Aviva dips, NDB stocks’ rise persist

Wednesday, 26 September 2012 01:32 - - {{hitsCtrl.values.hits}}

Investor interest continued on NDB Group stocks, pushing their prices further, whilst Aviva NDB Insurance ended its mini-rally yesterday.

Aviva NDB Insurance saw around 35,000 of its shares traded hitting a peak of Rs. 435 before closing at Rs. 413.30, down by Rs. 23.30.

Some analysts linked it to Daily FT’s article yesterday, which said eventually the sale of Aviva from Sri Lanka to AIA will not trigger a mandatory offer, whilst others pinned it to profit taking. On Monday, Aviva NDB rose by 18%.

On the other hand, NDB Capital (formerly CDIC), which is tipped to sell out of Aviva NDB’s holding company joint venture and thereby enjoy a hefty capital gain, yesterday peaked to Rs. 505 and closed at Rs. 499.60, up by Rs. 15.30 on a volume of 11,000 shares. This gain was on top of a 9% rise on Monday.

Related party NDB saw around 650,000 of its shares trade hitting a high of Rs. 144 before closing at Rs. 143.30, up by Rs. 4.90.