Interim Management Statement

RNS Number : 0681T

Rights and Issues Inv Trust PLC

29 May 2009

 



Interim Management Statement

Rights and Issues Investment Trust PLC today issues its first interim management statement for 2009 covering the four months to 30th April 2009.

As has already been published, the unaudited net asset values at 30th April 2009 were:

25p Capital Shares          1695.0p    (1643.3p at the 31st December 2008) 

25p Income Shares          446.6p      (459.0p at the 31st December 2008)

After further falls of 10% in equities in the first quarter of 2009, there was a substantial recovery in April so that the FTSE All Share Index ended the four months with a net decline of 1.6%. The performance of the Trust exaggerated this pattern with a 15% fall in the first three months followed by an even larger recovery in April so that total group equity has risen by 1% to £39m as at 30th April.

The immediate outlook is dominated by very poor macroeconomic data. UK gross domestic product looks set to fall by over 4% in 2009, its weakest performance in over half a century. The public sector borrowing requirement at £170bn for 2009-10 is likely to exceed 12% of gdp. In both Europe and the United States, the position is also bleak. Smaller UK companies are therefore faced with the most difficult economic conditions in living memory and their performances will reveal their inherent strengths.

For further information:

Simon Knott  020-7415-4130

29 May 2009

 

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