30th Jun 2016 15:14
LONDON (Alliance News) - Ecofin Water & Power Opportunities PLC on Thursday reported growth in its net asset value per share in the first half of its financial year, although growth was lower than its benchmarks.
The investment trust said its NAV per share rose by 0.5% in the six months ended March 31, and by 3.1% on a total return basis. The FTSE All-Share index rose by 3.5%, while the MSCI World index rose by 11% and the MSCI World Utility index rose by 16%.
Ecofin said the results of its benchmarks were boosted by the strong dollar, while Ecofin itself was hit by a poor performance from portfolio companies exposed to the volatility in energy and commodity prices.
"On June 23, 2016, voters in the UK voted in a referendum to leave the European Union. The pound feel by 11.1% over the two business days following the vote and world equity markets fell sharply although the UK equity markets, as measured by the FTSE All-Share index, fell by less than eurozone markets," Chairman Ian Barby said in a statement.
"Market commentators are forecasting an extended period of uncertainty and, as a result, heightened volatility in world equity markets. Your company's portfolio, the majority of which consists of non-sterling assets, has held up well in the market sell-off as utilities have outperformed the broader equity markets," he added.
Shares in Ecofin were trading down 2.7% at 133.00 pence on Thursday afternoon.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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