One FTSE 100 growth share jumps out at me right now. First, for how far and fast it’s crashed. Second, for how far and fast analysts think it will recover.

So, what’s this extreme stock? JD Sports Fashion (LSE: JD).

For years, JD Sports was one of the UK’s most admired growth stocks, soaring into the blue-chip index as it cashed in on the global boom in trainers and athleisure wear. But over the last couple of years, it’s been absolutely hammered.

JD Sports is the worst-performing stock on the entire blue-chip index over two years, down 61%. It’s the worst over 12 months too, down 48%.

Can JD Sports Fashion bounce back?

And the descent continues. Trading at just under 70p, JD Sports has now slumped to yet another 52-week low.

So what went wrong? Pretty much everything.

Falling sales, a struggling key partner in Nike, an unluckily timed US expansion through a $1.1bn acquisition of Hibbett, weak Christmas trading (two years in a row), and the cost-of-living crisis.

Even the weather gods hate JD Sports. Last year, the board blamed sluggish sales on discounting, mild weather, and consumer caution ahead of the US election. 

Today, tariffs are the biggest worry. JD Sports straddles the UK and US, and while some of its brands may escape the worst, European labels like Adidas could be hit hard.

The rain is falling hard on CEO Régis Schultz too. In 2023, he touted plans to make JD Sports a “leading global sports-fashion powerhouse”. Instead, he turned the group into a profit warning powerhouse.

Investors who jumped in hoping for a turnaround have been burned, as the stock has just kept sliding. And yes, I’m one of them. I’ve averaged down on three occasions, and still find myself sitting on a 35% loss.

Is this a top FTSE 100 recovery stock?

For those who love a good recovery story, JD Sports looks tempting.

The 17 analysts covering the stock have a median one-year price target of 120.4p. If correct, that’s a staggering 73% jump from today’s price.

Forecasts are slippery things though. Many of these may be out of date, set before the latest plunge.

There’s a chance JD Sports could deliver that kind of rebound, but it would need Trump to soften his tariff stance and trigger the mother of global stock market rallies. Hope springs eternal, I suppose.

Unsurprisingly, JD’s valuation looks cheap. The trailing price-to-earnings (P/E) ratio is just 5.7, but interestingly, I can’t find a forecast P/E. That’s anybody’s guess today.

JD Sports is undoubtedly beaten down, but could it bounce back? Absolutely.

This stock isn’t for the faint-hearted, though. Any investor considering this falling knife should don armour, because it could keep plunging.

For those willing to take the risk, the potential recovery is eye-watering. So are the potential losses.

It can be tempting when looking for dividends just to focus on the high yields in the flagship FTSE 100 index. Notable examples here include Phoenix Group’s 9.4% and the 10.2% at M&G. But the FTSE 250 index also contains some high-yield shares of note.

One is asset manager aberdeen group (LSE: ABDN), with its 9.8% yield.

The dividend history here is not thrilling. Thedividend per share has been held flat for years after the most recent cut.

But past performance is not necessarily a guide to what will happen in future. If the FTSE 250 firm simply maintains its dividend per share without increasing it, its prospective yield is 9.8%. That certainly looks attractive to me.

Promising signs of recovery

I have been eyeing aberdeen shares as a potential addition to my portfolio for some time. But I have long been concerned about the rather lacklustre, inconsistent business performance and what it means for the dividend.

After all, as long-term aberdeen shareholders know only too well, no dividend is guaranteed to last.

But last year’s performance provided some signs of a business that may be on the mend. Net client fund flows were still negative, but much smaller than the prior year. Still, I see a risk that if investors continue to withdraw more than they put in, it could hurt aberdeen’s long-term profitability.

Net capital generation was up by around a third, which I see as a positive sign for maintaining the dividend. Diluted earnings per share also moved up strongly.

Still, the point about outflows concerns me. It helps explain why adjusted operating net revenue showed a 6% year-on-year decline.

Not out of the woods yet

So, although the results contained some promising signs of progress, I think management has work left to do.

One of the key tasks is reversing the net flow of funds, so that aberdeen is dealing with larger not smaller amounts of money overall. I see that as helpful for profits over the long run.

