Cargills Bank sells 80.34% of its stake, seven crossings boost the Stock Market



by Hiran H.Senewiratne


Cargills Bank Ltd, the majority shareholder of Colombo Trust Finance PLC, has sold its 80.34 percent stake in the company, Colombo Stock Exchange (CSE) sources said.


A total of 37,374,598 shares of Colombo Trust Finance have been sold at the price of Rs 28.70 per share. The total value of the transaction was Rs. 1,072,650,962.60.


According to sources, the buying party is one of the largest telecommunications service providers in Sri Lanka.


Meanwhile, CSE turnover was dominated by crossings or arranged transactions. The day's turnover stood at Rs 2 billion out of which Rs one billion came from Capital Alliance, which traded 37.3 million shares for Rs 28.70 per share in that transaction.


With this Rs 1.5 billion coming from the crossings, the prevailing negative sentiment in the market reduced to a greater extent. During the day seven crossings took place. Apart from Capital Alliance Finance Plc, Melstacorp two billions shares crossed to the tune of Rs 123 million and per share value Rs 59, Dialog crossed two million shares to the tune of Rs 23.40 million and per share value Rs 11.30, Commercial Bank 560,000 shares crossed to the tune of Rs 76 million and per share value Rs 136, HNB crossed 229,000 shares to the tune of Rs 53.3 million and per share value Rs 53.3 million and per share value Rs 232, JKH crossed 200,000 shares to the tune of Rs 32 million and per share value Rs 160.50 and Ceylon Tobacco Company 390,000 shares crossed for Rs 37 million and per share value Rs 951.


Despite the higher number of crossings and the resultant boost to the turnover, All Share Price Index went up only by five points and S and P SL20 index by only 10.3 points. 


When it comes to retail market the companies that mainly contributed to day's turnover were JKH Rs 263 million (1.6 million shares traded), Sampath Bank Rs 48.3 million (164,000 shares traded) and Seylan Bank Rs 30.30 million (335,000 shares traded).


During the day  62.5 million shares changed hands in 4105 transaction. However, "Investors are still waiting to see the clarifications on the tax bill and the exact implications of the bill, stock market analysts said.


 
 
 
 
 
 
 
 
 
 
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