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Friday, February 11, 2011

Market moves on usually illiquid shares

The Colombo bourse had another good day yesterday with turnover topping Rs.5 billion (Rs.5.03 billion), up from the previous day’s Rs.4.4 billion, with both indices gaining – The All Share by a substantial 116.18 points (1.57) and the Milanka by 26.60 points (0.37%) with 112 gainers ahead of 95 losers.

"The market gained on many normally illiquid stocks," Prashan Fernando of Acuity Stockbrokers said. "These included Colombo Fort Investments, Colombo Investment Trust, Colombo Fort Land and Buildings and some other seldom traded stock that that showed volume and moved sharply."

Brokers were unsure of reasons for this phenomenon.

Colombo Fort Investments gained Rs.183 to close at Rs.690 on 21,000 shares traded between Rs.520 and Rs.710, Colombo Investment Trust was up Rs.168.90 to close at Rs.752 on 9,300 shares and Colombo Fort Land and Buildings up Rs.47.40 to close at Rs.558 on 0.5 million shares traded between Rs.503 and Rs.560.

E.B. Creasy, a member of the Colombo Fort Lands group gained Rs.105 to close at Rs.4,000 while Lankem, also a member of the group gained Rs.46.60 to close ate Rs.460 on over 0.3 million shares done between Rs.405 and Rs.468.

Brokers said that trading on counters retailers usually focused on was relatively dull though retail trading was evident.

Commercial Bank was the day’s highest turnover generator with over 2 million shares done between Rs.277 and Rs.279 gaining 90 cents to close at Rs.278.50 generating a turnover of Rs.644.1 million. Brokers said that several large parcels had been done including crossings at Rs.277.

Grain Elevators followed gaining 70 cents to close at Rs.440 on over 1.7 million shares traded between Rs.237.50 and Rs.250 while Colombo Fort Lands was the day’s third biggest business generator.

Royal Ceramics was up 60 cents to close at Rs.158.10 on over a million shares done between Rs.157.10 and Rs.16.50.

Piramal Glass (over 10.1 million shares), Coco Lanka (1 million shares), Nawaloka (over 22.5 million shares), Kelani Tyres (nearly 1.1 million shares), Laugfs Gas voting (nearly 1.6 million shares) and non-voting (1.2 million shares) were other counters that showed volume and price gains.

A price band was imposed effective February 11 on Lankem Developments while E.B. Creasy announced an interim dividend of Rs.4 per share XD from February 23 and payment on March 7.

Kelani Valley Plantations announced a final dividend of Rs.4 XD from April 1 following a March 31 AGM with payment on April while Dimo announced a second interim dividend of Rs.5 per share XD from February 22 and payment on March 3.

source - www.island.lk