28th Mar 2019 18:17
LONDON (Alliance News) - New Star Investment Trust PLC on Thursday said its net asset value increased in the first half of its current financial year.
The investment company reported NAV per share of 148.54 pence as at December 31, down 5.3% from 156.80p at the end of June last year.
New Star's share price at the end of the year stood at 105.00p, representing 29% discount to NAV.
The stock closed 0.9% higher on Thursday at 108.00p a share.
The company's NAV total return in the first half was negative 4.6%. In comparison, the MSCI AC World Index returned negative 5.5% and the MSCI UK Index retuned negative 10%.
New Star lifted its interim payout to 1.00p, having paid 0.80p for the same period a year earlier.
"The combination of share price falls in late 2018 despite rising global corporate earnings left equities trading in early 2019 on lower earnings multiples and higher dividend yields than a year previously," said Chair Geoffrey Howard-Spink.
"Global economic growth has, however, slowed and is likely to slow further during 2019 and this
may put corporate profitability under pressure," Howard-Spink added.
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