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Wednesday, January 5, 2011

Retailers drive bourse to recent high

Retailers drove the Colombo bourse to a recent high on a turnover of Rs.2.63 billion, up from the previous day’s Rs.1.97 billion, with both indices gaining sharply in a day of volatile trading with large quantities of PC House, Citrus (Reefcomber), Grain Elevators and Richard Pieris traded. "There were very big volumes of these stocks which were chased mainly by retailers," Prashan Fernando of Acuity Stockbrokers said. "PC House was the day’s top turnover generator contributing Rs.274.8 million with nearly 17.7 million shares done gaining Rs.2.70 to close at Rs.15.90." The counter traded yesterday between Rs.13.90 and Rs.16.80, substantially higher than its issue price of Rs.12 about August last year. The stock slumped to a low of Rs.8.50 after the IPO but has now gained steam, brokers said.

Citrus too saw a hefty Rs.21.60 increase to close at Rs.67 on nearly 3.6 million shares done between Rs.49.90 and Rs.69.10 contributing Rs.221.8 million to turnover. Grain Elevators gained sharply with the share moving up Rs.16 to close at Rs.95.40 on over 2.1 million traded between Rs.77.90 and Rs.95.40. Though well below heights reached by Bairaha Farms, also a chicken producer, yesterday’s was the sharpest single-day gain by Grains after the run on poultry stock began.

Richard Pieris was up a rupee to close at Rs.11.80 on nearly 14.4 million shares done between Rs.10.70 and Rs.11.90 while Citrus warrants gained Rs.5 to close at Rs.16.40 on 7.6 million done between Rs.12.40 and Rs.17.70.

JKH was down 40 cents to close at Rs.299.90 on nearly 0.3 million shares done between Rs.297 and Rs.300 with one crossing of 156,000 shares at Rs.298.

"We saw some movements in plantations too with Kelani Valley up Rs.4.90 to Rs.165 on over 80,000 shares, Agalawatte up Rs.4.10 to Rs.74 on 0.1 million, Kegalla up Rs.3.30 to Rs.174.50 on over 0.1 million, Kotagala up Rs.2.30 to Rs.129 on 0.1 million shares and Horana up Rs.2 to Rs.39.40 on 0.6 million shares," Fernando of Acuity said.

source - www.island.lk