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LONDON (Alliance News) - Aberforth Smaller Cos Trust PLC on Wednesday increased its interim dividend as it outperformed benchmark index in the first half of 2018.
The trust, which invests in small UK-quoted companies, reported a net asset value total return of 2.6% for the six months ended June 30, outperforming the Numis Smaller Companies Index (excluding investment companies), which returned negative 1.2%.
Aberforth's net asset value per share as at June 30 was 1,554.75 pence, up from 1,543.72p on the same day the year before.
The trust has proposed an interim dividend of 9.5 pence per share, up 5.0% from 9.05p the prior year.
The company's share price total return was 8.3%. Share price stood at 1,406.00p at the end of the period, representing 9.6% discount to NAV.
The stock was trading 0.4% higher on the day Wednesday at 1,357.00 pence per share.
"After the very good stock market returns enjoyed in 2017, this year has begun more modestly," said Chairman Paul Trickett. "The Brexit journey continues."
"Politicians from all sides contribute to the uncertainty, the public trade opinions, large companies lobby and meanwhile small businesses appear to be just getting on with it," added Trickett.