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Scottish Mortgage leads trust rebound after sell-off

Scottish Mortgage leads trust rebound after sell-off

Update: Investment trusts have bounced back strongly from the market sell-off, buoyed by US markets' fightback from lows yesterday. 

The FTSE 100's only closed-ended fund, the top-performing Scottish Mortgage (SMT) investment trust, raced  6.6% higher to 450p, as investors raced to wipe out a rare 5.5% discount to net asset value.

Trust discount hunters were out in force on the FTSE 250 too, sending the F&C Global Smaller Comapnies (FCS) trust 4.7% higher to £13.25, with the shares having closed at 4% discount to net asset value (NAV) yesterday.

Polar Capital Technology (PCT) was another strong riser, up 4.5% at £11.14, with the shares having closed 4.2% below NAV yesterday.

Scottish Mortgage stablemate Monks (MNKS) was up 4.4% at 777p while technology trust Herald (HRI) was close behind, up 4.2% at £11.25.

Independent (IIT), the small UK investment trust run by former Scottish Mortgage manager Max Ward, surged towards the top of the FTSE Small Cap index, up 8.8% at 666p after the premium on the trust's shares, which has stood as high as 12.7% in the last 12 months, fell to 1.3% yesterday.

Allianz Technology (ATT) rose 6.8% to £11.80, JPMorgan Smaller Companies (JMI) was up 6.2% at £10.95 and Baillie Gifford Shin Nippon (BGS) surged 6% to 911p.

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