Thu, 21 Feb 2013 | Kean Marden, head of business services equity research, Jefferies International

In my column last month, I speculated whether 2000 years of New Year’s resolutions explain why we seem to be hardwired to enter the new year with a greater sense of optimism.

Most resolutions are broken before the month of January is out but the stock market’s resolve to embrace an improved outlook for global economic growth has powered on into February this year.

It has been a great start to 2013 for our pensions. The FTSE 100 index has rallied 4% over the past four weeks, rounding off the best January since 1989 and taking the year-to-date increase to 7%.

Within the UK recruitment sector, the year-to-date leader board is once again headed by Empresaria (+16%) and Matchtech (+10%). However, in contrast to last month, one of the heavyweights has kept pace, with Hays rallying a respectable 9% as investors grow in confidence about UK recovery under Nigel Heap and the outlook in Australia.

In January, the most noticeable signs of life emanated from Europe, but this month a 19% rally in Manpower’s shares switched our attention across the Atlantic. There were two reasons for this. Firstly, Manpower's fourth quarter profits beat analysts' expectations by 18%, mainly due to gross margin and cost discipline. Secondly, management’s Q1 profit guidance was stronger than expected and, while we wouldn’t characterise their comments as upbeat, they did note that there were tentative signs of stabilisation in several European countries.

Regrettably, the foot of the performance table is well and truly secured by Healthcare Locums (HCL) during a month in which its shares plummeted by 79%. Colin Cottell’s articles have made compelling reading over recent weeks and latest developments seem to have two aspects: securing the financial position of the group and a fight by minority shareholders to maximise the value of their remaining stake.

Given HCL’s current financial position and shareholder structure, it seems highly likely that it will move into private ownership and its stock market listing will be cancelled. Hopefully, a turnaround out of the public eye will be easier for all concerned. This all seems a far cry from early 2010 when former executive chairman and company founder Kate Bleasdale was bombastic, the group was rumoured to be in bid talks and the press were speculating how far in excess of 200p any offers would be pitched.