F&C trust sees 14% asset rise

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The Independent Online
FOREIGN & COLONIAL Investment Trust, Britain's oldest closed-end fund, yesterday said its net asset value per share rose 14 per cent in the first half as stock markets around the world surged. The largest UK general equities investment trust said first-half net asset value jumped to pounds 2.7bn, or 259.06 pence per share, from pounds 2.4bn in the second half of 1998.

The value of the fund, which has a fixed number of shares in issue, rose as stock indices climbed on both sides of the Atlantic, with the FTSE All-share index rising more than 7 per cent through the end of June, while the Dow rose 19 per cent. Foreign & Colonial also said the trust gained by pouring more money into Asia, benefiting from a 30 per cent increase in Japan's Nikkei 225 index.