If the FTSE 250 business can improve its net capital generation, that will help increase dividend coverage. I think that in turn could also be good for the share price, which has fallen 21% over the past five years. That contrasts very badly to a 39% increase for the FTSE 250 index overall during that period.

aberdeen expects to increase net capital generation to around £300m next year, an increase of roughly a quarter from 2024.

I feel increasingly confident that aberdeen will maintain its dividend. Indeed, in its results the company’s chief executive said that its strategy ought to enable aberdeen “to maintain the historic dividend per share from materially higher, and sustainable capital generation.”

But while the business performance seems to be moving in the right direction, I would like more evidence that the shift is sustained and sustainable.

So, instead of buying now, I will continue to keep aberdeen on my watchlist. I’ll look to see whether it is able to maintain high net capital generation and also move from negative to positive net fund flows.

Many investors dream of becoming stock market millionaires to retire early and live off the passive income generated by their portfolios. For instance, an average 4% dividend yield across a diversified mix of dividend shares would produce a healthy £40,000 in cash payouts each year from a £1m portfolio.

But, could this goal be achieved with a more modest sum? How about nearly a third of that glorious £1m mark? That’s a challenging conundrum. An investor with a very spartan lifestyle might make it work, but most have some expensive commitments or want a few more luxuries than beans on toast every night.

So, let’s look at what a £333,000 portfolio could realistically generate in passive income.

Extra cash, but don’t quit work yet

The passive income a stock market portfolio can produce hinges on its average dividend yield. This can frequently change. Companies often cut, cancel, or suspend dividend payments due to challenging circumstances or evolving priorities. A recent example was the Covid-19 pandemic, when many businesses halted shareholder payouts.

Relying on the income produced by a £333,000 portfolio alone leaves little leeway. This raises the risks for investors who think it’s a sufficiently large nest egg to leave their jobs and sail off into the sunset.

For instance, the average dividend yield for FTSE 100 shares is currently 3.52%. If our theoretical investor’s portfolio matched that, they’d earn £11,721.60 in annual shareholder distributions. That’s a tidy sum, but it’s well below the National Minimum Wage for a full-time worker.

That said, investing in some of the highest-yielding UK shares could boost an investor’s passive income earnings. At a punchier 8% average yield, a £333,000 portfolio could produce £26,640 in annual dividends. Now, that’s more like it!

However, investors lured by the appeal of high-yield shares risk falling into dividend traps. Some market-leading payouts are unsustainable, particularly when they’re funded by debt or a business has cash flow difficulties.

For extra comfort, I’d want to spend a bit longer on the treadmill and fatten my portfolio with a decent buffer. Fortunately, at a third of a million pounds, compound returns really start to kick in. By reinvesting dividends into more stocks, investors can accelerate the process further.

A high-yield stock to consider

For those unsatisfied with the FTSE 100 average, the index offers several attractive high-yield candidates. One worth considering is Land Securities Group (LSE:LAND). It sports a juicy 7.3% yield.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice.

This Real Estate Investment Trust (REIT) offers investors exposure to commercial property spanning offices, retail, and leisure spaces. It’s made a remarkable recovery from the pandemic as office working makes a comeback. Impressively, occupancy for its central London portfolio hit 97.9% in its first-half results.

Despite this, the group’s keen to pivot to growth opportunities in residential property and shopping centre acquisitions. It’s aiming for a 20% uptick in earnings per share from 50p to 60p by 2030. Landsec’s purchase of a 92% stake in Britain’s largest open-air shopping complex, Liverpool ONE, is a testament to these efforts.

Forecast dividend cover of just 1.2 times earnings is below the two-times safety threshold for reliable passive income. If the company encountered financial difficulties, a dividend reduction could be on the horizon. Nevertheless, Landsec’s near-term future looks bright for now.

The Nvidia (NASDAQ: NVDA) stock price has been sliding since the start of the year. In March it dropped 13%. And we’re now looking at a 28% decline since a 52-week high set in early January.

It’s had one remarkable effect. The forecast Nvidia price-to-earnings (P/E) ratio for the current year has fallen as low as 25. And earnings growth forecasts could drop it even further by 2028, as low as 17.

That’s the kind of valuation that wouldn’t be out of place on the FTSE 100. Never mind for a high-flying Nasdaq tech stock. I mean, Tesla is still on a P/E over 100 despite its own recent falls.

