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LONDON (Alliance News) - Securities Trust of Scotland PLC on Wednesday said its net asset value grew in the first half of its current financial year.
NAV per share in the six months to the end of September rose 5.5% to 187.11 pence from 177.41p reported for the same period a year earlier.
NAV total return was 11.1% over the six-month period, outperforming the peer group median of 10.7%. The peer group is made up of all relevant open- and closed-ended investment trusts, the company noted.
Securities Trust of Scotland maintained its interim payout at 2.90p a share.
During the first half, the share price discount to NAV widened to 7.6%, from 5.6% at the end of March. The company said it bought back 4.4 million shares in the first half at an average discount of 7.4%.
These buybacks contributed 0.3% to the increase in NAV over the period and helped to reduce the discount volatility, Securities Trust of Scotland said.
"The six months under review produced very strong returns overall in global equities, with key components being the US equity market and a strong dollar, despite the escalating trade tensions between the US and China," said Chairman Rachel Beagles.
Securities Trust of Scotland shares were up 0.8% on Wednesday at 162.32p each.