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29 May 2019 | 08:29

Capital Gearing net assets get boost from rebound in markets

Capital Gearing reported a rise in net assets equity and credit markets bounced back after slump late last year, though added that a headwinds could halt the rally in global markets at 'any time.' For the year ended 5 April, the net asset value per share was 4,082.0p, representing a total return of 7.9%, while the share price rose by 7.4% in total return terms to 4,170.0p. After a disappointing outcome in the fiscal 2018, when the growth in NAV per share had failed to match inflation for only the second time since 2000, performance in this most recent year was more encouraging, with 'growth in NAV per share matching the MSCI UK Index (+7.9%) and outstripping the UK Retail Price Index (+2.4%),' the company said. The company proposed a total dividend of 35.0p a share, comprising an underlying dividend of 23.0p per share and a special dividend of 12.0p per share. The total payment of 35.0p per share was up from 27.0p a share last year 'Despite the recent rebound in equity and fixed interest markets from a sharp sell-off at the end of calendar year 2018, confidence in financial markets appears narrowly based,' the company said. 'Central banks have recently blinked when confronted by investor reaction to the possibility of higher short-term rates. This has provided some temporary relief, but major unresolved issues such as Brexit, the rise and impact of populist politics, the Sino-US trade negotiations and conflicting signs of a slowdown in global growth, could at any time lead to an evaporation of this market rally.'

At 8:29am: (LON:CGT) Capital Gearing Trust Plc share price was +10p at 4250p

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