EPF invests more in Aitken Spence

Thursday, 21 April 2011 01:05 - - {{hitsCtrl.values.hits}}

Hot on the heels of buying 1 million shares on Tuesday, the Employees Provident Fund (EPF) yesterday invested further in Aitken Spence Holdings and its leisure subsidiary.

In separate deals, EPF picked up 1 million shares of Aitken Spence for Rs. 165.5 million (at same price of Tuesday’s purchase) and around 1 million shares in Aitken Spence Hotel Holdings for Rs. 95 million. The Employees Trust Fund too had picked up some shares of Aitken Spence Hotel Holdings.

In both deals the seller was Carson Cumberbatch Group which is booking profits by part shedding its stakes. The share price of Aitken Spence increased by Rs 2.40 (1.45%) and closed at Rs 167.

Apart from these deals, the stock market continue to struggle causing concern among investors. ASPI and MPI closed almost flat whilst turnover was only Rs. 1.8 billion.

“Indices were stagnant as turnover continued to be disappointing. Selling pressure on some blue chip stocks were subdued with buyers coming in,” NDB Stockbrokers said. “However, illiquid stocks continued to impress investors,” it added.

The Bank, Finance and Insurance sector was the main contributor to the market turnover (due to Central Finance) with the sector index decreasing 0.81%. The share price of Central Finance has gained rapidly since previous week.

Investors continued to focus on illiquid stocks yet again as gains were witnessed in stocks such as Lake House Printers & Publishers, Shaw Wallace & Hedges, Arpico Finance, Huejay International Investments, Printcare and Gestetner of Ceylon.

Free Lanka Capital Holdings saw nearly 20 million of its shares traded before closing down by 10 cents to Rs. 5.50 whilst it touched an intra-day high of Rs. 5.80. It announced profits had increased by 189% in the fourth quarter of 2010/11 financial year.