LONDON (Alliance News) - Majedie Investments PLC on Wednesday said its net asset value with debt at face value rose by 3.4% and its share price fell by 0.7% in the six months ended March 31, both on a total return basis. Over the six months the FTSE All-Share Index and MSCI World Index rose 3.5% and 10.9% respectively.
"In general, stock markets were volatile, particularly in early 2016, although markets have rallied from the low point reached in mid February," Chief Executive William Barlow said in a statement.
The investment trust's shares, which have traded periodically at a premium to NAV with debt at fair value in the last eighteen months, are now trading at a discount.
Among the reasons for the shares trading at below NAV, according to Barlow, were widening discounts across the investment company sector amid market volatility and the UK's June 23 referendum on whether to remain a member of the EU or leave.
Shares in Majedie Investments were up 0.7% at 255.64 pence Wednesday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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Majedie Inv. (MAJE)