Halifax Financial Services advised stock market investors to steer clear of the market over the summer.

According to Halifax research, people who remain active on the market over the summer have traditionally done worse than those taking a break.

The bank's findings noted that that over the last ten years the FTSE All Share Index has produced an average loss for May, June, July and August.

According to the data the best period for investments is the first four months of the year, with an average return of 4.7 per cent, slightly higher than the 4.4 per cent average for the last four months of the year.

The loss over summer averages 0.4 per cent.

Halifax economist Ian Hillis noted that past performance is no guarantee of future losses.

Over the past decade the stock market has clearly performed better at the start and the end of the year rather than during the summer months, confirming the old adage, 'sell in May and go away'. However, there are early signs that this year might buck the trend with the stock market rising by four per cent during May, he commented.

For smart investors however, there has been growth. Halifax noted that the best performing sectors since 1995 between May and August were steel and other metals (eight per cent return), electricity (six per cent return), tobacco, and automotives and parts (both with a average return of five per cent).