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Friday, February 4, 2011

EB Creasy gains Rs. 722.50 CSE continues to fly on retail & HNW play

The Colombo bourse continued its upward surge yesterday with the retailers and high net worth players running the show with turnover topping Rs.4.66 billion, up from the previous day’s Rs.4.1 billion, with both indices continuing to gain – the All Share by 84.55 points (1.16%) and the Milanka by 29.55 points (0.41%) and 122 gainers strongly outpacing 69 losers.

"We saw the cheaper banking and plantation shares which had been relatively quiet beginning to move," Prashan Fernando of Acuity Stockbrokers noted. "Other high flyers like the poultry companies and the Colombo Fort Lands group continued to shoot."

Richard Pieris, with nearly 21.1 million shares traded gained 90 cents to close at Rs.13.80 on a trading range of Rs.13.10 to Rs.14 to generate the day’s top turnover of Rs.287.2 million with investors anticipating good results to be announced in the short-term, brokers said.

Grain Elevators and Three Acre Farms continued to move with the former up Rs.9.20 to close at Rs.451 while the latter gained Rs.15.20 to close at Rs.235 on volumes of over 0.8 million and 0.6 million shares respectively.

E.B. Creasy shot up by a hefty Rs.722.50 to close at Rs.3,190 on 31,000 shares traded yesterday. Brokers said that a parcel of 20,000 shares done at Rs.3,000 was the trigger that sent the share through the roof.

Colombo Fort Land and Buildings was up Rs.22.20 to close at Rs.455 on over 0.4 million shares done between Rs.445 and Rs.470 while another group company, York Arcade, was up Rs.4.60 to Rs.35.50 on nearly 2.8 million shares traded.

Among the banking stock Seylan gained Rs.3.60 to close at Rs.96 on nearly 2 million shares, Merchant Bank was up Rs.4.80 to close at Rs.55 on nearly 3.6 million shares, Seylan (non-voting) up Rs.2.40 to close at Rs.50 on nearly 1.6 million shares and Pan Asia up Rs.3 to close at Rs.58.90 on over 0.9 million shares.

Kotagala (also a member of the Colombo Lands group), was the top gainer among plantations, up Rs.31.20 to close at Rs.412 on nearly 0.4 million shares, Kegalla was up Rs.16.40 to close at Rs.247.50 on nearly 0.3 million shares and Horana up Rs.7.30 to close at Rs.81.10 on over 0.8 million shares. Malwatte also gained Rs.10.50 to close at Rs.106.50 on over 0.5 million shares.

``With rubber prices at present highs plantations with rubber estates are attractive,’’ analysts noted.

source - www.island.lk