STOCKS — 19 October 2026
Companion to STOCKS Episode Eight, "The Defensive Turn"
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THE BOARD
The board held at 366 companies this week, so the totals compare like for like with last week for the first time since we widened it. Twenty names are at or near their own recorded high, against twenty-one last week — almost flat. The mix is what moved. Health went from one name at its high to five, and Need recorded its first highs since this series began, three of them. Digital fell from five to two and Build from three to one. Earth still leads with seven, down from nine. Seven of the eight legs now carry at least one name at its high, up from six — the widest spread we have recorded. The average price across the whole board is 69.3% of each company's high, up from 68.7%. All of this came in a week when the Nasdaq fell 4.5% and the chip stocks 11.4%.
EARTH — PHYSICALLY SCARCE RESOURCES
Seven at or near high, down from nine. Chevron, ExxonMobil, HF Sinclair and Marathon Petroleum all sit at 100% again, and Phillips 66 joins them in the top five at 100%. With US crude up about 10% on the week, the majors and the refiners are doing the work.
BUILD — THINGS WE MAKE AND CONSTRUCT
One at or near high, down from three. Diploma holds at 99.8%. Porvair (97.1%) and Atlas Copco (96.6%), both at 100% last week, have eased just under the line, with Smiths Group (96.1%) and Galliford Try (95.9%) behind them.
NEED — THINGS WE CANNOT DO WITHOUT
Three at or near high, up from none — the first time this leg has had any. Coca-Cola, Coca-Cola Europacific Partners and Lotus Bakeries all sit at 100%. Altria follows at 97.2% of a high set more than nine years ago, then Premier Foods at 95.0%.
WANT — THINGS WE CHOOSE TO BUY
Still none, but the leaders moved closer. Hilton leads at 98.9%, up from 94.5%, with InterContinental Hotels right behind at 98.8%. NEXT (97.0%), Inditex (95.2%) and General Motors (94.5%) follow.
HEALTH — KEEPING US ALIVE AND WELL
Five at or near high, up from one. AbbVie, Eli Lilly, Gilead, McKesson and Thermo Fisher all sit at exactly 100%. Lilly is new to the top five.
MONEY — THE PLUMBING OF CAPITAL
One at or near high, down from two. Beazley holds at 100%. Berkshire Hathaway (98.6%), F&C Investment Trust (97.9%), Hiscox (97.0%) and BlackRock (96.6%) follow.
DIGITAL — INFORMATION, SOFTWARE AND NETWORKS
Two at or near high, down from five. Apple and Eleco hold at 100%; Microsoft has slipped just under the line at 98.9%, and Shopify sits at 97.5%. Palantir, at 99.8% last week, has left the top five. The leg's average fell to 64.8%, from 67.2%.
YIELD — REAL ESTATE AND INFRASTRUCTURE
One at or near high, unchanged: United Utilities at 99.4%. Severn Trent (96.5%), Welltower (93.2%), Southern Company (92.8%) and SSE (92.5%) follow.
WHAT TO WATCH
Whether Need holds its first highs and Health its five, and whether Digital finds its feet after a week in which the market questioned how the AI build-out gets paid for. On the test we set on 5 October, reading this board as narrow fails if six or more legs carry a high for four weeks running; this is the second week.
Figures are each company's latest price as a percentage of its recorded high, as of 19 October 2026. Descriptive only — no forecasts. Full register: moneyspider.net/micro.