April was another mixed month for equity markets with the UK returning a positive 2.16% on the FTSE All Share Index, on a total return basis. This positive return however, hid the fact that for the first time in over 12 months, the Mid 250 which suffered a negative return of 2.35% underperformed the positive return of 3.09% from the FTSE 100. Small Cap was broadly flat ending the month up just 26 basis points. The FTSE 100 ended the month trading on a P/E of 14.1x consensus 2014 earnings and 12.9x for 2015. The forecast dividend yield was 3.6% for 2014 and 3.9% for 2015. Economic conditions continued to improve with GDP numbers suggesting that the UK was the fastest growing economy in the G7 and the housing boom was set to continue for the time being.
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