The FTSE All-Share Index rose 2.7% in sterling terms during March. Brexit dominated headlines, with the EU granting the UK a short extension to its EU membership after the UK parliament rejected the terms of the withdrawal agreement. Sterling rose against most major currencies as a longer delay and/or a relatively soft Brexit appeared likely, though uncertainty abounded as to the UK’s next move. Domestic economic data was mixed, with retail sales registering a surprise increase in February, continuing to be underpinned by rising real wages. Official data showed the UK economy grew by just 0.2% in the three months to January, unchanged from the prior three-month period. In terms of sectors, tobacco (14.1%) and industrial metals & mining (11.2%) outperformed, while industrial transportation (-5.3%) and leisure goods (-2.9%) lagged.