Valuation conundrum

Nasdaq valuations often seem to have little connection to the reality of underlying fundamentals. And short-term price levels can go almost entirely on headlines, momentum, and sentiment.

But looking at this P/E leaves me with an inescapable conclusion. I reckon either the market has got the price badly wrong, or analysts are seriously out with their forecasts. Or it might be some combination of the two.

It looks like it all hinges on how well Nvidia can maintain its market dominance. And some cracks are beginning to show.

Rules and regulations

US export rules already prevent Nvidia from exporting its new generations of processor chips to China, where a lot of the world’s artificial intelligence (AI) development is shifting. The older H20 chips are currently the big seller in that market.

And we’ve seen the dramatic progress that Chinese developers are making using them, after the DeepSeek AI model made headlines with its cheap and rapid training.

But now they might be under threat too. The Financial Times reports that Chinese regulators have issued energy-efficiency rules for the kinds of chips used in data centres. And that could impact H20 chip sales.

How soon, and how cheaply, might China be able to flood the world with its own advanced AI chips? The chances must surely be boosted by President Trump’s all-out trade war.

AI overspend?

Investors are worrying that today’s massive AI spend might be overheated and unsustainable. The big movers in the business are in a bind. If AI progresses as fast as the hype suggests, they surely can’t afford to miss out. But if the headlong rush should slow, well, at least everyone would be in the same boat.

While all this head-scratching is going on, analysts still seem confident in Nvidia’s future. The great majority are urging us to buy, with an average price target of $171. That’s a 55% premium on the price at the time of writing. And it would set a new all-time high for the stock.

It really does seem to be down to how well, and how quickly, the competition shapes up. Two or three years from now, will Nvidia still rule the roost or might it be just one of half a dozen AI chip makers sharing the market?

I don’t know the answer. But I reckon investors interested in AI should be considering Nvidia at today’s valuation.

Over in the US, today (2 April) has been dubbed ‘Liberation Day’ by the current administration. The reference is to the likely tariffs that are slated to come into effect at midnight on a host of nations that trade with America. Some friends who are UK investors focusing on the FTSE 100 have told me they aren’t too fussed about what will happen today. Here’s why I think they are wrong.

How the UK is impacted

Perhaps the most obvious reason the UK stock market could be impacted is that the UK is on the list of countries that are meant to have tariffs imposed. Although there have been diplomatic efforts, Prime Minister Keir Starmer has indicated that the UK is likely to face these tariffs initially. Indeed, the UK government is actively negotiating a trade deal. This could potentially mitigate or reverse the import levies. Yet this might not come for some time.

Therefore, a likely 20% tariff will be applied to all imports into the US. This would include approximately £60bn worth of UK exports from a range of sectors. The most negatively impacted are the automotive industry, aerospace, beverages, and pharmaceuticals. Given that the FTSE 100 contains a host of companies in these areas, the stock market could fall if President Donald Trump follows through on his promises.

To some extent, I think that investors are expecting it to proceed. But the market could still face volatility based on further comments from Trump later this week. In coming months, the tariffs could really start to bite if no trade deal is reached.

Where to be careful

Given the potential impact on the FTSE 100, I’m cautious around stocks with large export exposure to the US. For example, Diageo (LSE:DGE). The share price is down 30% over the past year.

Even though Diageo has some US production facilities, many of its key brands are imported from the UK and Ireland. In fact, from the data I can see, the US generates around 35% of overall revenue. If the US proceeds with the imposition of tariffs on imported alcoholic beverages, Diageo’s flagship brands like Johnnie Walker and Guinness would become more expensive for American distributors and consumers.

There are even more potential issues that could arise. American consumers could pivot and buy more alcohol from competitors. In this way, it compounds the problem for Diageo. And, the company could see costs rise even more if import tariffs extend to other products like packaging and raw materials. The UK or EU might retaliate with tariffs on American goods, causing even more disruption for the company.

Even though I’m staying away, I know I could be wrong in my view. The business recently received a Buy rating from analysts at Citigroup. The team noted that “the earnings trajectory for Diageo (and the wider spirits industry) is trending toward stabilisation/positive territory”. If earnings can be resilient despite the problems, investors might look beyond the noise of tariffs and buy based on improving finances.

