LOLC Group companies contribute substantially to main indices

By Hiran H.Senewiratne

CSE trading activities at the beginning of yesterday were buoyant and during the mid and latter parts of the day witnessed considerable profit taking. This scenario evinced mixed reactions from both indices with a healthy turnover level. But one of the subsidiaries of the LOLC Group of companies was at the forefront of the market throughout the day by contributing substantial points to the All Share Price Index.

A subsidiary of the LOLC Group, Commercial Leasing and Finance contributed 194 points to the All Share Price Index and also became the company with the highest market capitalization amounting to Rs 539 billion, which is more than 11.4 percent of the total market capitalization in the CSE, stock market analysts said. Commercial Leasing and Finance now tops the list overtaking Expolanka Holdings where the market capitalization is concerned.

Further, most of the LOLC Group companies exceptionally contributed to the indices: Commercial Leasing and Finance 194 points, LOLC Development and Finance (NIFL) 43 points, LOLC Holdings 25 points, LOLC Finance 23 points and Browns Investments 10 points.

Amid those developments both indices showed mixed reactions. All Share Price Index went up by 220.19 points and S and P SL20 went down by 16.33 points. Turnover stood at Rs 5.6 billion with two crossings. Those crossings were reported in JKH, which crossed 403,000 shares to the tune of Rs 60.5 million and its shares traded at Rs 152 and Distilleries 1.2 million shares crossed for Rs 21 million; its shares traded at Rs 17.50.

In the retail market, the top five contributors to the turnover were; LOLC Finance Rs 1 billion (86 million shares traded), Commercial Leasing and Finance Rs 991 million (12.3 million shares traded), Expolanka Holdings Rs 989 million (4.9 million shares traded), Browns Investments Rs 389 million (36.4 million shares traded) and LOLC Holdings Rs 2.73 million (427,000 shares traded).

During the day notable gains were reported in LOLC Finance and Commercial Leasing and Finance. LOLC Finance shares appreciated by 19.4 percent or Rs 2. Its share price moved up to Rs 12.30 from Rs 10.30. Commercial Leasing’s share price appreciated by 19 percent or Rs 13.60. Its share price shot up to Rs 88.60 from Rs 71.

Meanwhile, Agstar PLC announced a rights issue. The company will issue 153 million voting shares and 8.7 million non- voting shares to raise Rs 802 million. The proportion would be one new share for two shares. The purpose of the right issue was to settle the outstanding working capital loans and adding funds to the working capital. During the day 212 million share volumes changed hands in 47000 transactions.

Yesterday the US dollar was quoted at Rs 202.62, which was the Central Bank controlled price level, which is to prevent the price escalation of essential items.