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TwentyFour Select Monthly Income Interim Net Assets Fall Amid Covid-19

26th May 2020 15:52

(Alliance News) - TwentyFour Select Monthly Income Fund Ltd on Tuesday reported a fall in net asset value but held its interim dividend.

The investment's firm's net asset value per share at March 31 was 20% lower year-on-year at 72.40 pence from 90.00p.

TwentyFour Select Monthly declared dividends totalling 3.00p, flat year-on-year.

"Not in living memory have risk assets seen such a dramatic sell-off, over such a short period of time, as they did in March 2020. This was obviously the dominant factor for the six-month period ended March 31. In the preceding five months, market sentiment was driven by a strong technical backdrop, driving credit spreads ever tighter as yield became an ever more scarce commodity," TwentyFour said.

"The team will be paying very close attention to coronavirus developments; signs that it is plateauing in the current hotspots, how China recovers as it reopens its economy, and any progress towards mass testing and vaccines. These are currently the key drivers of sentiment and will be a big factor in determining market direction."

Shares in the company were 0.5% lower at 79.59p each in London on Tuesday afternoon.

By Eric Cunha; [email protected]

Copyright 2020 Alliance News Limited. All Rights Reserved.

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