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Wednesday, June 29, 2011

Bourse closes in the red - ERI ups stake in Ceylon Leather

The Colombo bourse ended in the red on Tuesday with selling pressure and speculative play continuing to drive the market. The All Share Price Index dipped 31.43 points to close at 6,862.83, 0.46 percent lower than Monday and 3.42 percent up year-to-date. The Milanka Price Index of more liquid stocks closed 0.53 percent lower, down 34.13 points to end the day at 6,395.78, down 9.43 percent year-to-date.

Turnover recovered from the previous few days to Rs. 2.3 billion on a volume of a little more than 84 million shares changing hands during the day which saw 76 counters close on positive territory against 119 counters with negative gains.

"The indices dipped on selling pressure with trades centred on banking, finance and speculative play on investment trust counters dominating the day’s turnover," John Keells Stockbrokers said.

Bartleet Mallory Stockbrokers said the market witnessed lacklustre sentiments to end in the red.

Net foreign outflow amounted to Rs. 134.04 million.

Central Finance Company PLC contributed the largest share to the day’s turnover generating Rs. 627.7 million to close at Rs. 1,410 followed by Environment Resources Investment PLC (ERI), generating Rs. 243.1 million to close at Rs. 69.80 while its warrants (GREG W0002) generated Rs. 110.9 million to close at Rs. 34.90.

ERI announced that it had increased its stake in Ceylon Leather Products PLC to 72.51percent, or 18.1 million ordinary shares, with 10,700 changing hands for a total consideration of Rs. 1 million.

Central Finance featured in four crossings of 199,300 shares at 1,400.

Beruwala Walk Inn PLC was the highest jumper, up 28.92 percent to close at Rs. 28.92 followed by SMB Leasing PLC warrants up 25 percent to close at 0.50. Paragon Ceylon PLC lost 43.64 percent to close at Rs. 1,550 followed by Abans Financial Services PLC, down 10.28 percent to close at Rs. 71.60.

Aitken Spence Hotels saw one crossing of 200 thousand shares at Rs. 135 while Distilleries Company of Sri Lanka also saw a single crossing of 454 thousand shares at Rs. 180.

Volume-wise, Amana Takaful PLC saw 8.2 million shares being traded to close at Rs. 2.50.

source - www.island.lk