BitMine stock falls after CEO change and board appointments
LONDON - Utilico Emerging Markets Trust plc (LSE:UEM) reported a 2.6% increase in net asset value (NAV) total return for October, underperforming the MSCI Emerging Markets total return Index which rose 6.8% in Sterling terms, according to a monthly factsheet published Monday.
The company attributed the index’s stronger performance to gains in AI and technology stocks, sectors outside UEM’s infrastructure and utility focus.
Within the portfolio, Kenya Electricity Generating Company and TAV Airports entered the trust’s top thirty holdings, replacing Athens International Airport and Vietnam Holding Limited. KenGen’s share price appreciated by 18.6% during the month, while TAV Airports rose 11.0%.
Other strong performers included ICT, which gained 12.3% following a positive court decision regarding its Durban container terminal concession, and FPT Corp, which rose 11.5% after announcing stronger growth in its order book.
The largest decliners in the portfolio were SUNeVision, down 12.1% on continued concerns over near-term growth, and Manila Water, which fell 9.2% ahead of a peer’s IPO.
Portfolio activity for the month included £16.4 million in purchases and £23.0 million in realisations. The trust’s total debt exposure increased slightly from £21.6 million to £21.9 million due to foreign exchange movements.
UEM’s share price increased by 0.8% in October, ending the month at 257.00p with the discount to NAV widening from 10.5% to 12.1%. The company repurchased 1.2 million shares at an average price of 253.87p during the month, bringing total buybacks since its fiscal year-end to 7.0 million shares, representing 3.7% of its share capital as of March 31, 2025.
The information in this article is based on the company’s monthly factsheet statement.
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