Blackrock Income & Growth Investment Trust PLC - London-based investment trust - Outperforms benchmark in half-year ended April 30. Net asset value per share climbs to 207.67 pence from 203.13p at October 31, up 2.2%. Net asset value total return of 4.5% tops 3.1% of its benchmark, the FTSE All-Share Index. Declares unchanged dividend of 2.60 pence per share. Looking ahead, notes inflation, saying ‘we still do not know whether the current inflationary trends are temporary or structural.’
Bullish on the UK: ‘We see the fundamental valuation of the UK as attractive. We also view the outlook for ordinary dividends for the UK market with optimism as most companies have emerged from the Covid-19 crisis with appropriate dividend policies.’
The trust adds: ‘The UK stock market has started the year far better than any other developed market indices, benefiting from a far lower, and thus more attractive, starting valuation. The benchmark index has benefited from the lack of a widespread re-rating seen in many other markets as well as its relatively high exposure to commodities.’
Current stock price: 180.00 pence, up 1.7% in London on Wednesday
12-month change: down 7.7%
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