Private investors are shifting to defensive sectors such as utilities, consumer goods and telecoms, says Capita Registrars. Capita’s bi-monthly survey of 1.6 million investors found net selling across all sectors in April/May, but the economically-sensitive ones, including financials and industrials, were sold hardest leaving portfolios more skewed to defensives.

Overall a net £1.3 million was sold in the period, continuing a trend that began in October, although net selling was down on February/March’s £2 million.