20th Jan 2017 12:11
LONDON (Alliance News) - JPMorgan Russian Securities PLC said it delivered a positive performance in its most recent financial year, as the Russian market rallied due to rising oil prices.
JPMorgan Russian reported its total return on net assets for its financial year ended October 31, 2016, was 56.2%. This compares to a 50.8% return from its benchmark, the MSCI Russia 10/40 Equity Indices Index.
The company's net asset value per share stood at 544.3 pence at the end of the financial year, compared to 371.9p at the same date in 2015.
JPMorgan Russia proposed a final dividend of 8.0p, taking the total payout to 14.0p for the year. This compares to 13.0p, excluding a 4.0p special dividend, in 2015.
JPMorgan Russia said the rise in the oil price in 2016 led to a normalisation of trade in Russian equities. An underweight position in telecommunications and utilities contributed positively to the investment performance.
Shares in JPMorgan Russian Securities were up 0.3% at 538.00p Friday.
By Adam Clark; [email protected]
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