Why is Bankers Investment Trust Plc (NZX:BIT) stock trading higher?

The Investment company - The Bankers Investment Trust Plc (NZX:BIT) shared its annual financial report for the year ended 31 October 2020 and most of the elements of its portfolio, posted gains. 

Here are some of the highlights:

  • NAV total return growth was noted at 5.3% as compared to 12.1% in 2019.
  • Share price total return rise of 8.1% while in 2019 it remained at 13.6%.
  • Average premium to NAV was at 0.3% and in 2019 the average discount was 1.5%.
  • Dividend/distribution boost of 3.1% to 21.54p/share, whereas, in 2019 it was at 6.0%.
  • Earnings per share fell by 22% to 16.83p from 21.61p of 2019.

The Company revealed that four of its local portfolios produced positive returns and all outpaced their corresponding local standards over the financial year.

The overall growth of the Company was hit by the pandemic as most of the firms wanted to have cash with them to deal with the consequences on the COVID-19 induces pandemic.

Meanwhile, the stock BIT was quoted trading at NZ$21.25, up 0.14% at 4:35 PM NZDT.

Read More; The Bankers Investment Trust Plc (NZX:BIT) ends FY20 on a positive note

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