Top of the stocks: Most bought and sold shares in April

April proved quite the whirlwind month for investors. Global markets shed an eye-watering $9 trillion in the wake of Liberation Day, staged a comeback on the Big Pause but nervously awaited the next instalment of the tariff saga.

In higher matters, Jeff Bezos channelled his inner Elon Musk by launching an all-female crew into space for a whole 10 minutes. Katy Perry’s zero-gravity rendition of “I Kissed a Daisy” promptly hijacked the headlines and triggered a meme frenzy that felt less like a leap for womankind and more a nosedive into acute second-hand embarrassment.

Back on Earth, the FTSE 100 briefly slipped below 8,000 for the first time in almost a year but finished the month (almost) back to level-pegging. defense names and the heavyweight banks did most of the heavy lifting while UK midcaps (often a bellwether for domestic sentiment) began to stir into life.

Across the pond, the S&P 500 sagged under the weight of tariff uncertainty which continues to cloud earnings outlooks. Trump’s first 100 days in office are now officially the worst for US stock equities since President Nixon (and we all know how that ended…).

So, which stocks were hot, and which were distinctly not, with UK investors in April?

Top 10 most bought and sold shares in April

These were the most (and least) popular shares with UK retail investors on four of the largest investment platforms last month:

Source: Hargreaves Lansdown, AJ Bell, Bestinvest and interactive investor

UK income is the name of the game

Once again, UK investors turned to home soil, loading up on blue-chip income stalwarts such as Legal & General, HSBC (HSBA) and GSK (GSK) as relative safe havens amid the volatility. Miners also dug their way back into favour, with Rio Tinto (RIO) making a notable debut alongside perennial favourite Glencore (GLEN).

BP (BP) took pole position for April as investors pounced on the opportunity to buy shares at their lowest level since late 2021. Oil prices have slumped to a four-year low on the back of a gloomy demand outlook and BP’s disappointing first quarter earnings have only deepened the malaise. Meanwhile, activist pressure from Elliott Management has intensified calls for a strategic reset and takeover rumours continue to swirl.

Rolls-Royce (RR) notched up its ninth consecutive month on the podium with investors tempted by the near-20% fall on the back of Liberation Day. As a major exporter of aircraft components to the US, the company remains highly sensitive to tariff risks, though its share price rebounded after management reaffirmed 2025 guidance. This also prompted some profit-taking on the other side of the trade to lock in Rolls-Royce’s impressive 85% return over the last year.
Meanwhile Legal & General (LGEN) is currently trading on an eye-catching divided yield of 9% and also served up a tasty trough-to-peak share price gain of 17% during April, tempting buyers and sellers alike. The group’s new CEO has wasted no time in simplifying operations, already offloading the housebuilding division to focus on its three core businesses.

However, only two US names made the cut in April as investors continued to rotate away from the Magnificent Seven. NVIDIA (NVDA) saw heavy buying interest as investors sought to soothe their FOMO with its share price under the cosh after flagging a $6 billion hit from export restrictions to China. That said, it still managed to see-saw its way back to almost where it started the month.

And it was a similar story for Tesla (TSLA) which saw earnings forecasts slashed after quarterly revenue and earnings crumbled on the back of declining deliveries and soaring costs. However, investors appear willing to look past the short-term headwinds (and a triple-digit price-to-earnings ratio) in anticipation of longer-term rewards if the company’s bets on autonomous driving pay off.

Investors rotate out of risk

Sell-lists largely mirrored the buy lists in April as investors locked in profits and pivoted toward more defensive plays.

Once again, Lloyds (LLOY) found itself under selling pressure after hitting a year-high, with investors adopting a more cautious stance ahead of judgment day in the motor finance proceedings. The bank reported a record day for mortgage lending in March, driven by a surge of buyers rushing to beat the end of the stamp duty holiday, but rising provisions for bad loans and a more challenging outlook have undoubtedly weighed on share price forecasts.

Fellow banking behemoth Barclays (BARC) fared better, featuring on both sides of the equation on the back of a sharp 20% dip. With shares hovering near a 15-year high, investors may still be hoping for further earnings surprises on the upside though volatility has been a tailwind for its investing banking division and its income credentials remain a draw.

Bitcoin proxy play (and no longer Micro) Strategy (MTSR) also fell out of favour. Quarterly earnings hit a bum note and although the company is pursuing an aggressive capital-raising strategy to fund future crypto purchases, a sustained price fall could force the sale of its Bitcoin to cover its sizeable debts.

Finally, BAE Systems (BA) has enjoyed a good run on the back of surging defense spending, chalking up a year-to-date increase of more than 50%. However, fears of the impact of tariffs on BAE’s substantial US exposure has sparked jitters among investors who see more defensive options in pastures new.

Top five most bought investment trusts in April

Moving onto investment trusts, April’s most-purchased trusts saw more of the same, with only F&C joining the ranks after a month’s hiatus:

Source: AJ Bell, Bestinvest and interactive investor

Scottish Mortgage (SMT) made it three on the trot as investors continue to back its high-conviction, long-term growth strategy spanning both public and private markets. Themes include AI-enablers in NVIDIA and TSMC, Revolut in the digitalisation of finance and BYD in the transport space, plus a hefty stake in SpaceX.

The largest and lowest-cost trust in the AIC UK Equity Income sector, Janus Henderson’s City of London (CTY)has certainly had a storming few months, notching up a 15% six-month share price gain.

With exposure to many of the blue-chip names featured on our most-bought list, CTY remains a sound choice for income-focused investors, boasting an unmatched 58-year record of consecutive dividend increases. Its blend of higher-yielding stocks with lower-yielders that have higher growth potential has also underpinned an impressive five-year share price total return of 80%.

Otherwise, JPMorgan Global Growth & Income (JGGI) continues to appeal to investors looking for a balanced global equity income strategy blending growth with capital preservation. It was joined by F&C Investment Trust (FCIT)which also offers a one-stop shop for global equities, while bargain hunters continue to pile into Greencoat UK Wind (UKW) thanks to its 9% dividend yield and 23% discount.

The month ahead

What does May have in store? Probably more of the same: fears of a full-blown tariff war continue to cast a long shadow, with investors weighing the risk of a “Trumpflation” spike against a backdrop of slowing global growth. In the US, a resilient labor market is clashing with sticky inflation, fuelling speculation the Fed may yet tighten the screws again.

Closer to home, UK and European equities continue to look cheap by historical standards but geopolitical headwinds persist. Caution, it seems, remains the default setting for investors…

On a more optimistic note, we’re into a shiny new tax year so if you’re looking to get in early with your ISA allowance or pension contributions, we’ve produced a comprehensive guide to our pick of the best ISA platforms and best SIPP providers.

All data as at 07/05/2025 unless stated otherwise, returns based on share price total returns.