20th Dec 2019 18:06
(Alliance News) - Jupiter Green Investment Trust PLC on Friday said it outperformed against its benchmark and reported a rise in net asset value in the first six months of its financial year.
NAV per share as at September 30 came in at 203.74 pence, up from 188.70p reported at the end of March.
The trust's NAV total return during the period was 8.6% compared to returns of 7.4% for the company's benchmark, the FTSE ET100 TR index.
The trust declared an interim dividend of 1.10 pence.
Jupiter Green said the last six months have been challenging, but said global equity markets have weathered the "various storms", most notably the US-China trade war, to close the period with solid gains.
The trust pointed to "significant monetary policy U-turns" from major central banks as a reason for the global equity market rally.
The US Federal Reserve cut headline interest rates three times in 2019 while the European Central Bank, which ended its asset-purchase programme at the end of 2018, was forced to reinstate these measures during former President Mario Draghi's last few months at the helm.
"For UK equities, Brexit has continued to dominate the headlines. The company's limited direct exposure to the UK helps to contain risks, as does its thematic focus, which is on balance driven more by structural economic drivers rather than cyclical. Nevertheless, your fund manager continues to monitor developments closely," Chair Michael Naylor said.
The stock closed up 2.3% at 202.00 pence on Friday.
By Arvind Bhunjun; [email protected]
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