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19 Dec 2018 | 14:41

Blackrock World Mining Trust suspects 'peak pessimism' in trade wars

Blackrock World Mining Trust said its net asset value fell by 4.4% in November, though it mused markets could be at 'peak pessimism' on trade wars.

The fall was deeper than a 2.7% decline on the EMIX Global Mining Index.

Blackrock World Mining Trust's biggest holdings include Rio Tinto, BHP and Vale.

'November was a negative month for the mining sector as trade war concerns continued to weigh on global economic growth expectations,' the company said.

Underlying demand conditions in China, however, appeared to be stable, it added.

'We believe we could be at peak pessimism around trade wars and are looking to add risk in the company," Blackrock World Mining said.

'Meanwhile, mining shares are trading on attractive multiples versus history and relative to broader equities.'

At 2:41pm: (LON:BRWM) Blackrock World Mining Trust Plc share price was +2.5p at 337p

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