Manchester & London Investment Trust Ahead Of Benchmark In First Half

LONDON (Alliance News) - Manchester & London Investment Trust PLC said on Tuesday that it outperformed its benchmark in the first half of current financial year, helped by technology stocks.

The trust reported a net asset value total return of 13.5% for the six months to January 31. This compares to a 4.7% return over the same period from its benchmark, MSCI UK Investable Market Index.

The company said that the result was driven by its sector positioning. Manchester & London saw a 14.8% return in the technology investment sector, 5.2% return in consumer investment sector and 0.7% return in healthcare investment sector in local currencies.

Manchester & London's net asset value per share rose by 12% to 480.36 pence from 429.05p over the half-year.

The trust declared an interim dividend of 4.0p per share, up 33% compared to 3.0p a year before.

Manchester & London Chairman Peter Stanley said: "Global events, both political and economic, continue to produce uncertainty and volatility in equity markets worldwide. Within this challenging environment, our performance in the first half of the year has been satisfactory."

The stock was trading 4.4% lower at 416.90p per share on Tuesday.