NDB Bank’s investment arm Capital Development and Investment Company PLC (CDIC) shares skyrocketed once again yesterday, closing as high as Rs.707.30 per share. The share price shot up by 74.99% for the day.
A total of 59,900 shares changed hands with 345 trades, whilst the share price rose by Rs.303.10 compared to previous close of Rs.404.20 last Friday.
However, the share was caught up with market watchdog’s 10% price band from today to June 6. Earlier, Mirror Business exclusively reported that market analysts and brokers were of the view that share price of CDIC rocketed up due to capital gains that CDIC could book in if AVIVA exits from the AVIVA NDB Insurance PLC.
Capital Development and Investment Company PLC (CDIC) became the highest gainer at the Colombo Bourse, gaining almost 50 percent last Friday and share price surged by Rs.134.70 to close at Rs.404.20 and a total of 26,500 shares changed hands during market hours. Meanwhile, Mercantile Shipping PLC (MSL) shares also started to soar from last week whilst the share price of MSL rose 49.98% by Rs.155.20 to close at Rs.465.70, which was traded at Rs.310.50 last Friday.
A total of 56,100 shares traded via 257 trades during market hours.
Although CDIC is a fundamentally strong company as per balance sheet, MSL had lost Rs.38 million in the March 2011 quarter though revenues rose 22% to Rs.197 million.
source - www.dailymirror.lk
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