Witan narrows loss

17th Aug 2009 08:03

Investment trust Witan narrowed pre-tax losses to £8.77m in the six month ended 30 June compared with a loss of £139.32m last time.Net asset value total return was -0.59% in the half year compared with a benchmark return of -1.93% for the same period.The interim dividend has been maintained at 4.3p.'There may be some consolidation and even regression in stock markets over the summer months as markets have run up strongly over the second quarter and again more recently in July,' said the group.'However, given substantial cash balances on the sidelines, the historically low level of interest rates and comparatively few attractive alternatives for investors, we believe the greater risk lies in not being invested. Therefore, we will look to increase our effective gearing on any substantial market weakness.'