Fidelity's Clark: Still question marks over banks and miners

Since the financial crisis in 2008, the FTSE All-Share has been on a steady upward trajectory.

Last year in particular was positive as the UK equity market returned 21%, its largest annual gain since the market rebounded in 2009.  Thankfully there appears to be no immediate cause for a correction. From a valuation perspective, UK stocks still look attractive compared to history, with the average P/E ratio only marginally above its 20-year low. In addition, the market still looks cheap in comparison to global and US stock markets. There is significant scope for dividend payouts to increase from here. Payout ratios are still well below their 30-year average – as approximately 45%...