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Wednesday, March 23, 2011

Turnover of Rs. 3.6 bn., both indices up - Big deals in Ceylinco, CF, Pelwatte & LB moves market

The Colombo bourse moved up yesterday on the back of heavy trading on Ceylinco Insurance, Central Finance, Pelwatte Sugar and LB Finance, brokers and analysts said. Nearly 15% of Ceylinco Insurance was disposed by a consortium of sellers to a high net worth buyer who had previously acquired a percentage of the company which he increased yesterday at a price of Rs.750 a share done through a series of crossings.

Among the sellers were a foreign fund and some high net worth investors. Brokers had been structuring the deal for the past few days rounding-up possible sellers at a price over market.

Ceylinco traded on the market yesterday between Rs.630 and Rs.740 while the crossings were done at a premium.

The big deals carried total turnover to Rs.3.6 billion, up from the previous day’s Rs.2.65 billion, with the All Share Price Index gaining 63.93 points (0.89%) and the Milanka moving up 62.01 points (0.93%) with 112 gainers comfortably outpacing 62 losers.

Central Finance where the share moved up Rs.125 on Monday gained a further Rs.186 yesterday trading between Rs.942 and Rs.1,200 with 0.4 million shares transacted. The counter closed at Rs.1,200, the day’s high, contributing Rs.419.8 million to turnover next to the Rs.1.8 billion generated by Ceylinco which was the day’s top contributor.

Brokers said that Pelwatte saw quantity of nearly 5.9 million shares traded between Rs.35.40 and Rs.44.50 gaining Rs.2.80 to close at Rs.38.10 on unconfirmed speculation of a pending deal.

LB Finance too saw quantity with 1.4 million shares done between Rs.136.20 and Rs.185 gaining Rs.33.60 to close at Rs.180 with brokers and analysts speculating that the price gain was in anticipation of the listing of connected Vallibel One.

Vallibel Finance was up Rs.7.70 on a million shares done between Rs.45 and Rs.54.10 to close at Rs.53.50 while Distilleries gained Rs.4.60 to close at Rs.181.90 on 0.4 million shares done between Rs.176 and Rs.182.

Among other gainers that showed quantity were Commercial Bank, up Rs.5.40 to Rs.260 on nearly 0.2 million shares done between Rs.251.30 and Rs.260 while Laugfs Gas was up 60 cents to close at Rs.48.50 on nearly 0.9 million shares, CIC up Rs.1.30 to close at Rs.155 on 0.2 million shares, DFCC up 20 cents to close at Rs.l74 on nearly 0.2 million shares and Singer Finance up Rs.2.50 to close at Rs.39.40 on 0.6 million shares.

source - www.island.lk