Recent stock market volatility has given investors a brilliant opportunity to buy cheap shares. That opportunity narrowed slightly yesterday (10 April), as the FTSE 100 staged a powerful relief rally after Donald Trump announced a ceasefire in Iran.

Half a dozen stocks jumped by around 10%, with only a handful ending the day in the red. That’s good news for existing portfolios, but investors waiting to snap up bargains may have mixed feelings. The good news is there are still plenty of great value shares around, measured by their price-to-earnings ratios.

The P/E ratio measures a company’s share price against its earnings, showing how much investors are paying for each £1 of profit. A low P/E can signal value, but may also reflect weak growth prospects or underlying risks. It’s not a surefire guarantee of a bargain.

Blue-chip bargains galore!

Incredibly, two FTSE 100 stocks trade on fractional P/Es. Insurer Legal & General Group, which yields an eye-catching 8.4%, has a P/E of just 0.3, while consumer goods giant Reckitt trades at 0.6. I’ve looked at both recently for The Motley Fool and concluded that while they have issues, they’re still worth considering today.

I’ve also highlighted sportswear retailer JD Sports Fashion. Its shares have taken a battering as squeezed consumers cut spending and sales struggle across the UK, Europe, and the US. A quick recovery looks unlikely, especially with inflation still stubborn. If artificial intelligence hits employment for younger shoppers, a key customer base, JD Sports may face further pressure.

I own Legal & General and JD Sports in my SIPP, alongside another value stock, British Airways-owner International Consolidated Airlines Group. I’ve done well out of IAG, but the shares have been bumpy since Middle East tensions exploded. Concerns over flight hub closures and rising fuel costs have all hit the shares. With its low P/E of 6.8, I still think IAG is worth considering for the long term, but this is a volatile sector and not for the faint-hearted.

IG Group looks good value

The final cheap stock on my list is one I haven’t covered for a while, trading platform IG Group Holdings (LSE: IGG). I thought it looked a bargain a few years ago but never bought in. Shame. The shares have doubled over the last two years and are up around 55% over 12 months. IG shot into the FTSE 100 in March 2026.

IG operates in online trading and investment platforms, offering spread betting, contracts for difference, and share dealing services to retail and institutional investors. It tends to benefit when markets are volatile, as higher activity drives trading volumes.

In 2025, IG posted a 7% rise in revenue to £1.1bn, with pre-tax profit up 15% to £564m. It also announced a £125m share buyback, reflecting strong performance and growth in client numbers.

Today’s volatility is likely to play into its hands, yet it still looks good value with a P/E of 6.9. The yield has slipped to 3.25% after the share price surge, but it remains attractive. I already hold plenty of financial stocks, so I probably shouldn’t buy this one myself. Otherwise, I think it’s well worth considering.

So there are still genuine bargains out there. With volatility likely to continue as the ceasefire is tested, more opportunities may yet emerge.