Report for March 2006

In March the FTSE100 touched 6000 and ended just below that, showing a gain of 3% on the month. Our portfolio showed a 6% gain and the Unit Value rose 5% to 117. A good month overall.

However, the gain was almost entirely due to a spectacular rise in the African Platinum share price which rose from 30 to 41 pence. BHP Billiton also rose 5%. Otherwise smalll losses in some stocks balanced small gains in others.

There are no shares approaching our Alert-threshold, and only the 2008 Treasury Bonds have fallen in value since the 2005 AGM (as expected as they come nearer to the date of their redemption at par).

We hold £5,421 in cash (plus the outstanding loan) including about £900 with the stockbroker which can only be used for investment. On advice from our contact in Saudi Arabia, I am making inquiries about Island Oil and Gas as a possible target.