All Share clears 7,000 point barrier

The All Share Price Index of the Colombo bourse yesterday comfortably cleared the 7,000 point barrier sustaining the strong upward momentum of the market seen in the past few days with the All Share Price Index up 22.14 points (0.32%) and the Milanka up 12.52 points (0.17%) on a turnover of Rs.1.7 billion, down from the previous day’s Rs.4.48 million.

CSE figures showed that 117 advancers had outpaced 74 decliners.

"The market was much higher during early trading but eased off later," Prashan Fernando of Acuity Stockbrokers said. "Retail sentiment is very active."

Laugfs Gas (Voting) was once again the biggest contributor to turnover with over 15.8 million shares traded between Rs.50 and Rs.58.20 with the counter gaining Rs.4 to close at Rs.52.90 generating a turnover of Rs.873.6 million.

Brokers said this counter was a favourite retail play although 426,000 shares were crossed at a price of Rs.47.

Distilleries with four crossings at Rs.178 contributed the day’s second biggest business volume with over 2.1 million shares done between Rs.178 and Rs.181.50 gaining 60 cents and closed at Rs.180.80.

Ceylinco Insurance, both voting and non-voting, saw very sharp price increases on quantity with the non-voting share gaining Rs.40 to close at Rs.328 on nearly 0.7 million shares while the voting share was up Rs.53.10 to close at Rs.500 on nearly 0.3 million shares.

Brokers said that unconfirmed speculation about the company was driving up its share price.

Laugfs non-voting too saw over 6.2 million shares traded between Rs.38.60 and Rs.45.30 and closed 80 cents up at Rs.42.

Other contributors to turnover included Odel, up Rs.340 to Rs.51 on over 3.8 million shares, Colombo Land, up Rs.2.80 to Rs.27 on 7 million shares, JKH, up a rupee to Rs.296 on over 0.6 million shares and Pan Asian Power closing 50 cents up at Rs.4.20 on over 35.3 million shares.

Citrus, both the share and the warrants, lost some steam with the share down Rs.3.50 to Rs.86.50 on nearly 1.2 million shares and the warrants down Rs.5.30 to Rs.45 on nearly 2.3 million W0017 and Rs.4.10 to Rs.38.50 on nearly 2.1 million W0018.

Lion Brewery, ERI, Hemas Power and Seylan Merchant Leasing also showed useful volumes

Grain Elevators continued its ascent, up Rs.7.60 to close at Rs.132.50 on over 0.6 million shares while Bairaha Farms gained Rs.14.70 to Rs.425 on a smaller quantity of 0.1 million shares.

HVA Foods announced that its over-subscribed share issue closed at 4.30 pm yesterday while Singer Finance said 106.7 million shares issued on its IPO will be listed on the CSE on January 17.

source - www.island.lk