The downtrend on the Colombo bourse continued yesterday with both indices declining – the All Share by 13.42 points (0.24%) and the Milanka by 11.58 points (0.17%) although turnover was up to Rs.922.1 million from the previous day’s Rs.667 million with 87 decliners outpacing 58 gainers.
JKH continued to be the biggest business generator with nearly 0.5 million shares traded between Rs.294 and Rs.299 losing 90 cents to close at Rs.294 contributing Rs.143.4 million to the day’s turnover.
Brokers said that nearly 0.3 million JKH was crossed at Rs.299.50 yesterday.
"Both indices declined although turnover picked up," Prashan Fernando of Acuity Stockbrokers said. "The market was dull as is the normal trend at this time of the year with the holiday season approaching."
Nation Lanka Finance saw 3.8 million shares traded during the day between Rs.17.20 and Rs.23.40, losing Rs.4.10 to close at Rs.17.40.
Brokers said that there was speculative trading in this stock with the company yesterday announcing a board decision to issue nearly 60 million new shares on a three for two rights issue at Rs.5 per share.
The company also plans a private placement of 100 million new shares at the same five rupee price to be issued to Investor Access Equities (Pvt) Ltd (70 million shares), Nawaloka Construction (14 million shares) and Mr. J. Rudra (16 million shares) with the placement made three days after the X-rights date on the rights issue.
"The speculative trading ahead of the announcement appeared to have been based on some expectations but the five-rupee rights price pushed down the share price," a broker said. "It was hovering at around Rs.21 and Rs.22 and came down after the announcement."
Three poultry producers, Ceylon Grain Elevators, Three Acre Farms (TAFL) and Bairaha Farms, all showed both quantity and price gains with Grain Elevators up Rs.1.10 to Rs.65 on over 0.6 million shares, TAFL up Re.1 to Rs.66 on 0.4 million shares and Bairaha up Rs.2.90 to Rs.218 on 94,600 shares.
Non-voting shares of Tokyo Cement continued to attract interest with nearly 2 million shares, including a parcel of one million done at a price of Rs.38.30, traded between Rs.37.70 and Rs.38.80 with the counter closing 50 cents down at Rs.37.90.
Ceylinco Insurance gained Rs.9.90 to close at Rs.369.90 on nearly 0.2 million shares traded at that price while Ceylon Theatres was up Rs.1.10 to Rs.183.80 on 0.3 million shares traded between Rs.183 and Rs.184.
Both Hayleys and CIC were also up, Hayleys by Rs.7.40 to Rs.343 on 55,100 shares and CIC up 30 cents to Rs.136 on nearly 0.2 million shares.
The NDB Bank announced a Rs.4 per share interim dividend for 2010 XD from Dec. 28 with payment on Jan. 6.
source - www.island.lk
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