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The City of London Investment Trust Plc (NZX:TCL) has delivered its half-year update for the six months to 31 December 2020. The Trust’s performance was hampered by shutdowns in the UK last year but is hoping to return to normalcy in 2021.
- The Trusts total return for the period fell short of the All-Share index on the London Stock Exchange by 2.4 percentage points. The Trust returned 6.9% for the period.
- The Trust is encouraged by the rollout of Covid-19 vaccines in the UK. The Trust expects the UK economy to recover quickly due to the Bank of England’s extraordinary stimulus package.
- The trade deal struck between the UK and EU at the end of 2020 is expected to improve international sentiment toward UK-based equities moving forward.
On 4 March, at the time of writing, The City of London Trust shares were trading at $7.01.