25th Jun 2014 12:58
LONDON (Alliance News) - BlackRock Income and Growth Investment Trust PLC Wednesday said it outperformed its benchmark in the first half of its financial year, delivering an absolute return in the process.
In a statement, the trust said its net asset value per share increased by 4.1% in the six months ended April 30, while the FTSE All-Share Index rose by 2.7%. Over the same period, the share price returned 2.6%. All of the increases were reported on a income reinvested basis.
At the end of April, the trust's NAV with income reinvested was 169.25 pence. Its shares were Wednesday quoted at 166.25 pence, down 1.0%.
"The NAV outperformance relative to the FTSE All-Share Index in the six month period was due principally to stock selection, where a number of our portfolio companies delivered improved earnings at a time when the trend was generally one of downgrades to forecasts across the corporate sector," Chairman Jonathan Cartwright said in a statement.
The trust said its NAV per share has risen by a further 1.2% since the end of the period, compared with a return of 0.7% from the FTSE All-Share Index.
"The company's portfolio, which is predominantly invested in companies with strong free cash flows and the capability to pay growing dividends, is well positioned to benefit notwithstanding continuing market uncertainties," Cartwright said.
By Samuel Agini; [email protected]; @samuelagini
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