Newly listed companies: Performance good

Harshini Perera

Performance of companies that have initiated IPOs recently is encouraging. They are raising money for the betterment of their companies resulting in the country’s economic growth, an analyst from the industry said.

JB Securities Managing Director Murtaza Jafferjee told Daily News Business “There are eight listed companies which have contributed to 51.35 percent of the entire market performance from November 2009 to November 2010.”

Banks, Finance and the Insurance sector were the main contributors for market index taking 173.88 percent contribution of the total index throughout the year from November 2009 to now. The second main contributor to the market index was the manufacturing sector which amounted to 101.18 percent of the total index throughout November 2009 to date.

“The movement of indices is due to the fact that there is a heavy weight on these stocks,” Jafferjee said. Investment Trusts, Plantations, Land and Property, Telecommunication and Trading have been loss-making sectors according to their performance at the Colombo Stock Exchange.

source - www.dailynews.lk