* Price gains on thin trades help indices
The Colombo bourse yesterday sustained its upward momentum of the previous week with both indices up and turnover topping a billion rupees with several illiquid stocks posting sharp gains on thin volumes, brokers said.
Heavy trading in Lion Brewery, where nearly 2.2 million shares were traded between Rs.181 and Rs.202 gaining Rs.14.10 to close at Rs.200 generating Rs.438.90 million turnover, dominated the day’s trading.
Brokers said that five crossings at a price of Rs.200 per share accounted for most of the trades. There were unconfirmed rumours of the company expanding through an acquisition but there was no firm word on such plans.
JKH which gained Rs.3.50 to close at Rs.166.50 was the day’s second largest turnover generator trading between Rs.163 and Rs.166.50 generating business worth Rs.59.1 million. Brokers said that there were no crossings on this counter.
Softlogic Capital which announced in a stock exchange filing that it was buying Arrenga Capital, a stockbroking firm, for Rs. 200 million was up Rs. 3.40 to close at Rs. 19.90 on nearly 0.3 million shares.
Retail activity was seen on PC House which closed 20 cents up at Rs.11.40 with nearly 4.7 million shares traded between Rs.10.90 and Rs.11.70 while Royal Ceramics gained Rs.2 to close at Rs.122 on over 0.4 million shares done between Rs.116 and Rs.122.
Asiri Medical Services saw nearly 6.3 million shares traded between Rs.7.30 and Rs.8 closing 40 cents up at Rs.7.90 while Tokyo Cement closed flat at Rs.40 on nearly a million shares done at that price. Three large parcels on the floor accounted for most of the trades.
Commercial Bank closed flat at Rs.100 on over 0.3 million shares done between Rs.100 and Rs.102.
Other counters that demonstrated volume and price gains included LB Finance up Rs.5.70 to Rs.140 on over 0.2 million shares, ERI up 70 cents to close at Rs.19.30 on nearly 1.4 million shares, Acme up 40 cents to Rs.27 on 0.9 million shares, Swarnamahal up 70 cents to Rs.177 on over 0.1 million shares and Vallibel One up Rs.1.10 to Rs.18.60 on over 0.9 million shares.
Dialog announced a dividend of 25 cents per share involving a Rs. 2 billion payout, payable after shareholder approval at the company’s AGM for which the dates would be notified in due course.
Overseas Realty also announced a first and final dividend of Rs.0.30 per share for 2011 following shareholder approval at an AGM on May 24. The counter will trade XD from May 25 and payment will be on June 5.
source - www.island.lk
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