VIEW-Fidelity's Bolton says financial stocks to rise first

TOKYO (Reuters) - Fidelity International's Anthony Bolton, one of Britain's top performing fund managers, said on Thursday financial and consumer stocks may be the first to recover after taking hard action against the credit crisis.

But commodity stocks, which have been on a bull run in the last five or six years, could take one or two years to recover, said Bolton, president of investments at Fidelity.

"Financials were first into the crisis and I think they could be first out of the crisis," Bolton told a news conference.

"I think a lot of the consumer stocks have already discounted a deep recession and therefore they are attractive."

Bolton said commodities stocks might lag.

"Nearly every hedge fund was playing the momentum trade in commodities and I think it will take a year or two for that to be corrected," Bolton said.

On Wednesday, the basket of 19 commodity futures comprising the key Reuters/Jefferies CRB Index .CRB fell to its lowest level since September 2003, ending down 0.74 percent at 240.56 -- almost half a record 473.97 hit in early July.

Bolton said recent sharp volatility in the market could be suggesting that the market could be at lows.

"This high daily volatility of markets ... is typical of a change in the environment," he said.