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LONDON (Alliance News) - Bankers Investment Trust PLC's chairman is hoping to see further returns from global equities in the remainder of the trust's financial year.
The trust's net asset value total return per share was 13.3% in the six months ended April 30, which is the first half of its financial year, compared with a FTSE All-Share Index total return of 9.2%, the trust said on Thursday. The share price total return of 13.9%, which the trust put to the narrowing of the discount at which the shares trade to NAV to 4.9% from 5.5%.
Chairman Richard Killingbeck said that healthy levels of corporate confidence, helped by the strength of companies' balance sheets, means there is hope for "some further positive returns from global equities for the balance of the year".
In January, the chairman had said it was tough for even the "most optimistic" chairman to be more than cautiously hopeful for the year ahead, as he pondered whether deflation could be stopped, the implication of the decline in the price of oil, and if China could maintain the growth of its economy.
"The concerns that I highlighted in my year-end report mostly remain with us today and could resurface to become more influential in determining market sentiment. However this 'wall of worry' is starting to diminish in its influence on investor thinking and with corporate confidence remaining at high levels, helped in part by continued strength in corporate balance sheets, one would hope for some further positive returns from global equities for the balance of the year," the chairman said on Thursday.
Bankers Investment Trust shares were down 0.2% at 644.00 pence early Thursday morning.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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