City of London Investment Trust posts rise in gearing and NAV

20th Apr 2012 15:23

City of London Investment Trust has said that during the quarter ended March 31st its portfolio remained biased towards non-cyclical and global companies.Gearing increased from 9% at December 31st to 10.1% at March 31st. Purchases exceeded sales by £20.3m. During the quarter net assets rose from £651.6m to £686.2m, while net asset value increased from 282.94p to 292.60p. The yield fell from 4.7% to 4.6%. At March 31st the share price was trading at a premium of 2.7% to the net asset value, compared to 0.7% at December 31st. A third interim dividend of 3.52p per share for the year ended June 30th has been proposed. NR