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Monday, April 4, 2011

Listed finance companies perform commendably

Charumini de Silva

The listed finance companies have performed commendably during past two weeks.

The total turnover raised by the registered finance companies at the CSE during last week was over Rs 724,662,685 with a share volume of 3,393,300. The total number of trade volume was 4,551.

Central Finance PLC recorded a total turnover of over Rs 538,626,317 while LB Finance PLC accounted a total turnover of over Rs 39,389,970. Vallibel Finance PLC marked a total turnover of over Rs 34,945,010.

During the third week of March from 21 to 25 the top performing finance companies were Central Finance Company PLC, LB Finance PLC and Vallibel Finance PLC recording a total turnover of over Rs 3.45 billion.

Central Finance Company PLC recorded over Rs 2.45 billion turnover for the week, accounting to 2726 transactions, while LB Finance PLC marked a turnover of over Rs 714 million with 2458 transaction for the week. Vallibel Finance PLC recorded a turnover of over Rs 293 million with 3400 transactions for the week.

The weekly report of the CSE noted that Central Finance Company PLC recorded a Rs 1.2 million share crossing at Rs 800 per share, which was the only crossing that occurred in the finance companies for that week.

The finance companies entering the capital market were timely and those who took this bold step are now reaping the benefits.

The response received from the public on the recent Initial Public Offerings (IPOs) showed a significant improvement, where almost all of them were highly oversubscribed.

The finance companies are now looking stable and as the regulator the Central Bank is confident that the momentum will continue.

The Central Bank has made it mandatory for all RFC’s to be listed in the Colombo Stock Exchange (CSE) by the end of June.

Although the RFC’s have agreed to get listed in the capital market, out of 37 RFC’s only about ten have entered into the CSE at present.

The Central Bank Governor Ajith Nivard Cabraal said the deadline for the RFCs to be listed in the stock market will not be extended as they were given a time period of two years.

source - www.dailynews.lk