ODEL transaction pushes CSE turnover beyond Rs. 6 billion mark

By Hiran H.Senewiratne

The CSE   closed 0.21 percent higher yesterday, according to provisional data, with a deal in fashion retailer Odel PLC accounting for a little over 93 percent of the day's  Rs.  6.68 billion- turnover.

Odel gained 10 cents to close at  Rs. 26 after 6.23 billion rupees worth of shares were traded during the day.

Parent company Softlogic Holdings PLC is reported to have transferred the shares to Softlogic Retail Holdings which was created in March this year  to consolidate the retail activities and restructuring plans of the group, market analysts  said. The deal is treated as an internal transfer with no material change in ownership, they said.

Amid those developments, All Share index ended 12.60 points higher at 5,993.54 and the S&P SL20 index of more liquid stocks gained 1 percent, up 31.21 points to 3,137.19. 

Market turnover stood at Rs.  6.68 billion with 66 stocks gaining against 51 that declined. Apart from Odel crossings there were two others: those were: Softlogic Life Insurance 1.86 million stocks crossed to the tune of Rs. 61.2 million, per share value Rs. 33 and TJ Lanka  one million shares crossed for Rs. 33 million, per share value Rs 33.

In the retail market, companies that mainly contributed to the day's turnover were: Browns Capital PLC Rs. 74.6 million (20.7 million shares traded), Access Engineering Rs. 38.5 million (2.2 million shares traded), Commercial Bank Rs. 36.6 million (319,000 shares traded) and JKH Rs. 34.2 million (225,000 shares traded). During the day 281.6 million share volume changed hands in 3896 transactions.   

Hatton National Bank (up Rs. 4.80  to 214.80 rupees), JKG (up Rs. 1.30 to Rs. 152.30 ) and AIA Insurance Lanka (up Rs. 29.50  to Rs.  950)  contributed to the benchmark index gain.

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