27th Apr 2020 18:46
(Alliance News) - BlackRock Greater Europe Investment Trust PLC on Monday reported a net asset value fall during its first half but added that it has outperformed its benchmark.
In the six months to February 29, its net asset value per share was down 2.0% to 391.61 pence, from 399.52p.
Shares in the company closed 0.9% lower at 347.00p each in London on Monday.
"At the start of the year, European markets fell as investors became concerned about the Covid-19 outbreak in China and its potential impact on financial markets and global trade. The spread of the coronavirus to other countries, compounded by plunging oil prices after Saudi Arabia said they would ramp-up oil output, then sent global stock markets tumbling," BlackRock Greater Europe said.
Its net asset value per share returned negative 1.0% during the period, outperforming the FTSE World Europe ex UK Index which returned negative 5.1%.
So far in the second half, the investment trust's NAV per share has lost another 6.8%, though this compares favourably to a 9.3% fall in the FTSE World Europe ex UK Index.
BlackRock Greater Europe raised its interim dividend by 37% to 0.56p per share from 0.41p.
"The coronavirus outbreak and containment measures have continued to disrupt the world's economies and asset markets, despite significant monetary steps having been taken. The scale of market moves has been reminiscent of the global financial crisis and some sectors will be particularly badly impacted. The depth and duration of the economic impact is unclear, as there is considerable uncertainty around how long containment measures will be needed and how quickly economic activity will restart," BlackRock Greater Europe added.
By Eric Cunha; [email protected]
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