Top FTSE 350 Risers & Fallers Last Month

UK stocks posted modest gains last month amid political turmoil and geopolitical uncertainty, with some stocks performing well above (and others below) the mean.

Ten Biggest Movers on the FTSE 350 in the Last 30 Days

Top Gainers

1. Watches of Switzerland (WOSG) +41%
2. Raspberry Pi (RPI) +38%
3. Tate & Lyle (TATE) +36%
4. Softcat (SCT) +34%
5. PPHE Hotel Group (PPH) +33%

Top Losers

1. ME Group (MEGP) -26%
2. Greencore (GNC) -22%
3. C&C Group (CCR) -21%
4. Vestry (VTY) -21%
5. Telecom Plus (TEP) -19%

FTSE 350 Cautions Amid Defensive Rotation

UK stocks posted their second consecutive month of gains in May as tensions in the Middle East eased, but the more domestically focused FTSE 350 underperformed the traditional FTSE 100 benchmark. Rising inflation from the energy crisis and uncertainty about Prime Minister Kier Starmer's political future had a larger impact on smaller stocks that rely more on the UK domestic economy. As a result, performance was characterised by a defensive stance and sensitivity to energy prices, amid broader macroeconomic challenges. Commodity stocks still led gains as crude prices remained elevated, and copper producers were supported relative to gold producers. Geopolitical tensions also helped the defence sector.

The FTSE 350 rose just 1.5% over the last 30 days, significantly slower than many other major bourses and lagging the 5% global stock gain in May. One factor is that there are considerably fewer tech stocks in the UK. On the other hand, analysts could argue that the all-share index showed greater resilience by avoiding the more volatile international markets. A quick look at the top movers over the last month shows a mix of sectors, suggesting the index's move was more modest and its gains were broad-based, making them more stable. Analysts note that UK stocks remain attractively valued amid global volatility, but could be under pressure until after the BOE meeting this month and the political situation is resolved. Here is what drove some of the biggest movers over the last 30 days and whether the trend can be expected to continue into June:

Gainers Lead by Earnings and Takeovers

Three of the top five gainers last month had strong earnings reports, including Watches of Switzerland, Raspberry Pi and Softcat. Watches was the best-performing stock after posting its full-year trading update, in which it reported record sales up 13%, with the key US market growing 24% year over year. The company saw its biggest single-day gains after reporting earnings.  Raspberry Pi's solid performance was attributed to continued upside following its 2025 annual results, released in late March. Analysts believe continued interest in AI will support the company. Softcat issued a trading update in late May, which pleased investors, as it raised its outlook for the year, driven by AI-backed demand for infrastructure build-out.

The other two top performers jumped after receiving takeover proposals. Tate & Lyle surged after Ingredion made a conditional proposal for the company at 615p per share, valuing it at $3.7 billion and sending its share price up 55%. Hotel real estate group PPHE shares jumped after Fattal Hotel in Israel offered to buy it for a total consideration of £920 million.

Earnings Also Weigh on Losers

The importance of earnings is underscored by the worst performers over the last month, three of whom fell in the wake of disappointing profits. That included a profit warning from ME Group, which cautioned that French consumer spending was under pressure and cut its full-year profit forecast. Greencore's interim results fell into the red amid higher costs and lower consumer demand, as investors viewed it as one of the weaker plays in a sector facing challenges. However, the company tried to convey an upbeat message, citing improvements following the integration with Bakkavor and targeting £80M in cost synergies. Finally, Vestry underperformed following its mid-May trading update, which warned of economic uncertainty. Traders were unhappy that the company paused its share buyback to focus on debt reduction.