Alliance Trust: Rally will not run at same pace for 2013

Alliance Trust has reported its strongest yearly start for 20 years as markets soared at the start of 2013, but said the equity rally is unlikely to continue at the current pace.

Since the start of the year, the trust's share price is up 16% and its NAV has risen 13%, breaking new highs after outpacing the FTSE All Share gain of 10%. It said: "Equity markets have started 2013 in a positive mood, with the best market performance for over 10 years, despite a number of fundamental global monetary imbalances and economic activity remaining subdued. "Alliance Trust has had its best start to a year in terms of share price performance and NAV performance for over 20 years." However, Katherine Garrett-Cox, chief executive of Alliance Trust, said a number of unresol...