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Independent Investment Trust Net Assets Decrease In First Half
(Alliance News) - Independent Investment Trust PLC on Tuesday said it underperformed its benchmark as its net asset value declined in the first half of its current financial year.
The investment company said NAV per share as at the end of May was 467.0 pence compared to 571.8p reported as at the end of November 2019, an 18% decline.
The price of Independent Investment Trust's shares stood at 414.0p at the end of May, representing an 11% discount to NAV.
The stock closed 3.3% lower on the day Tuesday at 406.09p a share in London.
The company reported NAV total return over the six months to the end of May of negative 17%, lagging the benchmark, the FTSE All-Share Index, which returned negative 16% over the same period.
Independent Investment Trust maintained its dividend payout for the half-year at 3.00p per share.
During the period, the company said it bought back 39,609 shares at a discount of 11%.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2020 Alliance News Limited. All Rights Reserved.
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