THE FUSE

Hosken Consolidated Investments has had a good 12 months. Its share price is up roughly 25 percent over the past year, driven by a combination of a higher average crude oil price and improving fundamentals across its portfolio of subsidiaries. The discount at which its shares trade against its net asset value has narrowed from 55 percent to 48 percent. That is still a wide gap by any conventional investment trust measure, but it is movement in the right direction, and the market is paying attention.