5th May 2016 15:19
LONDON (Alliance News) - JPMorgan Elect PLC on Thursday said it faced a "sizeable headwind" in the first half of its financial year.
"The combination of a weaker Chinese economic outlook, a slump in oil prices, renewed concerns over European bank solvency and the first Fed rate hike in a decade amounted to a sizeable headwind," Chairman Angus Macpherson said in a statement.
The total return on the trust's net assets was -1.3% for its managed growth portfolio and -1.1% for its managed income portfolio. The total return on the managed cash portfolio was +0.3%. The first-half spanned the six months ended February 29.
"It is unlikely that the volatility markets have been experiencing will reduce in the second half. The uncertainty surrounding the global economy, the unusually low interest rate and inflation environment and the pending vote on continued membership of the EU conspire to challenge the market's equilibrium," Macpherson said.
The stock was down 1.0% at 586.08 pence Thursday.
By Samuel Agini; [email protected]; @samuelagini
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
JPE.L