1 FTSE 100 share (and 2 FTSE 250 stocks) I’d buy right now!

Plenty of UK shares look too cheap to miss following the recent market correction. Here are a few from the FTSE 100 and FTSE 250 I’m considering buying.

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I’m searching for the best FTSE 100 and FTSE 250 bargains to buy during this bear market. Here are three I think have been recently oversold.

Urban Logistics REIT

Urban Logistics REIT (LSE: SHED) plays a major role in getting goods to online shoppers. The business operates large distribution spaces and, more specifically, in the ‘last mile’ of a parcel’s journey from retailer, manufacturer, and courier to the customer.

I think this FTSE 250 business could thrive as online shopping steadily grows. The supply of warehouse and logistics spaces has failed to keep up with demand in recent times. The current development pipeline suggests that this shortfall should persist for years to come too, meaning the rents Urban Logistics can charge should continue growing robustly.

Right now, the business offers excellent all-round value. It trades on a price-to-earnings growth (PEG) ratio of 0.5 and carries a 5.4% dividend yield.

I think Urban Logistics is a top buy even though its thirst for acquisitions carries significant risk. A facility could fail to attract tenants if, say, it is ultimately seen to be in an unfavourable location.

Associated British Foods

I think the growth of value retail and e-commerce could supercharge profits at Associated British Foods (LSE: ABF) soon.

This clothing segment has been expanding strongly and ABF’s Primark is been a leading player here. And the industry looks poised for more long-term growth as consumers become more careful with their money.

I worried about how Primark’s lack of an online presence could harm its profits opportunities. Therefore, news this week that the clothing and lifestyle retailer will begin trialling click-and-collect has improved my feelings towards the stock. This could be a gamechanger in the brand’s battle against competitors like ASOS.

I’d buy FTSE 100-quoted Associated British Foods despite the headwinds created by rising costs. Increasing raw materials, labour, energy and freight costs all pose a near-term danger.

Centamin

Gold mining stocks like Centamin (LSE: CEY) tend to rise in value when times get tough. The eternal appeal of the sentimental metal makes gold the ultimate flight-to-safety asset — and, by extension, producers of the stuff — to many investors.

Gold’s sliding price in 2022 however shows that demand doesn’t always detonate in difficult times. This time around a soaring US dollar and extreme central bank rate hikes have damaged interest in the commodity.

However, I think that bullion and bullion producers could rebound sharply in price before too long. And that makes FTSE 250-listed Centamin a great buy right now. Inflation continues to soar despite aggressive action by central banks.

Meanwhile key economic indicators are increasingly suggestive of a sharp economic cooldown. I think gold might roar back towards the record highs recorded during summer 2020.

Today, Centamin trades on a price-to-earnings (P/E) multiple of around 10 times. Its dividend yield meanwhile sits at 5.8%. These numbers reinforce the company as a great dip buy, in my opinion.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Royston Wild has no position in any of the shares mentioned. The Motley Fool UK has recommended ASOS and Associated British Foods. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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