Business

S&P SL20 index declines amidst waning turnover; LOLC Group counters recover

Published

3 years ago

2022/01/14

By Hiran H.Senewiratne

The CSE managed to push its benchmark index to a positive trajectory though the more active S&PSL20 declined amid waning turnover yesterday. At the beginning profit- takings were noted and the market went down but later it turned positive and settled in positive territory, market analysts said.

The index- heavy Browns Investments share price declined to Rs 16.50 but later settled at Rs 17. The recovery of Browns Investments made other LOLC Group counters and other shares move to a positive momentum.

Softlogic Life Insurance witnessed a 40 per cent gain during the last five days. But yesterday it recorded a Rs 10.90 or 11 per cent price appreciation. Its shares traded at Rs 99.10 and at the end of the day they shot up to Rs 110.

Amid those developments both indices moved upwards. The All -Share Price Index went up by 215.5 points and S and P SL20 shot up by 74.6 points. Turnover stood at Rs 7.07 billion with three crossings. Those crossings were reported in LOLC Finance, which crossed 7.5 million shares to the tune of Rs 205 million, its shares traded at Rs 28, TJLanka 1.4 million shares crossed for Rs 72.3 million, its shares traded at Rs 50 and Browns Investments 1.2 million shares crossed to the tune of Rs 20.3 million; its shares traded Rs 16.90.

In the retail market top seven companies that mainly contributed to the turnover were Browns Investments Rs 636.3 million (37.8 million shares traded), Expolanka Holdings Rs 610 million (1.6 million shares traded), Softlogic Life Rs 368 million (2.4 million shares traded), LOLC Holdings Rs 321 million (237,000 shares traded), ACL Cables Rs 306 million (2.77 million shares traded), Softlogic Holdings Rs 283 million (4.2 million shares traded) and LOLC Finance Rs 236 million (8.2 million shares traded). During the day 253 million share volumes changed hands in 56280 share transactions.

Mixed interest was observed in Expolanka Holdings, Softlogic Life Insurance and Access Engineering while retail interest was noted in SMB Leasing non-voting, Browns Investments and Softlogic Capital. The Diversified Financials sector was the top contributor to market turnover.

Yesterday the US dollar was quoted at Rs 201.50, which was the controlled price of the Central Bank. S&P Global Ratings earlier in the day lowered its long-term sovereign credit rating on Sri Lanka to ‘CCC’, from ‘CCC+’, saying the country’s external position continues to weaken due to elevated external obligations and an uneven access to financing.

S&P said Sri Lanka’s economic recovery would be challenged by the ongoing pandemic and external financial stresses. The rating agency forecast real gross domestic product growth of 2.2% this year, compared with its estimate of 3 per cent expansion in 2021.

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Business

Dr RAD Jeewantha named most innovative dentist of the year

Published

4 hours ago

2025/04/27

Thilina Walpola

Dr Jeewantha receiving the award

Dr. R. A. D. Jeewantha was honoured as the Most Innovative Dentist of the Year at the Business World International Awards, 2025. Organised by the Business World International Organisation, the award ceremony was held recently at the Mount Lavinia Hotel. A graduate of the Faculty of Dental Sciences, University of Peradeniya, Dr. Jeewantha has built a reputation as one of Sri Lanka’s most respected and forward-thinking dental surgeons. After gaining vital experience in Government hospitals, including the Teaching Hospital in Karapitiya, he also served at a leading private hospital before launching his own practice—Doctor J Premium Dental Care in Delkanda, Nugegoda.

His dental clinic is known for offering advanced, patient-focused treatments in restorative dentistry, cosmetic procedures, and implantology, using state-of-the-art technology. Dr. Jeewantha is especially skilled in dental implants, having completed the American Residency Course in Dental Implantology at Roseman University, accredited by the American Academy of Implant Dentistry. Dr. Jeewantha holds fellowships from the International College of Continuing Dental Education (FICCDE) and the Pierre Fauchard Academy (USA). His advanced skills include modern root canal treatments using Mineral Trioxide Aggregate (MTA) for both surgical and non-surgical procedures.

He has completed international trainings in digital dentistry, full-arch implantology techniques like All-on-Four and Zygomatic Systems, and smile design using digital 3D scans. He has participated in global dental events such as the Asia-Pacific Dental Congress and completed training at institutions including the University of Manchester and North Western State Medical University in Russia. His courses have covered everything from intraoral scanning to managing tooth wear. He has previously received many local and international awards. Dr. Jeewantha also serves the community as a Justice of the Peace for All Island.

Business

IIHS Foundation in Biological Studies offers fast-track route to global health careers

Published

4 hours ago

2025/04/27

Thilina Walpola

The Foundation in Biological Studies at IIHS provides a unique alternative for students looking to fast-track their health careers after their Ordinary Level (O/L) exams. This programme offers a direct route to global health careers, bypassing traditional A/Ls. With over 1,000 students already advancing to universities in Australia, the UK, and Finland, IIHS has positioned the course as a reliable launchpad for careers in fields like medicine, nursing, biomedical sciences, and digital health. “This programme is a game-changer, offering a transformative journey into global healthcare education,” said IIHS CEO Dr. Kithsiri Edirisinghe.

Business

Seylan Bank Reports Strong Growth in Q1 2025 Financials

Published

4 hours ago

2025/04/27

Thilina Walpola

Seylan Bank has recorded a Profit before Tax (PBT) of LKR 4,199 million in Q1 2025, marking a 13.36% growth compared to LKR 3,704 million in Q1 2024. Profit after Tax (PAT) rose by 20.29%, reaching LKR 2,761 million, up from LKR 2,295 million in the corresponding period of 2024.

Despite a decrease in net interest income by 8.37% due to market interest rate reductions, the bank’s net fee-based income grew by 13.83%, driven by fees from loans, cards, remittances, and other services. Total operating income for the quarter was LKR 11,258 million, a 3.83% decrease from the previous year, while operating expenses rose by 4.62%, largely due to increased personnel and other operating costs.

Impairment charges were significantly reduced by 83.17%, totaling LKR 262 million, reflecting the bank’s solid credit quality and proactive provisions. The bank’s impaired loan ratio improved to 1.98% from 2.10% in Q1 2024, with a provision cover ratio of 80.74%.

Seylan Bank’s total assets grew to LKR 785 billion, with loans and advances reaching LKR 469 billion and deposits totaling LKR 647 billion. The bank’s capital adequacy ratios remained strong, with the Common Equity Tier 1 Capital Ratio at 13.67% and Total Capital Ratio at 17.64%.

In addition to its financial performance, Seylan Bank continued its commitment to education, opening 16 more “Seylan Pahasara Libraries,” bringing the total to 281 libraries across the island.Fitch Ratings upgraded Seylan Bank’s National Long-Term Rating to ‘A+(lka)’ with a Stable Outlook in January 2025, further underscoring the bank’s financial stability and growth trajectory.