(Alliance News) - Gunsynd PLC on Thursday remained optimistic about the impact of interest rate tightening on commodities, despite reporting a wider interim pretax loss from last year.
Gunsynd is a London-based investment company focused on acquiring companies and projects within the natural resources and life sciences sector.
For the six months ended January 31, the firm reported a pretax loss of GBP576,000, widened from a loss of GBP310,000 a year prior.
The realised and unrealised market valuation on financial investments for the period was a loss of GBP305,000 from a GBP56,000 loss the previous year. As at January 31, Gunsynd had net assets of GBP3.3 million, down from GBP6.0 million, including cash balances of GBP304,000, down from GBP1.1 million.
"During the period, we sold some shares to realise some gains. However, in general, as well as specifically for a number of the company's investee companies, equity prices (and particularly equities on ASX) declined substantially during the period particularly at the small cap level," said Chair Hamish Harris.
"The board believes that the end of the interest rate tightening cycle is nearer rather than further away and this should be positive for commodities and that equity markets ex technology should recover in the latter part of 2023."
Gunsynd shares were flat at 0.38 pence each in London on Thursday afternoon.
By Holly Beveridge, Alliance News reporter
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Gunsynd (GUN)