Fidelity's Shah: UK market sell-off 'unlikely' in short term

Fidelity's Sanjeev Shah has said he does not foresee a major market sell-off in the near term, as the FTSE 100 trades at a seven-month high.

The manager of Fidelity's £2.2bn Special Situations fund - which he took over from Anthony Bolton in 2008 - said economic indicators were supportive of further gains for equities. He said he was 'not looking for protection' against a sharp sell-off in the current environment, having closed out his put on the FTSE 100 months ago after it fell to 5,000 points during 2011. The manager said: "Everything I see so far suggests a significant market sell-off is not likely in the short term." The FTSE 100 is currently trading around 5,900 points, which is its highest level since July last y...