- Strategic Equity Capital said its net asset value per share increased by 7.1% in its fiscal first half, though it warned of a 'more testing period' amid a recent bout of market volatility.

The growth in NAV compared to a 6.2% return on the FTSE Small Cap ex-Investment Trusts Total Return Index.

'Over the past 18 months improving economic news and corporate earnings growth have led to an almost uninterrupted run in stock markets,' the company said.

'However, strong economic growth is creating a tightening in labour markets with the possibility of increasing inflation and a more rapid rise in interest rates than previously anticipated.'

'If this is indeed the outcome then stock markets could enter a more testing period.'

At 8:33am: [LON:SEC] Strategic Equity Cap. share price was -0.5p at 229p

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