The Stocks and Shares ISA deadline day for this year is 5 April. This means that an investor can invest money in the ISA up to a £20,000 limit. After the deadline day, the new year starts, meaning that from that point an additional £20,000 can be invested if someone has the money. Here’s my current game plan both for the coming days and for the coming year.

Mostly looking beyond this week

I’ve not allocated any more money to my ISA in the last few days. I don’t have the spare cash to do so, but there’s an important lesson here for other investors. Just because there’s a £20k ISA limit per year, it doesn’t mean I have to hit this mark. I haven’t fully utilised it this year, but that’s fine! Rather, investing the money I have when I can afford to makes sense. I don’t have to put myself under undue pressure simply because the deadline is looming.

A second point is that I want to focus on saving to allocate for the new ISA year. The earlier I can free up some money to buy stocks with, the better. The benefit of compounding returns (particularly with dividend shares) means that time in the market beats trying to time the market. So as soon as I do have funds available, I want to be ready to rock and roll.

Finally, I use the deadline week as a good time to review my overall portfolio. I check and see whether I currently have too much exposure to a particular area of the market, or if my conviction towards any of the companies has changed. This then helps to guide me in what I’ll look to buy for my ISA in the coming months to fill any gaps I’ve identified.

Thinking about future themes

For example, one area I know I don’t have much exposure to is AI. I’ve been a bit slow to get started on this theme and could do with increasing it in the coming months. To that end, one idea I’m considering is CoreWeave (NASDAQ:CRWV).

The business went public last week, so it’s a completely fresh US stock for investors to mull over. It’s a cloud computing company that specializes in AI-focused infrastructure. It makes money by selling access to computing power to other companies that are pushing AI forward. What I like about the business is that it already has long-term contracts in place with some large players, such as OpenAI and Microsoft. To some extent, this guarantees steady revenue streams, which is important for a newly listed public firm.

It could do well going forward in taking advantage of the continued AI boom. Particularly in the AI cloud market, I think there’s huge scope for growth in the coming years.

One risk is that CoreWeave highly depends on a few major clients, such as Microsoft. If one of these clients switches to another provider or builds its own AI infrastructure, revenue could take a major hit. Despite this concern, I think it’s a stock I’ll add to my ISA when I have some free cash in the coming month or so.

BAE Systems (LSE: BA.) shares have been performing very strongly lately. Indeed, since Santa came and went, the FTSE 100 stock is up 34.5%.

This means that an investor who put £10,000 into the defence giant just before Christmas would now have £13,450. And a dividend is due in early June, which would add another £178 to the return.

I mention Christmas because that’s the period when I last bought BAE shares. Mind you, it was a fair bit less than 10 grand that I invested! But it was an addition to my existing holding, which has performed very well since I initiated it in 2022.

European defence stocks go ballistic

BAE belongs to the European defence sector and this has been on a tear recently. The rally was sparked by President Trump’s decision to pause US military aid to Ukraine. This has forced Europe into a major rethink on defence spending and security independence.

Some gains for European defence stocks have been incredible. Germany’s Rheinmetall has rocketed 112% year to date and 1,340% in just over three years! Sweden’s Saab is up 65% in 2025 and 750% over five years.

In a press statement last month, the European Commission’s president announced: “Europe is ready to assume its responsibilities. ReArm Europe could mobilise close to €800bn for a safe and resilient Europe. We will continue working closely with our partners in NATO. This is a moment for Europe. And we are ready to step up.”

Poland is expected to spend 4.7% of GDP on defence this year, up from 2.4% in 2020. However, further away from Ukraine, nations like France, Italy, and Spain want to boost military spending through grants rather than increasing their debt loads.

So, as is often the case, not all EU nations are singing from the same hymn sheet. But a future that involves massive spending increases on European-made defence systems is now almost certain.

What about BAE?

In theory, BAE should benefit from this, but it’s a bit more complex. What if the European rearmament fund largely shuts out non-EU companies like BAE? I don’t think that’s likely, but it can’t be ruled out.

Also, over 40% of the company’s revenue came from the US last year. But there is uncertainty surrounding the efficiency drive across the pond. This reliance on US contracts underscores the firm’s exposure to shifts in American defence spending policies.

Meanwhile, the UK government is committed to lifting defence spending to 3% of GDP during the next parliament, up from the current 2.3%. It aims to build a “defence industrial superpower“, though that will be a tough job given that the UK has now largely deindustrialised.

