Fundamental outlook positive

UK equities delivered a small positive return in November with only three sectors showing

falls; Health Care, Materials and Real Estate. The latter two also recording declines for the

year to date along with Energy. Information Technology was the best with a double-digit

gain over the month although lagging the gainers over the year. The fundamental outlook

for shares listed in the UK provided a positive backdrop as the forecasts for dividends next

year were modestly revised up.

A slight fall in the sterling exchange rate against the dollar also gave support.

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