Thursday, February 9, 2012

CTC overtakes Carson to be third most valuable stock

Ceylon Tobacco Company Plc (CTC) yesterday emerged as the country’s third most valuable stock beating diversified conglomerate Carson Cumberbatch Plc.

With a closing price of Rs. 490, CTC’s market capitalisation was Rs. 91.78 billion or 4.53% of the total whilst Carson at its value of Rs. 461.40 was worth Rs. 90.61 billion or 4.47%.

CTC which of late has seen renewed investor interest didn’t see its share price rise to overtake Carson. It actually dipped by Rs. 1.10 whereas Carson dipped sharply by Rs. 17.60 over Monday giving the multinational an edge.

CTC finished 2011 at number four and its rise to third position is its highest in recent years. Originally it was one of the most valuable stocks on the Colombo bourse but lost ground as other local entities glittered. Premier blue chip JKH remains the undisputed king with a market capitalisation of Rs. 138.8 billion or 6.85% share followed by Carson’s parent Bukit Darah with Rs. 96.4 billion. SLT ranks fourth, followed by Commercial Bank. In tandem with market’s downfall, values of almost all top tier stocks are lower in comparison to end 2011.

JKH was worth Rs. 143.2 billion whilst Carson finished second in 2011 with Rs. 106.2 billion. Bukit was Rs. 105.6 billion whilst CTC was Rs. 91.8 billion.

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