LOLC Holdings, third $ 1 billion company at CSE

By Hiran H.Senewiratne 

Financial sector heavy conglomerate LOLC Holdings became the third and latest to be worth $ 1 billion on the CSE. LOLC Holdings headed by Ishara Nanayakkara will be the most valued company in the CSE, which is now worth more than Rs. 2 billion, stock market analysts said. This was following a sharp 19 percent  or Rs. 66 gain in its share price this week.

It rose on the previous day  by Rs. 36 or 9.4 percent  to close at Rs. 417.25, putting LOLC’s market capitalisation at Rs. 198.3 billion. So far this year, LOLC market value has risen by a phenomenal Rs. 134 billion. Last week LOLC’s gain was 55 percent  or Rs. 124.50 to Rs. 351.25 per share.The other two $ 1 billion-value listed companies are JKH (Rs. 227.8 billion) and Ceylon Tobacco (Rs. 206.6 billion). 

It is said that stock market investors are now rallying round companies where business magnate  Dhammika Perera is the head. LB Finance has announced a sub division of its shares where  one existing share is to be subdivided into four new shares. Under this move,  138 million existing shares will be increased to  554 million shares. The purpose of this move is to increase the liquidity of shares in the stock market.. Its share price also appreciated by 36 percent or Rs. 85.50. Its shares started trading at Rs. 232 and at the end of the day they moved up to Rs. 320.50.  Due to that Royal Ceramic shares also moved up, expecting a subdivision of its shares, stock market analysts said.

Amid those developments the market was bullish throughout yesterday. LOLC Holdings share price also increased by 25 percent or Rs. 104.25. Due to that, the All Share Price Index was 146.19 points. LOLC contributed 113 points at the end of the day. S and P SL20 was up by 3.96 points. 

The turnover stood at Rs. 14.4 billion with four crossings. Those crossings were reported in LB Finance, which crossed 1.56 million shares to the tune of Rs. 359.9 million, its share traded at Rs. 230, CT Holdings 495,000 shares crossed for Rs. 94 million, its shares traded at Rs. 190, CIC (Non Voting) 500,000 shares crossed for Rs. 27.5 million and its shares traded at Rs. 55 and in NDB 250,000 shares crossed for Rs. 25 million, its shares trading at Rs. 100.

In the retail market top five contributors to the turnover were LOLC Rs. 2.46 billion (4.99 million shares traded), Expolanka Rs. 1.7 billion (30.4 million shares traded), JKH Rs. 1.26 billion (7.4 million shares traded), RCL Rs. 1,01 billion (2.4 million shares traded) and Vallibel One Rs. 990 million (14.8 million shares traded). During the day  487 million share volumes changed hands in 72880 transactions.  

Sri Lanka rupee was quoted around 194.50/195.00 in the spot market in mid morning trade Wednesday, firmer from the previous day’s 195.50/196.50 levels, while bond yields were slightly higher ahead of a bond auction, dealers said. The rupee closed around 195.50/196.50 to the US dollar on Tuesday.