Market volatility is back! 2 sinking UK shares I’d buy right now

I’m not frantically selling my UK shares as market volatility increases! Here’s why I’m looking for the best bargain stocks to buy instead.

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Market volatility has shot through the roof as macroeconomic concerns have grown. The FTSE 100’s sunk to its lowest level for eight weeks and more choppiness is likely as inflationary pressures grow.

I haven’t sold any of my shares though. And I have no plans to do so. In fact, I’m searching for the best bargain stocks to buy following this recent round of heavy selling.

Taking a long-term view

I’m someone who invests with a long-term view in mind. And there are stacks of terrific UK shares I think might make me terrific returns, regardless of any near-term problems.

Here are two sinking stocks I think could be too good to miss following market volatility.

#1: Spire Healthcare

Private hospital group Spire Healthcare (LSE: SPI) has slipped to its cheapest for almost a year on Thursday. I think it’s a great buy though as Britain’s free healthcare service goes from bad to worse.

Spending on healthcare tends to remain stable even when economic conditions deteriorate. Our health is one thing that we can’t afford to skimp on, right? So I think the market has overreacted by heavily selling this UK share.

Today, news emerged that NHS waiting lists hit fresh record highs of 6.4m in March. This was up a staggering 200,000 month-on-month.

The government expects lists to keep growing too, which I think should continue driving patient volumes at Spire Healthcare higher. The number of self-pay patients at the company’s hospitals and clinics soared 115% year-on-year in 2021 as people turned their backs on the NHS.

My only concern with Spire Healthcare is its elevated earnings multiple. Despite market volatility, the business trades on a forward price-to-earnings (P/E) ratio of 43.6 times.

Stocks that carry high valuations can suffer extra-heavy sell-offs if newsflow disappoints. That said, I believe the possible long-term rewards of owning Spire still make it an excellent buy for me.

#2: Sylvania Platinum

I’d also load up on Sylvania Platinum (LSE: SLP) shares following fresh erosion in its share price. Its metals are critical materials in autocatalysts where they’re used to reduce car emissions. I think profits here could soar as the fight against climate change intensifies.

This week the European Parliament passed a law requiring carmakers to accelerate their pollution-cutting plans. It will require them to reduce carbon emissions by a fifth by 2025.

Climate change is a global issue and Sylvania Platinum could see demand for its material take off over the next decade. Sinking car production rates due to supply chain issues threatens company revenues in the near term. But the gradual transition to greener technologies presents opportunities that I find hard to ignore.

At 88p per share penny stock Sylvania trades on a forward P/E ratio of just four times. It also carries an enormous 5.6% dividend yield. I think this could be one of the hottest stocks for me to buy following recent market volatility.

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 no position in any of the shares mentioned. 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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