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