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Saturday, November 10, 2012

Turnover nudges a billion,all indices up

Post-budget trading on Colombo bourse:

The first post budget session of the Colombo bourse yesterday saw turnover nudging the billion rupee mark and all three indices moving up moderately with the Milanka Price Index doing best, brokers said.

Turnover at Rs.986.03 million was up from the previous day’s Rs.539.2 million, while the All Share Price Index moved up 8.59 points (0.15%), the Milanka 25.02 points (0.49%) and S&P 12.44 points (0.41%) with 114 gainers leading 88 losers while 109 counters closed flat.

Most of yesterday’s turnover came off ordinary shares and warrants of Environmental Resource Investments and JKH with ERI generating Rs.613.5 million in crossings while JKH generated Rs.91.7 million in two block trades of over 0.4 million shares at Rs.215.

Brokers and analysts noted that ERI sold 23.15 million ordinary shares and the identical quantities of warrants (0003 and 0006) at Rs.4.90 and Rs.5.20 respectively in block trades.

Noting that several such trades had been concluded in recent days they said that the controlling shareholder, foreign based Lionheart, was selling down.

Apart from the crossings, JKH was the major business generator on the floor with over 0.3 million shares traded between Rs.214 and Rs.215.10 closing Rs.1.10 up at Rs.214.90 contributing Rs.69 million to turnover.

Brokers said that there were some large parcels among JKH shares traded while ERI trades on the floor of nearly 2.1 million ordinary shares done between Rs.16.30 and Rs.17 closing 60 cents up at Rs.16.90, were in much smaller parcels. The ERI floor trades were worth Rs.34.7 million.

NDB continued to attract interest closing Rs.1.20 up at Rs.139.40 on over 0.1 million shares done between Rs.136.50 and Rs.139.40 contributing Rs.18.7 million to turnover.

There has been recent interest in Balangoda with 0.5 million shares traded yesterday closing Rs.1.40 down at Rs.37.70 contributing Rs.18.6 million to turnover. Brokers noted that some large quantities of this plantation stock had been traded in recent days.

Retail participation continued to remain disappointing, brokers said.

source - www.island.lk