The May to mid-June dip experienced by the market did not prove to be of concern for some of the Shareleague players, with the overall leaderboard showing a change for the third month running across all four share price indices.
The late June rally provided positive month-on-month increases, across all four indices, for 20 participants, the largest increase of 19.6 per cent coming from Misys, closely followed in second place, with a gain of 18.2 per cent, by Pavilion Insurance Network, the niche insurance solutions provider.
The worst performing shares are Galleon Holdings, a slump of 23.3 per cent, Desire Petroleum (19.4 per cent) and Myratech.Net (18.38 per cent).
In the Super League, considerable changes at the top see previously poor performing shares break into the top five.
The best performer Misys, the global banking and healthcare software company, has been pushed by analyst upgrades to "buy", following a positive trading statement and confirmation of MBO talks and an approach by a private equity team from General Atlantic Partners and Permira fuelling speculation of an offer expected to be in the region of 250p.
May and June have been a rollercoaster ride for Homeserve.
A stunning rise to the top in May, on the back of a pretax profit increase announcement has been swiftly followed by its fall from grace, to 17th position at the end of June.
Shares have been downgraded by brokers to neutral from buy with the reasons stated as being "limited scope for further short-term out performance" and a potential infringement on growth due to a new boiler warranty product being released.
The acquisition of Wyevale Garden Centres has been completed and so it drops out of the Shareleague.
Some 68 per cent of the shares in this league are still priced at a lower value than when the "new season" kicked off in April.
Having languished in bottom quartet for the last two months, Mucklow and Islamic Bank of Britain have made an impressive return to form, with increases of 10.2 per cent and 8.8 per cent respectively.
Mucklow's increase can be attributed to first half profits up by 11 per cent and a late June improvement in the market. The Islamic Bank has released a new mortgage product which is compliant with Islamic Law and provides an alternative to conventional mortgage products.
Business Post has moved up one place to second and Dechra Pharmaceuticals has retained fourth for the third month in a row.
Maclellan, Umeco and Foseco have all dropped out of the top half to fill the last three in the table this month.
Moving on to the smaller company league, impressive gains for two Kidderminsterbased manufacturers saw them move towards the top.
Titan Europe, the steel wheel maker, and Victoria, the carpet manufacturer, have both put in sterling performances, recording month-on-month gains of 14.6 per cent and 13.2 per cent, both achieving trading expectations and following the general up-turn in the market.
Desire Petroleum has dropped to last place - a fall of 35 places - despite the rumours surrounding a contract with one of the oil majors and the potential of a rig being placed in the oil rich North Falkland Basin.
League position gains have also been shown by Delcam, Wynnstay and Ferraris Group, all moving into the top half of the table.
As to which way the stock market will go is, as always, uncertain and sentiments depend on whether you are in the bull or bear camp.
Historians amongst you will speculate about heading into another bear market that could last for a year or more, others see the last few months as a much needed market correction with trading on course for a strong second half of the year.
The industry focus this month is on the leisure sector.
The outlook is that the positive factors will out weigh any of the negative ones by a small margin.
Over the past few months there has been some major events including the implementation of the Scottish smoking ban, the continued battle for Mitchells & Butlers and the disposal of Whitbread pub restaurants.
The smoking ban is likely to generate uncertainty for some time.
Optimism on the Scottish ban may be proved wrong if declines set in later, as in Ireland.
The first milestone will come when Greene King reports on Belhaven next month.
A further period of negative sentiment will probably follow in quarter four, when the major pubcos report full year results. The effect from summer 2007 is expected to be mild as a result of the industry making the most of the long lead time.
It has been reported that Whitbread has received an offer from Mill House Inns - backed by the Bank of Scotland - for its 250 Brewers Fayre and Beefeaters outlets. The rumour mills have insinuated that Mitchells & Butlers, Punch Taverns, Enterprise Inns and a number of private equity firms are also believed to be interested.
The battle for M&B stalled slightly after Robert Tchenguiz's investment vehicle reduced its holding to below three per cent. Consolidation activity appears to be strong with some interest from private equity firms.
The smaller companies are likely to remain challenged by cost increases, with oil price still high, and a further minimum wage increase of six per cent in October, which should focus managements on high asset values obtainable for their shareholders. n Shareleague monitors the performance of West Midlands plcs. Percentage figures are rounded up.