading and a bolt‑on acquisition in a high‑growth mining ventilation niche has propelled Volution into the mid‑cap spotlight and onto today’s most‑active list.
Rolls‑Royce, Scottish Mortgage and WPP: other active mid‑to‑large caps
Other high‑volume names today include: [37]
- Rolls‑Royce Holdings (RR.), with the stock around 1,111p and over 1.2 million shares traded, supported by a strong 2025 recovery and growing optimism on long‑haul travel and defence spending.
- Scottish Mortgage Investment Trust (SMT), which remains a preferred vehicle for global growth exposure despite earlier volatility, and whose capital structure remains flexible after confirming its total voting rights this month.
- WPP, which has seen additional turnover after executives received vested shares under performance plans, a reminder of how corporate governance and insider transactions can briefly push a name up the activity rankings.
Forecasts and analyst views: where do the most active UK stocks go from here?
While today’s tape is driven by short‑term flows and event‑driven headlines, there is no shortage of medium‑term analyst commentary on the most active UK names:
- HSBC – BofA’s new £13.00 target implies roughly 20% upside from current levels, with the broker expecting above‑consensus earnings and sustained multi‑billion‑dollar quarterly buybacks from mid‑2026. [38]
- Vodafone – Barclays recently upgraded the stock to “Overweight” on the back of UK growth and synergies from its planned merger with Three, modelling mid‑single‑digit organic EBITDA growth by 2027 and free‑cash‑flow yields well above the European telecoms average, supported by a newly “progressive” dividend policy. [39]
- Tesco – MarketBeat data show a consensus Buy rating with an average target in the low‑460p range, slightly above today’s price, supported by stable margins, improving technicals and a price‑to‑earnings multiple around 20x. [40]
- Volution – RBC’s referenced consensus implies steady mid‑single‑digit top‑line growth and rising earnings, with leverage projected around 1.8x post‑deal, leaving room for further bolt‑on acquisitions or higher shareholder returns if trading stays strong.
- Lloyds – popular retail‑investor commentary is increasingly warning that a 70% share‑price gain in 2025 leaves limited room for error if UK growth slows or bad‑debt charges rise, even though the stock still screens cheaply versus historic valuation multiples. [41]
Big picture: for many of today’s most active stocks, professional analysts still see scope for single‑digit to low double‑digit upside, especially in financials and telecoms, but are becoming more vocal about valuation risk after a strong 2025.
What this means for traders and long‑term investors
For short‑term traders, today’s most active UK stocks offer:
- Tight spreads and deep liquidity, especially in the bank and energy names.
- Clear news catalysts – upgrades, regulatory headlines, M&A and technical breakouts – that can be traded intra‑day.
For longer‑term investors, the activity list is a useful screening tool, but not a buy list on its own:
- High volume can signal institutional accumulation, but just as often reflects profit‑taking or rotation.
- Some of the heaviest‑traded names, such as Lloyds or Ocado, combine appealing narratives with elevated risk if macro conditions or company‑specific execution disappoint.
As always, investors should look beyond today’s volumes to:
- their own risk tolerance and time horizon,
- company balance sheets and cash‑flow profiles,
- valuation versus peers and history, and
- how each stock fits into a diversified portfolio.
References
1. uk.investing.com, 2. www.investing.com, 3. uk.investing.com, 4. www.tradingview.com, 5. www.marketbeat.com, 6. uk.investing.com, 7. www.investing.com, 8. www.investing.com, 9. www.investing.com, 10. www.investing.com, 11. uk.investing.com, 12. www.investing.com, 13. www.tradingview.com, 14. www.bloomberg.com, 15. www.hsbc.com, 16. www.investing.com, 17. uk.investing.com, 18. www.lloydsbankinggroup.com, 19. www.fool.co.uk, 20. uk.investing.com, 21. finance.yahoo.com, 22. uk.investing.com, 23. www.tradingview.com, 24. www.tradingview.com, 25. renewablesnow.com, 26. www.gurufocus.com, 27. uk.investing.com, 28. uk.investing.com, 29. uk.investing.com, 30. www.marketbeat.com, 31. www.marketbeat.com, 32. www.digrin.com, 33. www.directorstalkinterviews.com, 34. uk.investing.com, 35. uk.investing.com, 36. uk.investing.com, 37. uk.investing.com, 38. www.investing.com, 39. in.investing.com, 40. www.marketbeat.com, 41. www.fool.co.uk
