22nd Feb 2016 11:22
LONDON (Alliance News) - UIL Ltd on Monday reported a negative total return in the first half of its financial year, missing its benchmark, which it said was due to global economic difficulties and a weakening Chinese economy.
The investment company said its total return in the six months ended December 31 was negative 2.2%, worse than its benchmark the FTSE All Share Total Return Index which posted a total return of negative 2.0%.
UIL said a positive performance within its Fintech and US dollar-based investments was offset by difficulties in its commodities and energy market investments following weakening commodity prices and a fall in oil prices.
"The divergence of so much of the world's economic activity will inevitably lead to higher market volatility and price movements. While we fundamentally believe the world's GDP continues to be positive, the next six months will be challenging. UIL's stock selection focus should enable UIL and its platforms to identify niche investment opportunities," Chairman Peter Burrows said in a statement.
Shares in UIL were trading down 2.2% at 98.80 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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