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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 November 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 -1.3% 4.6% 3.9% 26.8% 13.8% -52.0% Share price -2.2% 10.8% 10.8% 37.9% 31.8% -55.9% Source: BlackRock At month end Net asset value - capital only: 45.25p Net asset value - cum income: 45.54p Share price: 43.75p Discount to cum income NAV*: 3.93% Subscription share price: 0.25p Net yield** 0.34% Total assets including current year revenue: £107.1m Gearing: Nil Ordinary shares in issue***: 234,988,568 Subscription shares in issue***: 45,611,243 * Discount to NAV based on cum income undiluted NAV. ** Based on a final dividend of 0.15p per share in respect of the year ended 31 October 2012. *** 2,949 subscription shares exercised Benchmark Sector Analysis Total Assets (%) Country Analysis Total Assets (%) Enabling Energy & Infrastructure 27.5 USA 32.0 Energy Efficiency 25.8 Denmark 8.9 Renewable Energy Developers 20.0 China 7.8 Alternative Fuels 11.5 United Kingdom 7.4 Renewable Energy Technology 10.5 France 6.9 Net current assets 4.7 Germany 5.7 ----- Canada 5.2 100.0 Portugal 3.8 ===== Switzerland 3.8 Ireland 2.4 Italy 2.3 South Africa 2.2 Finland 2.1 Belgium 1.6 Australia 1.4 Brazil 1.1 Japan 0.7 Net current assets 4.7 ----- 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 Regal Beloit USA Schneider Electric France Vestas Wind Systems Denmark Robin Batchelor and Poppy Allonby, representing the Investment Manager, noted: The NAV fell by 1.3% in November. For reference, the MSCI World Index fell by 0.2% and the WilderHill New Energy Global Innovations, an index that is representative of the sector, fell by 1.8% (Datastream, in sterling terms). Withdrawal of monetary stimulus remains an issue at the forefront of investors' minds. In mid-November, Janet Yellen indicated that the US central bank would continue with loose monetary policy until the US economy was in a stronger position, stating that the Federal Reserve had "more work to do". These comments came at a time when investors were preparing for imminent withdrawal of stimulus. Iran and six world powers came away from the negotiating table with an agreement on the 'first steps' towards a comprehensive resolution over Iran's nuclear programme. Despite being a major political step, this progress had a relatively minor impact on oil markets. Brent crude sold off on the news, but it has since recovered finishing at $111/bbl, 3.2% up over November. November also saw the UN Climate Change Conference held in Warsaw. This conference was aimed at keeping governments on track towards a 2015 universal climate agreement. Governments are now beginning work on a draft text of the universal agreement, scheduled to be on the table at the 2014 UN Climate Change Conference in Peru. Performance A position in Johnson Controls was among the largest contributors to performance as the firm progressed with its strategic review and continued looking at divesting some of its non-core assets, which was well received by investors. Johnson Matthey also buoyed performance as the firm benefitted from continued improvement in the European automotive markets. According to the ACEA, EU new passenger car registrations were 4.7% higher in October 2013 than in October last year. This was the largest year on year increase since 2009. A position in electricity transmission company ITC Holdings detracted from performance as the stock reacted unfavourably to an official complaint filed against them. Portfolio Activity We reduced our exposure to the UK power market, owing to increased uncertainty and political risk surrounding the sector. Further to this, we sold out of a provider of natural gas fuel and we also sold out of an energy efficiency 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 sector 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 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. 13 December 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 13 PR Newswire
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