The UK equity market only managed to make a small positive return in June 2025. Despite the overall outcome being subdued, it masked some wide disparities with one sector, Information Technology, recording a gain of nearly double digits while Health Care fell substantially. The rest of the market was less volatile with a one 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. Looking back over the first six months of the year, UK equities made a meaningful advance of very high single digits. Two sectors stood out, Financials and Industrials, each with gains of around one fifth. Two other sectors, Information Technology and Utilities, made double-digit gains. Materials was the only sector to record a negative return. The appreciation in value of UK stocks is especially surprising given the biggest fall in the dollar over the first half of the year in many decades.
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