Buybacks reach a low

Last month saw the smallest amount of shares repurchased by trusts since the abolition of ACT in Apr...

Last month saw the smallest amount of shares repurchased by trusts since the abolition of ACT in April 1999. During April, £41.3m worth of stock was bought-in, compared to £228.3m in March and £341.3m in February. This makes a total so far this year of £833.3m while £1.2bn worth of shares were repurchased in the whole of 1999. Only 26 trusts out of the 126 in the FTSE Investment Companies index bought in shares for cancellation last month. Out of those, 13 bought in more than £1m worth. Much of the activity was dominated by the generalist trusts, with the most active trusts in buybacks bei...