Market’s value soars by Rs. 42 b as ASI hits 17-month high

Tuesday, 7 May 2013 00:00 - - {{hitsCtrl.values.hits}}

The acquisition of Lanka Ceramics by Dhammika and Nimal duo along with continuity in recent rebound in investor sentiments saw the Colombo Bourse’s value rise by Rs. 42 billion yesterday.

Softlogic Stockbrokers said the Bourse depicted a strong uptrend with the benchmark index showing a strong upward climb, with strong institutional and retail participation carrying the turnover across the Rs. 4 billion mark, the highest since 26 September 2012.

Gains recorded in heavy caps John Keells Holdings (+2.9%), Nestle Lanka (+3.4%) Distilleries (+3.9%) coupled with Commercial Leasing (+6.5%) and Ceylon Cold Stores (+13.1%) weighted positively on the index to record the highest intra-day gain since 14 September 2012. The main stock index rose 1.8% or 107.99 points, to 6,121.17, its highest close since 1 December 2011. The S&P SL20 gained 55 points, extending its YTD gain to 12.2%.

John Keells Holdings contributed heavily to index performance touching a new 52-week high of Rs. 262.0 amidst notable on-board participation while key dividend players; Nestle Lanka and Chevron Lubricants Lanka attracted strong buying interest as they traded at 52-week high levels of Rs. 1,898.5 and Rs. 255. Banking sector activity highlighted National Development Bank which saw an intra-day gain of 2.6% at Rs. 175.5 while Dialog Axiata encountered renewed interest appreciating 4.2% to a new 52-week high of Rs. 9.9.

Retailer participation strengthened with positive momentum. Amidst the upward momentum of the Bourse, retail activity strengthened with notable focus on Nations Lanka Finance, Touchwood Investments and Central Investments & Finance, while interest in Textured Jersey Lanka and Piramal Glass prevailed.