NIFL share price loses steam, rupee quoted at 225/226.50 in kerb market

By Hiran H.Senewiratne

Stock trading activities at the Colombo Stock Exchange (CSE) was subdued yesterday mainly due to price depreciation of LOLC Development Finance PLC’s (NIFL) shares by 24.5 percent or Rs 170.25. In the last couple of trading days its share price witnessed an unusual increase without any plausible reasons where market participants and stockbrokers had raised concerns about the development.

With the recording of the price depreciation in NIFL stocks, it negatively contributed to the All Share Price Index by 91 points. Both indices showed a downward trend. All Share Price Index was down by 104.2 points and S&P SL20 down by 5.01 points. If not for NIFL ‘s negative contribution ASPI would have settled with 14 negative points, market analysts said.

NIFL share price started trading at Rs 694.74 at the commencement of trading but during the latter part of the day its share price fell by Rs 170.25 and touched Rs 525.50.

According to JKSB, Top gainer was Nation Lanka Finance PLC(+14.29%) and Top loser NIFL.N (-24.51%).

Turnover stood at Rs 1.45 billion with six crossings. Those crossings were reported in Renuka Agri Food 27.6 million shares crossed for Rs 102.1 million and its share price traded at Rs 3.70, HNB (Non Voting) 600,000 shares crossed for Rs 66 million and its share price traded at Rs 110, Cargills 175,000 shares crossed for Rs 42.5 million  its share price traded at Rs 243, Royal Ceramic one million shares crossed for Rs 35 million its share price traded at Rs 35, DFCC 500,000 shares crossed for Rs 30 million and its share price traded at Rs 60 and Aitken Spence 381,000 shares crossed for Rs 20.8  million and its share price traded at Rs 54.50.

In the retail market, the top five contributing companies were HNB (Non Voting) Rs 136 million (1.24 million shares traded), Expolanka Rs 92.2 million (1.87 million shares traded), LOLC Rs  82.1 million (210,000 shares traded), Royal Ceramic Rs 72.3 million (2.1 million shares traded) and HNB Assurance Rs 46.7 million (933,000 shares traded).

People’s Leasing which  announced a Rs 8 billion debenture issue sometime back has revised its plan to increase it to Rs. 10 billion. Each debenture is quoted at Rs 100 and the purpose is to have more liquidity for the company. During the day 73.65 million share volume changed hands in 15,540 transactions.   

Meanwhile, Sri Lanka’s rupee is being quoted in the kerb market at 225.00/226.50 to the US dollar as unusual demand for currency notes emerged over the past two weeks amid forex trading curbs in the formal market as money printing continued, participants said.