6th May 2014 16:07
LONDON (Alliance News) - The City of London Investment Trust PLC Tuesday said its net asset value per share increased slightly in the last quarter, and outperformed its benchmark index.
The UK-based investment company said its portfolio remains predominantly invested in large capitalisation companies listed in the UK with global operations.
The trust said its net asset value per share at the end of the three months to March 31, increased 0.4%. Its benchmark, the FTSE All-Shares Index declined by 0.6% during the quarter.
The trust said that during the quarter, gearing increased to 8.6% as at March 31, up from 7.5% as at December 31, 2013.
It said that at March 31, its share price was trading at a premium of 2.1% to the net asset value, income-inclusive, with debt at fair value, compared with a premium of 1.9% as at December 31, 2013.
Shares in the City of London Investment Trust closed 0.2% higher Tuesday at 380.80 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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