For the eighth month running, the UK equity market, as measured by the FTSE All Share Index, delivered a positive return, which was 1.7% in September. The FTSE 100 Index of large companies returned 1.8%, outperforming the more domestically focussed FTSE Mid 250 Index which returned 1.2%. The oil & gas sector was a notable outperformer after a meeting of OPEC countries signalled greater pricing discipline among the cartel’s members with Saudi Arabia offering to restrict production. Although City of London has Royal Dutch Shell as its second largest holding and BP as its sixth largest, the portfolio is below the average for the Index in the oil sector. Rising commodity prices helped the mining sector where many companies have cut their dividends and City of London is under represented but holds BHP Billiton and Rio Tinto.