News & Information

October: UK equities trade lower in October On the 30th October, a Labour government delivered its first budget in fourteen years. Tax rises had largely been signposted so there was no major market reaction to the higher taxes announced – the largest being an increase in employer national insurance which the Office of Budget Responsibility… Click to find out more

September: US follows the UK with an interest rate cut UK equities underperformed other major markets as GDP growth stalled, coming in below expectations whilst strength in sterling, on the back of a larger US interest rate cut of 0.5%, acted as a drag given the number of large companies with significant dollar exposure. Nevertheless,… Click to find out more

August: UK growth ahead of expectations UK equities nudged ahead in what was and is traditionally a quiet month for corporate news flow. The month started with significant falls in global equity markets as US payroll numbers came in below expectations causing concern over the health of the US economy. However, the falls proved short… Click to find out more

July: Buoyant UK market UK equities enjoyed a strong month, particularly compared to the US, which was dragged down by a rotation out of the large cap technology stocks, that had spurred the US market to all time highs. It was a month dominated by politics. The UK elected a Labour government with a substantial… Click to find out more

June: Two IPOs added to the portfolio UK equities gave back some of their recent gains along with other European markets which sold off on a strong showing by anti-EU far right parties in the European elections and a surprise snap French election being called by President Macron. The general election on July 4 was… Click to find out more

May: UK equities make further progress Last month we asked if this was a turning point for UK equities given the outperformance in April. May saw further gains, albeit the UK market was not the stand out performer as it was in the previous month. Confirmation of a return to economic growth as Q1 GDP… Click to find out more

April: Significant UK market outperformance – is this a turning point? The UK market enjoyed another strong month, as the FTSE 100 hit record highs and held its level above 8000. Notably, the UK significantly outperformed other major markets such as the US, Europe and Japan, which all retreated. Clearly, one swallow does not make… Click to find out more

March: UK market strength (finally) though small caps remain subdued The UK market, notably the FTSE 100 (+4.9%) enjoyed a strong month, as it hit an eleven-month high as interest rates remained unchanged for a fifth consecutive month and expectations of a summer rate cut increased. After what has been a tumultuous few years with… Click to find out more

February: UK drifts higher though lags the US, Europe and Japan The UK market proved stable as it shrugged off confirmation that the UK was officially in recession, as the 0.3% fall in GDP, marked the second successive quarter of negative growth. Thankfully it is not expected to be a protracted recession as inflation is… Click to find out more

January: Uninspiring start to 2024 – UK valuations remain attractive The UK market was unable to maintain the strength it had enjoyed the previous two months, underperforming other major markets, notably the US, which continues to be buoyed by expectations of interest rate cuts and the large cap technology stocks. UK inflation unexpectedly rose to… Click to find out more

December: Santa delivers a rally and so to 2024 The UK market advanced in December as the ‘Santa rally’ continued, aided by the US Federal Reserve indicating that it would cut interest rates in 2024 and UK inflation falling more than anticipated. The Mid Cap FTSE 250 again outperformed in December, being a more domestic… Click to find out more

November: Santa rally? Last month we commented on the market being ‘down and not out’ and this has quickly come to pass as November witnessed a market recovery, particularly in the mid cap FTSE 250 which surged 7.1% (on a total return basis) from over sold levels. The large cap FTSE 100 made more sedate… Click to find out more