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ASPI records biggest single day points gain as LOLC drives extremely bullish market

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Hiran H.Senewiratne 

The CSE was extremely bullish yesterday and it was mainly driven by the LOLC Group of companies headed by Ishara Nanayakkara, stock market analysts said. Both indices were positive. The ASPI  recorded the biggest single day points gain in history with 332.16 points, setting a new all time high with the index closing at 8 463.43 points. S and P SL20 was up by 117.34 points.

Main companies that contributed to the ASPI were, LOLC, Carsons, Browns Investments, Expolanka and JKH. Those companies were main gainers in the market and their share prices appreciated during the day. LOLC share price moved up by 25 percent or Rs. 70.25. Its shares started trading at Rs. 281 and at the end of the day they moved up to Rs. 351.25 ( Its contribution to the ASPI 76 points), Expolanka shares appreciated by 8.7 percent or Rs. 4.40, Its shares started trading at Rs. 50.70 and at the end of the day they moved to Rs. 55.10  (Its contribution to the ASPI  was 20 points).

Browns Investments shares appreciated by 25 percent or Rs. 42. Its shares started trading at Rs. 162 and at the end of the day it moved to Rs. 168  (Its contribution to the ASPI was 20 points). JKH shares appreciated by 4 percent or Rs. 6. Its shares started trading at Rs. 162 and at the end of the day they moved to Rs. 168 (Its contribution to the ASPI was 18 points). Carsons shares appreciated by 24 percent or Rs. 74.25. Its shares started trading at Rs. 305.75 and at the end of the day they moved to Rs. 380 (Its contribution to the ASPI was 33 points).

During the day turnover reached Rs. 12.8 billion with ten crossings. Those crossings were in Commercial Bank, which crossed 3.2 million shares to the tune of Rs. 307.3 million, its shares traded at Rs. 99, JKH 1.4 million shares crossed for Rs. 245 million, its shares traded at Rs. 168, CT Holdings one million shares crossed for Rs. 172.8,Mililion its shares traded at Rs. 172.8, Expolanka two million shares crossed for Rs. 112 million, its shares traded at Rs. 56, Cargills 391 million shares crossed for Rs. 86.5 million, its shares traded at Rs. 225.

Meanwhile, Sampath Bank 500,000 shares crossed for Rs. 56 million, its shares trading at Rs. 140, HNB 400,000 shares crossed for Rs. 56 million, its shares traded at Rs. 140, Tokyo Cement (Non Voting) 375,000 shares crossed for Rs. 29.6 million, its shares fetched Rs. 79, Central Finance 270,000 shares crossed for Rs. 26.7 million, its shares traded at Rs. 99 and Lion Brewery 45000 shares crossed for Rs. 26.1 million, its shares trading at Rs. 580.

In the retail market top five contributors to the turnover were, LOLC Rs. 1.8 billion (5.4 million shares traded), Expolanka Rs. one billion (18.6 million shares traded), Dipped Products Rs. 589 million (one million shares traded), Browns Investments Rs. 547 million (79 million shares traded) and JKH Rs. 485 million (2.9 million shares traded). During the day 590 million share volumes changed hands in 16387 transactions. 

Meanwhile, First Capital has announced a debenture issue to raise Rs. 2 billion in order to do future expansions and developments, its sources said.  

Sri Lanka’s rupee was quoted weaker around 197.50/199.50 to the US dollar in the spot next market on Friday, while bond yields were up marginally, dealers said. Rupee last closed around 197.00/198.00 in the spot-next market on Thursday against the greenback.



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Moose Clothing Company wins award at SLIM Brand Excellence 2020

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Hasib Omar, Executive Director/CEO at Moose Clothing Company (second left) with the company’s Head of Sales and Marketing Stefan Schumacher, Head of Supply Chain Vinu Basnayake and Senior Manager Finance Nadeesha Gunawardana.

Moose Clothing Company clinched their first bronze award for “Best New Entrant Brand” category at the recently held SLIM Brand Excellence Awards 2020.

Moose Clothing believes in creating clothing that’s loved by all, allowing everyone to embrace and celebrate their unique personalities. Moose Clothing has over time established itself as a versatile brand that creates comfortable quality clothing with the perfect fit. The brand is keen about perfecting every aspect of their clothing and puts in every effort to create a quality garment that will always speak for itself.

Commenting on their marvellous achievement, Hasib Omar, Executive Director/CEO of Moose Clothing Company said, “This is indeed a testimony of our hard work and dedication towards the brand and our customers. At Moose we believe that each customer is unique and our clothing is tailored to match that uniqueness. We entered the market with that in mind and this award is a clear indication that we are on the right track.”

Established in 2018, the brand’s journey is all about celebrating the free-spirited personality of the wearers with versatile clothing that’s suitable for work, dance and play. 

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CSE bounces back; indices pick-up but turnover low

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By Hiran H.Senewiratne 

CSE activities bounced back  yesterday following a continued decline in its activities on  previous days.  But the market registered low turnover, fuelling investor concerns, stock market analysts said.

Both CSE indices moved upwards. The All Share Price Index went up by  76. 69 points and S and P SL20 rose by 39.03 points. Turnover stood at Rs. 2.07 billion without a crossing.

In the retail market, top five companies that mainly contributed to the turnover were; Expolanka Rs. 188 million (4.2 million shares traded), LOLC Holdings Rs. 158.6 million (526,000 shares traded), Sampath Bank Rs. 155 million (one million shares traded), JKH Rs. 145 million (975,000 shares traded) and  Dipped Products Rs. 118 million (2.8 million shares traded). During the day 76.96 million share volumes changed hands in 18746 transactions.

Sri Lanka’s rupee quoted flat at 196.00/197.00 levels to the US dollar in the one-week forwards market on Friday while bond yields remained steady, dealers said. The rupee last closed in the one- week forward market at 196.00/197.00 to the dollar on Thursday.

Sri Lanka expects the GDP to grow between 3.0 to 3.5 per cent in the first quarter of 2021 with the rapid vaccination campaign rolled out giving people more confidence.

 

 

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AIA Insurance congratulates Sri Lanka’s Most Admired Companies

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AIA Insurance congratulates the winners of Sri Lanka’s Most Admired Companies 2020, for being recognized not just for their financial performance but also the value they create for their shareholders, customers, employees and the wider community.

AIA commended the 25 companies that were awarded this esteemed accolade- for proving their mettle with consistency, authority and sustainable growth, creating excellent business performance. This was the third consecutive year that AIA was the Platinum Sponsor of the Awards, organized by the International Chamber of Commerce Sri Lanka (ICCSL) and other affiliated sponsors.

AIA CEO Nikhil Advani commented, “As part of Asia’s leading insurer and Sri Lanka’s Best Life Insurance Company for the 2nd consecutive year (awarded by the Global Banking and Finance Review) AIA’s core philosophy is doing the Right Thing, in the Right Way and with the Right People. We take pride in being associated with this event, which recognizes business excellence and ethics- essentially doing the right thing, the right way for the right results. We place honesty and integrity in the highest esteem and are delighted to celebrate reputed companies that share our values in generating value for their shareholders, customers and the community.”

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