18th Sep 2018 12:08
LONDON (Alliance News) - ScotGems PLC on Tuesday said the weakening of the pound helped to improve the trust's performance in the first half of 2018, resulting in net asset value per share growth.
The investment company said NAV per share rose by 0.7% to 96.47 pence in the six months to the end of June, as the weakening of the pound had a positive impact on performance during the period.
Share price stood at 88.00 pence at the end of the period, representing 8.8% discount to NAV. The stock was untraded on Tuesday, last quoted at 86.82p per share.
ScotGems said its portfolio consisted of 22 holdings as at June 30, which generated an investment income of GBP280,000, up from GBP149,000 reported for the first half of 2017.
"The reality is that emerging markets are prone to political and economic uncertainty which often translates into stock market turbulence," the company said in the statement.
"As long-term investors we consider these volatile periods to offer opportunities to invest in high quality companies at more reasonable valuations," it added.
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