In simple terms that means buying the shares that other investors shun, which are often those with high dividend yields.

The sell-off in global markets has hit oil explorers particularly hard, as investors shun companies perceived as too risky.

The figures come as institutional investors shun the flotations of private equity backed companies laden with debt.

Fear of going against the crowd and buying stocks that other investors shun can provoke panic in normally rationally minded individuals.

However, demand for commercial paper has dried up as banks and investors shun all but the most risk-free of assets in a flight to ultra-safe government bonds.