(Alliance News) - Perpetual Income & Growth Investment Trust PLC on Wednesday said it underperformed its benchmark in the first half of its current financial year due to a decline in net asset value.
The investment firm said its NAV total return over the six months to the end of September was negative 1.2%, while its benchmark, the FTSE All-Share Index, returned positive 4.6%. Share price total return, meanwhile, was negative 1.0%.
The stock was trading 1.6% lower in London on Wednesday afternoon at 306.10p a share. They had been trading at 312.0 pence each on September 30, representing an 11% discount to NAV, which stood at 351.9p on the same date. In comparison, a year ago, Perpetual's NAV was 323.5p.
Perpetual Income & Growth increased its dividend by 4.6% to 6.80p from 6.50p paid a year prior.
"The portfolio experienced mixed results," said Chair Richard Laing.
The company highlighted that UK stocks suffered from the uncertainty around Brexit, whilst there was also a negative market sentiment towards tobacco stocks.
In contrast, a number of other holdings, including in particular some focused around UK domestic opportunities, did well.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
Copyright 2019 Alliance News Limited. All Rights Reserved.
