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Canadian General Investments Ltd on Friday reported a rise in net asset value, noting a resilient Canadian economy despite high inflation and interest rate increases. Canadian General Investments is a closed-end equity fund focused on medium to long-term capital appreciation and dividends in Canadian corporations. NAV per share as at June 30 was C$55.66, up 15% from C$48.24 at December 31. NAV total return was 16% in the first half of 2023, outperforming its benchmark, the S&P/TSX index which had a total return of 5.7% The company declared a dividend of C$0.24 for the quarter to June 30, up marginally from C$0.23 a year before. Looking ahead, the company cautioned that one of its greatest fears is central banks ‘overdo corrective measures and tip economies into recession’. It added that it saw signs of slowdown with the need for ‘a delicate balance to achieve desirable outcomes without destructive consequences.’ Despite this, it noted that the Canadian economy has been resilient with low unemployment and a ‘strong’ Canadian consumer, adding: ‘Fears of a major downturn in the all-important housing sector have not come to fruition. ’ Canadian General Investments shares opened flat at 2,110.00 pence each on Friday morning in London. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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