Friday, November 30, 2012

Bourse recovers some lost ground

All indices gain tidily, large trades drive turnover

The Colombo bourse yesterday recovered some lost ground with JKH generating the bulk of the day’s turnover and all three indices moving up tidily – the All Share by 28.92 points (0.54%), the Milanka by 32.39 points (0.67%) and S&P SL20 by 17.29 points (0.59%) with 121 gainers comfortably ahead of 83 losers while 107 counters closed flat.

Turnover at Rs.877.5 million was up from the previous day’s Rs.739.47 million with crossings in Cargills and JKH responsible for over Rs.334 million of the day’s business volume.

"The indices ended higher on the back of gains on large caps amid improved turnover levels, which were largely driven by trades on diversified, banks, finance and beverage counters. Crossings on JKH and CARG accounted for 38% of turnover," John Keells Stockbrokers said.

Foreign inflows amounted to Rs. 461.71 million with foreign purchases amounting to Rs. 513.69 million.

JKH saw three block trades totaling 1.2 million shares at a price of Rs.211.80 per share in deals worth Rs.254.2 million while Cargills saw a single crossing of over 0.5 million at Rs.150 per share in a deal worth Rs.80.4 million.

Apart from the block trades, JKH with nearly 0.5 million shares done between Rs.210 and Rs.212 on the trading floor closed Rs.2.70 up at Rs.211.70 contributing Rs.96 million to turnover – the day’s highest on the floor.

An unusually large quantity of 48,364 Nestle at Rs.1,285 generated Rs.61.7 million turnover with the counter closing Rs.10 up at Rs.1,285 trading between Rs.1,276 and Rs.1,285.

Other big turnover generators yesterday included Seylan (non-voting) - over 1.7 million shares), PC Pharma (5 million shares) and Commercial Bank (voting) (over 0.4 million shares).

Brokers said that most of the day’s business was done in large parcels of shares that changed hands with retail activity slow.

Several banking counters (Seylan X), ComBank (N), HNB (N) and HNB (X) were among the most traded stocks during the day.

PC Pharma closed 20 cents down at Rs.10.10 on 5 million shares done at Rs.10.10, ComBank closed flat at Rs.100 on 0.4 million shares while HNB (voting) closed 50 cents down at Rs.143.50 on nearly 0.2 million shares.

Distilleries closed Rs.4.60 up at Rs.150 on nearly 0.1 million shares done between Rs.145.50 and Rs.150.

Central Finance announced a first interim dividend of 85 cents per share for 2012/13 XD from Dec. 7 with payment on Dec. 18 while Colonial Motors announced the dates for its previously announced rights issue and sub-division of shares.

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