22nd Nov 2019 11:35
(Alliance News) - Utilico Emerging Markets Trust PLC on Friday said it was ahead of its benchmark in the first half of its current financial year amid growth in net asset value.
The stock was trading 0.7% lower in London on Friday around midday at 225.50 pence a share.
The investment company reported a 7.6% increase in NAV per share to 268.75 pence as at September 30 compared to 226.81p a year prior.
"I am pleased to report that, in volatile markets, Utilico Emerging has continued to deliver a positive performance, achieving a NAV total return for the six months of 9.0%, ahead of the MSCI EM Total Return Index, GBP adjusted, which was up 1.8%," said Chair John Rennocks.
Utilico Emerging explained that the past six months has seen rising economic and stock market volatility and presented a "challenge" for UK domestic emerging markets investors, especially in the face of continued Brexit uncertainties.
In August, the company declared the first quarterly dividend of 1.80p per share in respect of the year to the end of March 2020 and recently announced an increased second quarterly dividend of 1.925p per share.
With the third and fourth quarter dividends at this increased level, the company said this year's dividends would amount to 7.575p, an uplift of 5.2% over the previous year.
By Evelina Grecenko; [email protected]
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