24th Feb 2020 10:14
(Alliance News) - London Finance & Investment Group PLC on Monday reported a rise in first-half net assets, but was outperformed by two benchmark indices.
Net asset value per share at December 31 was 63.00 pence, a 6.7% rise from 59.00p at the end of June.
Shares in the company were untraded at 42.00p each in London on Monday morning. In Johannesburg, they were 2.9% lower at ZAR6.80 apiece.
London Finance reported that the value of its general portfolio edged 0.2% higher during the period, compared with increases of 1.6% and 7.2% in the FTSE 100 index and the FTSEurofirst 300 index, respectively.
The company held its interim dividend at 0.55p per share.
The investor said: "The company's investment performance since the year-end has been affected by the volatility in the markets and by the reduction in value of our strategic holdings. Although global stock markets have shown resilience and strength over the course of the last year, they are now close to all-time highs at a time when there is continued economic and political uncertainty.
"Accordingly, the board remains cautious about the potential impact of major geo political risks, including the outcome of future trading relationships with the European Union, and expects to see continued volatility in the equity and currency markets. These may impact further on the value of our investments."
Among what it labels its strategic holdings, are UK speciality baker Finsbury Food Group PLC and investment company Western Selection PLC.
By Eric Cunha; [email protected]
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