Blackrock Income & Growth Beats Benchmark But Net Asset Value Shrinks

(Alliance News) - Blackrock Income & Growth Investment Trust PLC on Monday posted a net asset ...

Alliance News 1 February, 2021 | 11:55AM
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(Alliance News) - Blackrock Income & Growth Investment Trust PLC on Monday posted a net asset decline, though the investor did beat its benchmark during the Covid-19 hit year.

NAV per share fell 20% to 161.70 pence in the 12 months to October 31, from 201.30p.

Shares in the company were up 1.3% at 179.25p each in London shortly before midday on Monday.

The company posted a net asset value per share return of negative 17%, comparing favourably to the FTSE All-Share Index, which returned negative 19%.

"Despite the obvious challenges of the pandemic and a global economic backdrop which remains uncertain and unpredictable, we nevertheless believe there are grounds for optimism. Governments and central banks across the globe have responded to the economic impact of the Covid-19 pandemic with unprecedented fiscal and monetary stimulus, and we have seen many markets rally in response. In addition, the diagnosis and treatment of the virus has developed significantly since the initial outbreak," Blackrock Income & Growth said.

"Vaccinations have begun to be administered here in the UK and programmes are expected to begin in other countries before long and markets have responded positively to this news."

The company held its payout at 7.20p per share.

The investor added: "Infection levels have been rising in many countries across the globe in recent months. However, several vaccines have either been approved and begun being deployed or are in the final stages of testing. Efficacy levels are high, providing some hope for a return to some form of normality, although the challenge of distributing and administering a vaccine to the majority of the population should not be underestimated."

By Eric Cunha; ericcunha@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
BlackRock Income and Growth Ord 183.00 GBX 0.00

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