LOLC Development Finance, Nestle push ASPI higher in an otherwise subdued market

By Hiran H. Senewiratne 

Downside pressure was reported on the trading activities of the Colombo Stock Exchange (CSE) yesterday due to speculative gloomy economic conditions emanating from the foreign reserve position and the negative market sentiment related to Covid 19 pandemic situation. However, the All Share Price Index rose mainly due to trading by two companies, stock market analysts said.

The ASPI rose by 68.69 points and S&P SL20 recorded 3.29 points. Turnover stood at  Rs 1.57 billion with two crossings. The crossings were reported in Cargills Plc and Commercial Bank plc, which crossed 2.95 million shares to the tune of Rs 265.5 million and its share price traded at Rs 90 and Cargills 150,000 shares crossed for Rs 36.4 million and its share price traded at Rs 242.50.  

In the retail market top five companies that mainly contributed to the turnover were  LOLC Rs 150.5 million (361,000 shares traded), Commercial Bank Rs 113 million (1.26 million shares traded), JKH Rs 78.5 million ( 568,000 shares traded), Colombo Land Rs 77.2 million (2.6 million shares traded) and Expolanka Rs 26.5 million (1.4 million shares traded).

During the day only two companies namely  LOLC Development Finance and Nestle positively contributed to the All Share Price Index. LOLC Development Finance contributed 50.9 points to the All Share Price Index , its share price also appreciated by 25 percent or Rs 100. It’s share price startered trading at Rs 400 and at the end of it moved to Rs 500. Nestle contributed 29 points to the All Share Price Index and its share price also increased by 20 percent or Rs 241.