The UK equity market started 2026 in the same style as the end of the previous year with a gain of several percent over the month.

The UK equity market finished 2025 with a strong rally in December adding several percentage points.

Despite a volatile political and economic background the sterling exchange rate and the oil price changed little during November.

Health Care and Utilities were the two sectors that stood out as making exceptional progress in October with the former just edging into a double-digit return. The only sector to decline was Industrials. Overall, the UK equity market made a meaningful advance of low single digits over the month helped a little by the pound dropping against the dollar. Oil prices were little changed in dollar terms, but the Energy sector did relatively well in October. Over the year to date on

Health Care and Utilities were the two sectors that stood out as making exceptional progress in October with the former just edging into a double-digit return. The only sector to decline was Industrials. Overall, the UK equity market made a meaningful advance of low single digits over the month helped a little by the pound dropping against the dollar. Oil prices were little changed in dollar terms, but the Energy sector did relatively well in October. Over the year to date on

September saw the UK equity market make meaningful gains. The increases have taken it well into the mid-teens in percentage point returns for the year to date. Leading the way was the Materials sector, largely mining stocks, with a substantial increase into low double digits. This was significantly ahead of Financials which is one of the two bestperforming sectors, along with Industrials, this year so far. Overall, only three sectors, Communication Services, Consumer Staples

The leading UK equity indices made modest gains over the traditionally quiet summer month of August. Shares with a bias to value did, overall, substantially better. This is slightly surprising as the forecast for dividends to be paid by the bulk of UK companies next year declined. Part of the reason for this change is the advance made by sterling against the dollar over the month, which ordinarily might have put pressure on equity valuations, but here the story is probably mo

The UK equity market made meaningful gains in July with an increase in capital value of low single digits. This was partly a consequence of a drop in sterling against the dollar of a similar magnitude. Oil finished the month little changed from the start. Given the decline in sterling it was to be expected that the forecasts for dividends to be paid next year edged up a little, largely driven by the large international banks and oil companies. Within the market the largest ga

The UK equity market only managed to make a small positive return in June. Despite the overall outcome being subdued it masked some wide disparities as one sector, Information Technology, recorded a gain of nearly double digits while Health Care fell substantially. The rest of the market was less volatile with a third of sectors ending lower. External factors were not significant. Sterling gained a little against both the dollar and the euro while oil prices edged up a little

Every sector in the UK market rose in May enabling the market overall to increase by mid-single digits. The spread of returns ranged from barely positive for Consumer Staples to high-single digits for Materials. However, most sectors made gains in the lower half of the range. Over the course of the year to date, three sectors - Financial, Industrials and Utilities - have made gains well into double digits. External political factors were the main drivers of moves in the marke