October can be bumpy for Stocks and Shares ISA investors. The Wall Street Crash in 1929, Black Monday in 1987 and the 2008 financial crisis all witnessed huge single-day sell-offs during this month.

Yet history shows October isn’t bad overall, with markets typically ending higher than they began. September is statistically the worst month, but that’s behind us. November and December can be pretty good.

History only tells us so much. There’s plenty of uncertainty today, with worries over the Iran war, potential AI bubble and rising bond yields. But that isn’t stopping investors, and nor should it.

A good month to consider equities

Nobody knows where markets will go next. That’s why at The Twelfth Magpie, we favour buying stocks and holding them through thick and thin, while reinvesting all those lovely dividends along the way. All free of tax in an ISA.

Please note that tax treatment depends on the individual circumstances of each client and may be subject to change in future. The content in this article is provided for information purposes only. It is not intended to be, neither does it constitute, any form of tax advice. Readers are responsible for carrying out their own due diligence and for obtaining professional advice before making any investment decisions.

So what are Stocks and Shares ISA investors buying right now? Perhaps surprisingly, the single biggest stock purchase across the AJ Bell investment platform is FTSE 100-listed real estate investment trust LondonMetric Property (LSE: LMP).

Even more strangely, its shares have underperformed lately, falling 33% over five years. The big attraction is a stunning dividend yield of 7.3%. Even as yields rise, government bonds and best-buy savings accounts will struggle to compete with that.

So why have LondonMetric’s shares plunged? Like the rest of its sector, it’s been hit by rising interest rates, which drive up borrowing costs and put pressure on commercial property values. LondonMetric has some protection though, as 99.8% of its debt is fully hedged against interest rate fluctuations, at an average rate of 4%.

LondonMetric is top of the Buys

Its shares may idle while inflation fears persist, and could fall further if the Bank of England hikes interest rates. The risk is reflected in a reduced price-to-earnings (P/E) ratio of just 12.75. There’s another potential attraction. When inflation finally falls, along with yields, LondonMetric’s share price might recover at speed. There are no guarantees and you may need patience, but it’s worth considering.

The second-most-popular stock is another FTSE 100 income hero, tobacco giant Imperial Brands. Its shares have fallen 15% over the past year, but look cheap on a P/E ratio of 8.5. Its forward yield is an impressive 7%. Reminder: no dividend is guaranteed.

The third-mostpopular stock is Elon Musk’s SpaceX, as post-IPO excitement continues. Yet views are mixed. It’s also today’s single most-sold stock, according to AJ Bell.

Dividends rule today

Another US tech giant, Nvidia, is n fourth place popularity-wise but also the second-most-sold. Rolls-Royce rounds off the top five buys, but is also fourth-most-sold.

Investors are also selling BP, perhaps thinking its recent oil-price-fuelled surge has gone far enough, and dumping US chipmaker Micron Technology. Right now, US tech looks more like a threat to people’s Stocks and Shares ISAs than an opportunity.

It’s good to see investors focusing on British names, particularly those paying dividends. And here’s another top UK dividend income stock to consider today…

What income stock do we like better than LondonMetric Property Plc right now?

One of our Share Advisor analysts has just released a brand new stock report that we think is a must-read for any investor looking to try and generate potential income.

And the best bit is that you can see if for yourself, right now, absolutely free of charge!

No jargon. No hard sell. Just a clear look at an income share we think is worth your time.

Harvey Jones owns shares in BP, Nvidia and Rolls-Royce.