After a strong start to 2026, the FTSE 100 fell almost 5% this week. For an index that’s returned an average of around 7% a year over the long term, that’s a big move.

The question right now for investors is whether there are opportunities to buy shares at attractive prices. I think there are, but not necessarily in the most obvious places.

Iran conflict

Stocks have been falling this week for a number of reasons. In a few cases, they’re specific to individual businesses – like disappointing earnings – but there is one major theme. 

Conflict in Iran has sent oil prices up, but it’s had the opposite effect on industrial metals. A notable example is copper, which is set to finish the week down around 5%. 

That’s bad news for the likes of Antofagasta and Anglo American. Those stocks had been surging on higher copper prices, but a change of direction for the metal has sent them down.

One issue with copper is that supply is notoriously inelastic – it takes much longer to open a copper mine than to set up an oil well. And that means changes in demand are hard to offset. 

This, combined with the growth of data centres and the shift to renewables makes a strong long-term case for copper. So there’s a reason to think the decline is a potential opportunity.

Despite this, I’m not convinced the stocks that have been falling are the best opportunities right now. In fact, I think the ones that have been going up might be even more attractive.

Buying up

There aren’t many FTSE 100 shares that have done well this week. But one name that’s catching my eye right now is Admiral (LSE:ADM). 

The stock is up 4% this week and that’s a big difference compared with the decline in the wider index. Despite the relative move, though, I think the share price still looks attractive. 

Since the start of the year, the situation is pretty much the opposite – the stock is down while the index is up. But the reason I’m interested isn’t just that it’s underperformed recently.

Investors are concerned right now about a challenging time for the car insurance market. A shift to electric vehicles means more expensive repairs and this is a challenge.

I think that’s a good reason to avoid most insurance stocks. But it could also be a chance to invest in some of the best in the business at unusually low valuations.

Admiral’s big strength is its data. That allows it to maintain better underwriting margins, which should give the firm a big advantage – especially in an inflationary environment.

Long-term investing

Falling share prices can be great opportunities, but investors need to look beyond the last week. The FTSE 100’s recent reversal doesn’t undo the theme of the last few months.

With that in mind, I’m still focusing on what I see as quality companies, such as Admiral. Rather than cyclical mining stocks, I’m concentrating on durable long-term strengths.

Fortunately, these have been out of fashion for some time and that’s still the case despite this week’s moves. So I’m looking to keep buying for as long as the opportunity is there.