30th Oct 2018 17:36
LONDON (Alliance News) - International Biotechnology Trust PLC said Tuesday that its annual net asset value per share increased by 8.6% despite market volatility.
For the year ended August 31, the company's net asset value per share increased to 699.0 pence from 672.9p a year prior. Net asset value was up to GBP262.5 million from GBP252.7 million.
However, the company said it underperformed against its benchmark the NASDAQ Biotechnology Index (NBI), as the its total return stood at 8.6% versus an NBI return of 10.1%.
By contrast, the FTSE All-Share Index provided a total return of just 4.7%, demonstrating another strong year of growth and returns for biotechnology investors, the firm added.
The company said: "The US political environment and the threat of President Trump's drug pricing war contributed to the volatility throughout the year, but the market reacted positively to his proposals in July, resulting in a year of strong returns for the sector."
The company will hold its annual general meeting on December 12.
International Biotechnology shares closed up 1.9% at 589.94p each.
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