QWI NAV dips to $1.24

Pushed by pullback in the US market during the week ending April 19 and in particular a decline in some technology based companies that QWI INVESTMENTS (QWI) holds in its portfolio.

The Company announced that at the close of business on Friday, April 19, the Net Asset Value (NAV) of the company’s shares was $1.24, down from $1.26 at the end of the previous week.

QWI’s NAV declined approximately $23 million during the week net of a positive write back for deferred tax of $20 million –  the gross decline was $43 million. $23 million of the decline arose in the USA portfolio which fell 4 percent in the week, which is better than the 5.7 percent fall in the NASDAQ Composite Index. Amongst those declining in the USA market are Nvidia, United Rentals and Netflix, to name a few.

Scotia Group was the only stock in the local portfolio with a notable fall in price for the week.