REG - UIL Limited UIL Finance Ltd Utilico Limited 2014 UIL Finance - UTLG Utilico Finance (D) - Publication of monthly factsheet

UILAnnouncement

15/08/2024 11:45

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240815:nRSO6282Aa&default-theme=true

RNS Number : 6282A  UIL Limited  15 August 2024

15 August 2024

 

UIL LIMITED

(LEI Number: 213800CTZ7TEIE7YM468)

 

Publication of monthly factsheet

 

The latest monthly factsheet for UIL Limited ("UIL" or the "Company") will
shortly be available through the Company's website at:

https://www.uil.limited/investor-relations/factsheet-archive
(https://www.uil.limited/investor-relations/factsheet-archive)

 

Monthly commentary

 

PERFORMANCE

UIL's NAV total return declined by 1.4% in July, underperforming the FTSE All
Share total return Index which increased by 3.1% over the month.

 

Global markets in July remained mixed, with pressure increasing on the US
Federal Reserve to cut interest rates in September on the back of softer
inflationary and labour market data. Headline inflation in the US fell to 3.0%
YoY, the second consecutive month of being lower than expected and the US
unemployment rate rose to 4.1% indicating a slowing labour market. The
attempted assassination of Donald Trump, and the withdrawal of President Biden
from the US presidential race, leading to the endorsement of his vice
president Kamila Harris, added to the market volatility. In July the S&P
Index was up by 1.1% whilst the Nasdaq Composite Index struggled being down by
0.75%, affected by concerns around whether big tech stocks can deliver on
their heavy AI investments. The US Dollar weakened during the month,
depreciating 1.6% against Sterling.

 

Within Europe, the European Central Bank (ECB") kept interest rates on hold in
July as expected, although Christine Lagarde, the ECB President indicated
there could be a possible cut in September. The Eurostoxx Index was marginally
down for the month by 0.4% with the Euro depreciating 0.6% against Sterling.
In comparison, the FTSE 100 Index was up by 2.5%. UK equities performed well
post the Labour landside general election victory, aided by hopes of a rate
cut as the Consumer Price Index remained flat at 2.0% for June.

 

Emerging markets fared better in July, helped by the weaker US Dollar and
expected interest rate cuts. Within Asia, the Indian Sensex Index increased
again in July by 3.4% as investors reacted positively to the new Modi
coalition government continuing their focus on reformist policies as
reiterated in the Indian Budget. China continues to be the drag, with the
Chinese Shanghai Composite Index down by 1.0% and the Hong Kong Hang Seng
Index down 2.1% as the third plenum failed to excite investment sentiment.
Within Latam, market performance was also mixed with the Brazilian Bovespa up
by 3.0% helped by the prospect of US interest rates cuts and the Mexican
market was up by 1.2%. Exchange rates for the Latam markets continue to be a
struggle with the Brazilian Real depreciating 3.3% against Sterling and the
Mexican Peso depreciating 3.4% over the month.

 

In the commodities markets, Brent Crude oil declined by 6.6% on back of
expectations of slower global growth, which also affected the price of copper
and nickel, down by 4.9% and by 4.1% respectively. The gold price for the
month was up by 5.2%, reaching yet another all time high as geopolitical
tensions continue to heighten and potential interest rate cuts loom during the
month.

 

PORTFOLIO

There were no changes to the top ten constituents of the UIL portfolio in
July.

 

Zeta's share price was up again in July, by 8.0% boosted by the announcement
Zeta made on receiving a non-binding letter of notice from its major
shareholders, UIL and General Provincial Life Pension Fund, who together hold
95% of the Zeta shares in issue, that they are considering acquiring the
shares in Zeta that they do not currently own by compulsory acquisition.
Carebook Technologies was also up 9.1% in July.

 

UEM's NAV total return for the month was down by 1.2% whilst UEM's share price
was up by 0.9% in July, with its discount to NAV narrowing to 16.9% from
18.6%.

 

There were no realisations and £0.1m of purchases during the month.

 

DEBT

Bank and other debt remained at £2.9m, all drawn in Sterling.

 

ZDP SHARES

In July, the share prices of the 2024, 2026 and 2028 ZDP shares appreciated by
0.4%, 2.1% and 1.5% respectively.

 

OTHER

UIL's ordinary share price increased from 103.50p to 105.00p in July and the
discount to NAV narrowed from 36.6% to 34.0%.

 

The third quarterly interim dividend of 2.00p per ordinary share in respect of
the year ending 30 June 2024 was paid on 31 July 2024 to shareholders on the
register as at 5 July 2024.

 

 

Name of contact and telephone number for enquiries:

 

Charles Jillings

ICM Investment Management
Limited
+44(0)1372 271486

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DOCFLFVITLIELIS