LONDON (Alliance News) - The European Investment Trust PLC Tuesday proposed a higher final dividend after it outperformed its benchmark index in its last financial year.
Net asset value total return was 28.9% for the year to end-September compared with a 27.1% return for the FTSE All-World Europe ex UK Index.
The share price discount to net asset value narrowed to 10.9% from 16.8%, while the share price total return was 38.6%.
It has proposed final dividend of 14.0 pence and a special dividend of 4.0 pence, a total of
18.0 pence, an increase of 12.5% on last year's final payout.
"The rally in European equities has narrowed valuation opportunities. Two current areas of undervaluation are the geographical periphery of Europe (28.4% exposure) and the telecoms sector (9.9% exposure)," it said in a statement.
The trust's shares were up 0.3% at 742 pence Tuesday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
Copyright 2013 Alliance News Limited. All Rights Reserved.
