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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Blackrock New S | LSE:BRNS | London | Ordinary Share | GB00B4KTTT60 | SUB SHS 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.29 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
BLACKROCK NEW ENERGY INVESTMENT TRUST plc All information is at 30 September 2013 and unaudited. Performance at month end with net income reinvested One Three Six One Five Since launch Month Months Months Year Years (23 Oct 00) Net asset value (Undiluted) 2.5% 4.9% 6.4% 24.0% -18.3% -53.0% Share price 2.5% 7.3% 4.5% 31.2% -25.0% -59.1% Source: BlackRock At month end Net asset value - capital only (undiluted): 44.23p Net asset value - cum income (undiluted): 44.60p Net asset value - capital only (diluted): 44.23p Net asset value - cum income (diluted): 44.60p Share price: 40.50p Discount to cum income NAV*: 9.2% Subscription share price: 0.25p Net yield*** 0.37% Total assets including current year revenue: £104.79m Gearing: Nil Ordinary shares in issue**: 234,985,619 Subscription shares in issue: 45,614,192 * Discount to NAV based on cum income undiluted NAV. ** Excludes 11,900,000 shares held in treasury. *** Based on a final dividend of 0.15p per share in respect of the year ended 31 October 2012. Benchmark Sector Analysis Total Assets (%) Country Analysis Total Assets (%) Enabling Energy & Infrastructure 27.4 USA 30.2 Energy Efficiency 23.0 Denmark 8.6 Renewable Energy Developers 20.5 China 8.2 Alternative Fuels 12.8 United Kingdom 8.0 Renewable Energy Technology 11.1 France 6.8 Net current assets 5.2 Canada 6.0 ----- Germany 5.4 100.0 Portugal 3.8 ===== Switzerland 3.4 Finland 2.7 Ireland 2.2 South Africa 2.2 Italy 2.0 Belgium 1.8 Australia 1.6 Brazil 1.1 Japan 0.8 Net current assets 5.2 ----- 100.0 ===== Ten Largest Investments (in alphabetical order) Company Country of Risk ABB Reg Switzerland EDP Renovaveis Portugal ITC Holdings USA Johnson Controls USA Johnson Matthey United Kingdom NextEra Energy USA Novozymes Denmark Schneider Electric France Trina Solar China Vestas Wind Systems Denmark Robin Batchelor and Poppy Allonby, representing the Investment Manager, noted: The NAV of the Company increased by 2.5% in September. For reference, the MSCI World Index returned 0.1% and the WilderHill New Energy Global Innovations, an index that is representative of the sector, returned 5.7% (DataStream, in sterling terms). September saw an improvement in risk appetite. The decision from the US Federal Reserve to delay the tapering of its quantitative easing programme came as a positive surprise for equity markets, while the re-election of Angela Merkel in Germany provided greater clarity for Europe, driving the outperformance of European equities. On the macroeconomic front, Chinese leading indicators surprised on the upside with industrial production, investment growth, electricity production and PMIs all showing improvements. The Intergovernmental Panel on Climate Change (IPCC) released their new report over the month stating with 'extreme confidence' that human influence has been the prevailing factor in the global warming experienced since the mid-50's. While this information does not have significant direct impact on the sector, any reminder of the challenges of industrial activity and traditional energy production refocuses people's attention on the new energy industry. In September, the US Solar Energy Industries Association (SEIA) made a proposal for a settlement between the U.S. and Chinese solar industries. Although it appears we are still far from a resolution to the on-going trade war between the two countries, signs that the US is making efforts to solve the current conflict was beneficial to the solar sub-sector. Performance Encouraging evolutions in the solar market, as well as continued support from the Chinese government of companies in the solar industry, helped our solar holdings with exposure to China such as Trina Solar and Yingli Green Energy. Vestas Wind Systems announced a tie-up with Mitsubishi in their offshore wind operations. The announcement was well received by investors as it effectively reduces significantly Vestas' operational risk and capex for its activities in the offshore space. On the negative side, UK utility stocks had a challenging period after the British opposition party pledged to freeze gas and electricity prices if elected in an attempt to curb rising consumer bills. Portfolio Activity Over the month, we took profits in a number of renewable energy developers while increasing our position in an engineering and construction company. Outlook The Company has been positioned to benefit from areas of the New Energy sector that are experiencing strong near-term growth. The pain that the Renewable Energy Technology sub-sector has suffered is showing little sign of imminent relief despite some recent positive newsflow. The price of a solar module has fallen by approximately 70% from the start of 2009 rendering many producers loss making, and, despite demand growth, the industry remains over-supplied. We continue to believe that consolidation is required to create a sustainable industry. We remain cautious on investment in the space and continue to prefer opportunities among the Renewable Energy developers. At the other end of the spectrum, and with some positive momentum due to a more optimistic industrial outlook, lie the Enabling Energy and Infrastructure companies and certain Energy Efficiency players who are enjoying bumper growth. The natural gas revolution and power grid expansion in the US has sparked an investment up-cycle in energy infrastructure spending which continues to gather momentum. Energy Efficiency has also benefitted from corporate and government cost saving - legislation to incentivize the adoption of energy efficiency technology is a more appealing option to a cash strapped government than a renewable energy subsidy. We believe that sector valuations are generally attractive, both relative to history and to broader equity markets, and there is scope for the positive sector fundamentals to be supported by continued M&A. At a General Meeting of the Company held on 25 July 2012 shareholders approved the removal of the requirement for an annual continuation vote and replaced it with the obligation for the Board to put forward proposals that shareholders be given the opportunity to elect to receive an amount per share in cash of NAV less applicable costs, shortly after the AGM in 2014. 11 October 2013 ENDS Latest information is available by typing www.brneplc.co.uk on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal). Neither the contents of the Manager's website nor the contents of any website accessible from hyperlinks on the Manager's website (or any other website) is incorporated into, or forms part of, this announcement.
Copyright r 10 PR Newswire
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