17th Sep 2013 15:16
LONDON (Alliance News) - Invesco Perpetual UK Smaller Companies Investment Trust PLC Tuesday said its net asset value per share rose 33% on the half-year after it made gains on holdings in a kitchen wholesaler and a digital print-head manufacturer.
Invesco Perpetual said its NAV per share on July 31 this year was 326.2 pence compared with 245.9 pence on the comparable date last year.
Invesco Perpetual said the increase was a result of its strong holdings in the support services and housebuilding sectors. Its two best performers, in terms of individual stock, were identified as kitchen wholesaler, Howden Joinery, and digital print-head manufacturer, Xaar, which saw strong demand from Chinese tile manufacturers and significant upgrades to earnings estimates.
It also said it added travel and leisure and retail sector companies because it anticipates government initiatives to stimulate the economy ahead of the general election in 2015.
"On balance we remain positive for the UK stock market, despite the strength of the market in recent years. However, we also remain vigilant should the current rise in bond yields extend further than expected and result in a more pronounced setback in markets," portfolio managers Richard Smith and Jonathan Brown said in a statement.
The trust declared an interim dividend of 1.6 pence, up from nil last year.
The trust's shares were Tuesday quoted at 308 pence, up 6.5 pence, or 2.2%.
By Samuel Agini; [email protected]; @samuelagini
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