Notable share appreciations in Cooperative Insurance and hSenid

By Hiran H. Senewiratne

Two newly listed companies, Cooperative Insurance and hSenid, saw their share prices appreciate significantly at the CSE yesterday, which is a notable occurrence, stock market analysts said.

Further, plantation sector companies were able to maintain their momentum as on the previous day. But there are notable activities happening in tourism/hotel sector counters due to the significant increase in tourist arrival to Sri Lanka from December 1 to 26th this year, amounting to 70000 arrivals, stock market analysts said.

Amid those developments both indices moved upwards. The All- Share Price Index went up by 104.5 points and S and P SL20 rose by 23.7 points. Turnover stood at Rs 6.5 billion with five crossings. Those crossings were reported in Commercial Bank, which crossed 3.9 million shares to the tune of Rs 308 million, its shares traded at Rs 79, Melstacorp two million shares crossed for Rs 110 million, its shares traded at Rs 55, LOLC Holdings 32000 shares crossed for Rs 37.3 million, its shares traded at Rs 1165.75, Royal Ceramic 500,000 shares crossed for Rs 37.2 million, its shares traded at Rs 74.40 and Bukitdarah 50000 shares crossed for Rs 20 million, its shares fetching Rs 400.

In the retail market, seven companies that mainly contributed to the turnover were; Expolanka Holdings Rs 815 million (2.2 million shares traded), Browns Investments Rs 546 million (37.8 million shares traded), Cooperative Insurance Rs 407 million (92.5 million shares traded), hSenid Rs 410 million (12.4 million shares traded), Lanka IOC Rs 179 million (2.5 million shares traded), Elpitiya Plantations Rs 179 million (1.2 million shares traded) and Richard Peiris Rs 161 million (6.4 million shares traded). During the day 509 million share volumes changed hands in 59000 transactions.

Price appreciations were noted in two newly listed companies. One was Cooperative Insurance, where the share price appreciated by 30 per cent or Rs 1.10. Its shares shot up to Rs 4.70 from Rs 3.60. The second was hSenid, whose share price appreciated by 16 per cent or Rs 4.50. Its share price shot up to Rs 32.80 from Rs 28.30. Further, Elpitiya Plantations share prices appreciated by Rs 21.25 or 16 per cent. Its share price shot up to Rs 156 from Rs 134.

Meanwhile, LOLC General Insurance, which oversubscribed 12 times, will be listed in the Divisavi Board today. The company will issue 1.2 billion shares, out of which 120 million will be offered to the public at Rs 7.90 a share to raise Rs 948 million.

It said high net worth and institutional investor participation was noted in Melstacorp, Commercial Bank and Sinhaputhra Finance. Mixed interest was observed in Expolanka Holdings, hSenid Business Solutions and Browns Investments, while retail interest was noted in SMB Leasing voting and non-voting and Industrial Asphalts.

Sector-wise, plantation stocks witnessed more traction during the session and ended sharply higher while Food, Beverage & Tobacco, Diversified Financials, Capital Goods and Banks sectors led activity, collectively accounting for 72.7% of turnover. Activity continued strong while the breadth of the market turned positive with 124 gainers and 91 decliners.

Separately Kelani Valley Plantations, Haycarb and Singer Sri Lanka announced their interim dividends of 25 cents, 75 cents and 35 cents per share respectively.

Yesterday the US dollar was quoted at Rs 201.96, which was the Central Bank controlled price. The actual price of the dollar is now touching Rs 250, market sources said.