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(Alliance News) - Manchester & London Investment Trust PLC on Friday reported a rise in net assets during the first half and upped its dividend.
Net assets attributable to shareholders at January 31 was 13% higher at GBP189.2 million from GBP167.0 million at the end of July.
Net asset value per share was 2.0% higher at 580.11 pence from 568.66p.
Shares in the company were down 1.3% at 481.52p each in London on Friday morning.
Manchester & London also outperformed its benchmark. The trust reported a total return of 3.4%, with MSCI UK Investable Market Index returning negative 0.8% over the six-month period.
The trust lifted its dividend by 17% to 7.00p per share from 6.00p.
Manchester & London said: "The information technology sector had a positive half year, illustrated by the Nasdaq rising low double digits over the period. Material positive contributors to the portfolio's performance included Microsoft Corp, Salesforce.com Inc, Nvidia Corp, Adobe Inc, Visa Inc and Mastercard Inc. There were no material negative contributors."
"Key variables for our second half performance are likely to be the extent of economic disruption from Covid-19, the upcoming US election, the trajectory of central bank balance sheets, movements in the US Sovereign Yield curve and the regulation of Technology companies globally."
By Eric Cunha; ericcunha@alliancenews.com
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