The Colombo bourse could not sustain Monday’s gains and lost ground yesterday with the All Share Price Index down 38.21 points (0.52%) while the Milanka lost 19.59 points (0.29%) on a turnover of Rs.1.57 billion down from the previous day’s Rs.1.61 billion with 136 losers comfortably ahead of 68 gainers.
"Turnover came yesterday from Nation Lanka Finance (CSF), Browns, Lanka Ventures and Pelwatte Sugar," Arjuna Dassanayake of Acuity Stockbrokers said.
He said that retail activity was seen in Pelwatte, Lanka Ventures which is normally an illiquid stock and Bogala Graphite.
"The All Share moved up 32 points during early trading but lost these gains later in the day," Dassanayake said.
Nation Lanka with nearly 10.4 million shares traded between Rs.15.80 and Rs.17 gaining 70 cents to close at Rs.16.40 to generate the day’s top turnover followed by Browns which was up a sharp Rs.11.50 to close at Rs.375 on nearly 0.4 million shares traded between Rs.359.90 and Rs.375.
Brokers noted this counter has been attracting considerable interest recently.
Lanka Ventures closed Rs.5.50 up at Rs.50.90 on slightly over 1.7 million shares done between Rs.42.10 and Rs.59.
Pelwatte, with nearly 1.7 million shares traded between Rs.40.40 and Rs.46.30 closed Rs.4.30 up at Rs.45 with brokers noting that the share is now trading considerably above the mandatory offer price made for the share after the Harry Jayawardena group acquired a major stake from Captain Ariyaseela Wickremanayake.
Two JKH controlled city hotel companies, Asian Hotel Properties and Trans Asia announced that each of their shares will be sub-divided into two subject to shareholder approval at AGMs while Pan Asia Bank said that an EGM will be summoned on June 2 for shareholder approval of a sub-division already announced on the basis of the holding as of June 2. The share will begin trading after the sub-division on June 8.
Ceylon Cold Stores, another JKH subsidiary, announced a one for ten rights issue at Rs. 300 a share at the conclusion of which each share will be sub-divided to four increasing the number of share in issue from 23.76 million to 95.04 million.
The Rs. 648 million raised through the rights issue will be utilized to infuse equity into Jaykay Marketing Services (Private) Ltd. and for capital expenditure by Cold Stores.
Lion Brewery announced a first interim dividend of Rs.4 per share for 2010/11 XD from May 20 and payment on May 30.
The market is watching the performance of the Expolanka IPO which opens on May 12 with most brokers confident it would be fully subscribed.
They said that the share has good value in the medium to longer term.
source - www.island.lk
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