NIFL drives stock market; turnover hits Rs. 5 billion

By Hiran H.Senewiratne

CSE was bullish at the beginning of the session but during the middle of the day profit takings were witnessed. However, the market started recovering after the index heavy LOLC Development Finance (NIFL) share price appreciated by 25 percent or Rs. 93, market analysts said.

NIFL shares started trading at Rs. 372 and at the end of the day they moved to Rs. 465. With the price appreciation other companies too started recovering. NIFL contributed 48 points to the All Share Price Index, market sources said.

Amid those developments both indices indicated mixed reactions. All Share Price Index went up by 70.23 points and S and P SL20 went down by 4.64 points. Turnover stood at Rs. 5.67 billion with four crossings. Those crossings were reported in Lanka Milk Food, which crossed 2.5 million shares to the tune of Rs. 425 million, its shares traded at Rs. 170, Expolanka two million shares crossed for Rs. 133.1 million, its shares traded at Rs. 66.20, Ambeon Holdings 2.8 million shares crossed for Rs. 68.7 million, its shares traded at Rs. 24 and Alumex four million shares crossed for Rs 58 million, its shares fetched Rs 14.50.

In the retail market five companies that mainly contributed to the turnover were, Expolanka Rs. 1.12 billion (16.8 million shares traded), Royal Ceramic Rs.. 520 million (13.4 million shares traded), Dipped Products Rs. 511 million (8.5 million shares traded), Hayleys Rs. 437 million (5.2 million shares traded) and LOLC Holdings Rs. 366 million (787,000 shares traded).

Overall stock market was positive and investor sentiment has improved due to the government’s capability to repay international sovereign bonds next week, low interest regime and short term relief for investors. During the day 285.8 million share volumes changed hands in 36623 transactions.