Wednesday, January 23, 2013

Turnover tops Rs. 2 bn, both indices up

Block trades drive volumes, retailers returning

The Colombo bourse yesterday notched a turnover of Rs.2.1 billion, up from the previous day’s Rs.899.9 million, with both indices gaining – the All Share by 8.91 points (0.15%) and S&P SL20 by 10.46 points (0.33%) with 108 gainers outpacing 93 losers while 55 counters closed flat.

Foreign purchases, which amounted to Rs. 629.23 million, were outweighed by sales resulting in a net outflow of Rs. 225.09 million.

Brokers said that block trades in ERI, Commercial Bank (voting), HNB (voting) and Browns Investments contributed nearly Rs.1.5 billion of the day’s business volumes with big trades in ERI, Browns Investments and Commercial Bank.

"The ASPI ended marginally higher amid strong gains in some large caps, including the listed telco operators. Turnover crossed the Rs. 2bn mark, supported by block trades on BIL, COMB, GREG, and HNB, which collectively accounted for around 70% of turnover," John Keells Stockbrokers said.

ERI saw 4 million shares crossed in a single trade at a price of Rs.17 up 50 cents from the previous close while Browns Investments saw over 162.3 million shares done, also in a single parcel, at a price of Rs.4.50, down a rupee from the previous close.

The ERI deal was worth Rs.68 million while that of Browns Investments was worth Rs.730.4 million.

Brokers said that there appears to be synergic transactions between the two companies but no Stock Exchange filings explaining these transactions had been made at the time of writing.

Commercial Bank (voting) saw nearly 6.4 million crossed in six transactions at a price of Rs.104 generating Rs.663.4 million while HNB, with nearly 0.2 million shares crossed in one parcel, posted block trades worth Rs.23.3 million.

Apart from the crossings, ERI closed Rs.1.50 up at Rs.18.40 on 3.9 million shares done on the floor between Rs.17 and Rs.18.80 generating a business volume of Rs.73.2 million.

Nestle was the biggest turnover generator on the trading floor with 77,375 shares traded closing Rs.10.50 up at Rs.1,600 on a trading range of Rs.1,589.50 and Rs.1,600 contributing Rs.123.7 million to the day’s business volume.

Brokers noted that Nestle has been gaining very sharply recently and is now near its one year high of Rs.1,700 per share.

Commercial Bank (voting) also saw 0.3 million shares done closing 70 cents down at Rs.104.10 trading between Rs.104 and Rs.105.10 and contributing Rs.51.6 million to the day’s business volume while LOLC closed flat at Rs.70 on nearly 0.5 million shares done between Rs.66.70 and Rs.70.50 turning over Rs.32.6 million.

Distilleries also continued its upward trend closing Rs.3 up at Rs.187 on over 0.1 million shares as did NDB up Rs.3.50 to close at Rs.147.10 on 79,902 shares and Central Finance up Rs.4.90 to close at Rs.182.10 on 46,985 shares.

Brokers said that retailers participated in ERI, LOLC, Dialog (where over 3.5 million shares were traded) and People’s Leasing which closed flat at Rs.16.10 on nearly 1.5 million shares.

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