Taking stock

Therefore, it’s possible that BAE’s growth doesn’t match the lofty expectations baked into its current valuation. That is a trailing price-to-earnings (P/E) ratio of 24.3, which isn’t cheap.

I remain bullish on BAE long term though, due to its massive £77.8bn order backlog reported at the end of 2024. I have confidence that it will navigate the complexities of US and EU defence spending policies.

Therefore, I think the stock is worth considering for long-term investors. Personally though, I have chosen to build out my position on dips — like the one at Christmas — rather than going all in.

It has been quite the year so far for shareholders in electric vehicle manufacturer Tesla (NASDAQ: TSLA). The Tesla share price is down by 34% since the turn of the year. But it had been doing worse until a 19% jump over the past two weeks.

So, might that momentum continue and the Tesla share price keep going up? I have long wanted to add the share to my portfolio if only I could do so at what I see as an attractive price.

High volatility for a large company

Share prices move around often, but Tesla still seems to be unusually volatile for a company of its size.

Its current market capitalisation is $841bn. So, it has added around $135bn of value over the past fortnight.

But I do not think the business has actually demonstrated $135bn of more value than was the case a couple of weeks ago.

Rather, my take on what is going on is that bears have been selling Tesla for months (it is down 44% since mid-December, even after the recent rally). Bargain hunters have now started to buy Tesla shares at what they think is an attractive price.

The fundamentals may get worse not better

But I will not be joining them.

Looking at a chart and trying to guess what will happen next just on the basis of that can be tempting – but it is not the sort of investing that interests me. Even when a share has fallen a lot, it can always fall further.

Over the long term, Tesla has performed spectacularly well.

But I think the price crash of recent months reflects real concerns investors have about the company.

Last year was the first one in which its sales volumes fell (albeit only slightly). Chinese rivals like BYD performed strongly, while globally competition put pressure on profit margins for electric vehicle makers.

This year could be much worse. Today (2 April), Tesla released its first-quarter numbers. Vehicle deliveries showed a year-on-year decline of 13%.

By contrast, BYD’s first-quarter passenger vehicle sales volumes were not only much bigger than Tesla’s, but they showed a staggering 59% year-on-year growth.

So while Tesla has a strong brand, proprietary technology and a large installed user base, its business now seems to be struggling to grow in a way it did not before.

I reckon Tesla’s very overvalued

Tesla has confounded critics many times and may do so again. It is dangling potential new revenue streams such as driverless taxi fleets and robots.

The first quarter was not all bad for Tesla. Its energy storage business deployments grew 160% compared to the same quarter last year, which at the time was the best to date. I think that demonstrates the huge, rapid growth potential of this business.

But I do not think that either the energy storage or the car business have the overall growth prospects to justify a price-to-earnings ratio anywhere close to Tesla’s current 132.

The Tesla share price still looks far overblown to me. Momentum may keep it moving up for now. But looking at the business fundamentals, I could not justify buying the share for my portfolio anywhere close to the present valuation.

Lloyds (LSE:LLOY) shares are galloping to highs not seen for nearly a decade. The FTSE 100 banking group has delivered a share price gain of 31% in 2025 alone, boosted by a swathe of analyst upgrades.

After such stellar returns, does the stock still offer good value at 72p today? Or could some nasty hurdles facing the lender ultimately throw the Lloyds share price off track?

Let’s explore.

A stock with horsepower

Deutsche Bank, Morgan Stanley, and Peel Hunt have lifted their forecasts for the Lloyds share price in recent days. Although the City consensus 12-month price target of 75p suggests further growth could be limited, Morgan Stanley’s revised prediction of 90p would mean an additional 24% gain if it came to fruition.

It’s encouraging that confidence is returning for the black horse bank after some challenging years. Plus, it doesn’t look like the stock’s overbought just yet. Lloyds shares currently trade for a reasonable forward price-to-earnings (P/E) ratio below 10.4.

Granted, this is above the stock’s five-year average. It’s also higher than the P/E multiples of major FTSE 100 competitors, such as Barclays (7.2), NatWest Group (7.9), and HSBC (8.9). However, the ratio’s still low enough to indicate Lloyds shares offer some value today.

