29th May 2020 11:32
(Alliance News) - AVI Global Trust PLC on Friday said it underperformed its benchmark as net asset value returns plunged significantly.
The FTSE 250-listed stock was trading 0.7% lower at 655.60 pence each on Friday morning in London.
The London-based investment company said that for the six months to the end of March, its NAV total return was negative 25%, while its benchmark the MSCI All-Country World Index, excluding USA, Index in sterling terms returned negative 17%.
Its share price at March 31 was 802.00p, representing an 11% discount to NAV. Share price total return was negative 24%.
AVI Global said its results were hurt by the outbreak of Covid-19, and the volatility it caused to markets.
However, it hiked its interim dividend payout to 6.0p from 2.0p the year prior, adding that it intends to propose a final dividend of at least 10.5p later in the year.
Looking ahead, Chair Susan Noble said: "The outlook is uncertain and there is much debate about the sustainability of the recent rally in equity markets, which appear to be looking forward to the point where lockdowns are eased around the world and economic activity returns to more normal levels. This is, however, far from certain as governments continue to try to balance economic damage with the risk of the infection rate overwhelming health care facilities, with varying success."
By Ife Taiwo; [email protected]
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