LONDON (ShareCast) - (Sharecast News) - Baker Steel Resources saw net asset values tick ahead just 0.5% over the first half of its trading year, falling short of the EPIX Global Mining Index's 1.1% advance.
After the first six months of 2018, the London-listed investment trust, which invests predominantly in unlisted companies in the natural resources sector, reported unaudited a net asset value of 57.1p per share amid an "overall flat market for mining shares".

Baker realised net gains of £2.3m for the period ended 30 June, a marked improvement from the £2.64m loss recorded a year earlier, and expects to distribute no less than 15% of its net cash gains back to investors at the end of the financial year.

Commodities gave up some of the gains recorded in the second half of 2017, with steel minerals falling 24.4% and iron ore dropping 10.6% respectively. Likewise, gold fell 3.8% during the first six months of 2018 and silver fell 4.9%.

Baker made one significant new investment during the first half of 2018, completing its acquisition of AUD $10m worth of convertible loan notes in Futura Resources, which owns the Wilton and Fairhill coking coal projects in the Bowen Basin in Queensland, Australia.

Cash and equivalents dropped 86% to £578,403.

As of 1415 BST, Baker Steel shares had dropped 3.73% to 44.19p.

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