Arguably, the price-to-book (P/B) ratio is a more useful metric when valuing banking stocks. On this yardstick, Lloyds fares reasonably well. At a 0.96 multiple, it’s just under a P/B value of one, which can be a handy indicator that a stock’s fairly priced.

The bank’s fourth-quarter results contained notable highlights, especially for income investors. These included a generous £1.7bn share buyback and a 15% dividend hike. The stock’s current 4.4% dividend yield comfortably beats the FTSE 100 average of 3.5%.

Overall, there are good reasons for optimism.

Rocky ride ahead?

That said, there are flies in the ointment for the Lloyds share price. A historic motor finance mis-selling scandal is a dark cloud that still hangs over the bank. The Supreme Court will rule on the issue this month.

Lloyds has boosted its compensation reserves by £700m to £1.2bn, but investors with long memories will recall the mayhem resulting from PPI claims. The lender paid out a whopping £21.9bn to make amends for those mistakes.

Another key risk is the weakness of the British economy. The Office for Budget Responsibility (OBR) recently slashed its UK GDP growth forecast for 2025 from 2% to 1%. Trump’s expansive global tariffs, due to be announced today (2 April), compound the uncertain outlook.

As the country’s biggest mortgage lender, the fate of Lloyds shares is intrinsically linked to UK economic performance and the domestic housing market. Macro risks could end up torpedoing some of the more hopeful predictions for the bank’s share price growth.

My take

As a Lloyds shareholder, I’m delighted by the bank’s recent stock market performance. The recent dividend rise was also a sweet reward since regular income payouts are one of my core reasons for holding the stock.

However, Lloyds shares aren’t quite the bargain they once were, especially compared to the bank’s rivals. I’m also wary there are significant macroeconomic challenges facing the group. I won’t be selling, but I’m not inclined to add to my position today either.

Raspberry Pi (LSE:RPI) shares are down 23% since the beginning of the year. In other words, £10,000 invested then would be worth just £7,700 today. That’s clearly not a good return, and perhaps a reflection of the fact that the stock was getting a little bit pricey.

What’s new?

On 2 April, Raspberry Pi reported its first full-year financial results since its IPO on the London Stock Exchange in June 2024. The company posted a 2% decline in revenue to $259.5m and a sharp 57% drop in pre-tax profit to $16.3m, attributed to higher R&D and administrative costs, alongside inventory challenges.

Despite these setbacks, Raspberry Pi launched an impressive 22 new products in 2024, including artificial intelligence (AI) hardware developed with Hailo and Sony, and next-generation modules, marking a 267% increase in product releases compared to the prior year.

The market reacted positive due to a promising outlook for 2025. Raspberry Pi anticipates normalised inventory levels and steady demand growth throughout the year, supported by embedded design wins and secured memory supply. Gross profit per unit is expected to improve, bolstered by accessory sales like AI cameras and HATs (Hardware Attached on Top) with AI accelerators. This confidence was reflected in the market, as the shares rose by 7% on the morning of the results.

The jury is out

Raspberry Pi’s valuation is certainly on the expensive side, reflecting high investor expectations for its growth potential. As of 2 April, the company trades at a forward price-to-earnings (P/E) ratio of 54.6 times for 2025. That drops to 40.6 times in 2026. While this suggests earnings growth, it remains steep compared to industry averages and peers. These are typically hovering around the mid-30s range. The PEG ratio (price-to-earnings-to-growth) provides further insight into this valuation. For 2025, its PEG ratio is projected at one, indicating fair value relative to its expected earnings growth rate.

The market capitalisation currently stands at approximately £990m, up significantly from its IPO valuation of £542m last year. Analysts remain cautious, with a consensus rating of Hold and an average price target of £5.42, a modest potential gain from today’s trading price of £5.04.

While the strong product pipeline and demand recovery are promising, its lofty valuation metrics signal that investors are paying a premium for future growth. Whether this premium is justified depends on the company’s ability to sustain its trajectory amid competitive pressures and macroeconomic uncertainties.

Personally, I find the company very interesting. However, the high valuation and relatively low barriers to entry in this minicomputer market are off-putting. For now, I’m going to watch from the sidelines. Nonetheless, it’s important to recognise that the forecast earnings growth is pretty unique for a UK-listed company. That alone could generate additional investor interest and fuel momentum, a rare commodity in UK markets.