19th May 2015 15:06
LONDON (Alliance News) - Ecofin Water and Power Opportunities PLC Tuesday said its net asset value fell 12% in the first half of the financial year, performing "unfavourably" against its benchmark index due to the fall in oil prices.
Ecofin's net asset value per share fell 12% to 187.09 pence at the end of March, from 212.66 pence at the end of September 2014, which compares unfavourably against the broader equity markets.
The MSCI World Index of developed country equity markets rose by 13.4% on a total return basis and in sterling terms over the same period whilst the MSCI World Utility Index rose by 8.9% and the MSCI World Energy Index fell by 9.6% on the same terms.
"The performance of the company and the sectors in which it invests varied considerably between the fourth quarter of 2014 and the first quarter of 2015. Most of the company's relative under-performance occurred in the fourth quarter of 2014 and was largely attributable to the dramatic fall in the oil price over the quarter and to a broad, indiscriminate sell-off of energy companies' shares," it said in a statement.
Ecofin shares fell 7% over the half year ended March 31, whilst the total return per share fell 4.7%, it said.
Ecofin shares were up 0.8% to 148.24 pence per share on Tuesday afternoon.
By Joshua Warner; [email protected]; @JoshAlliance
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