Monthly Commentary November 2025

Despite a volatile political and economic background the sterling exchange rate and the oil price changed little during November. This left the main UK equity indices largely static over the course of the month. However, there were some significant daily fluctuations in the period.

Health Care had the highest returns for any sector over the month with a robust performance and well ahead of Utilities, the next best one. Overall, seven sectors made gains compared to five that declined. The worst being Industrials.

Over the year- to-date Financials held on to its position as the best performer with a gain of about one third. All sectors have delivered gains so far this year, although Consumer Discretionary only just scrapped into positive territory.

One year ahead dividend forecasts for UK listed equities increased a little over the course of the month. However, the bulk of the increase came from only a handful of names.