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Market consolidates, holds ground at 9,000 level

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Further, broader market’s total turnover stood at Rs. 8,665.3 mn against the 12-month average daily turnover of Rs.3, 855.3 million, whilst the volume traded for the day was 504,825.1k against the 12-month average daily volume of 211,345.1k. Transportation, Capital Goods and Food and Beverage sectors mostly contributed to the day’s turnover.

The top traded counters for yesterday were Expolanka Holdings Rs.2,743.5 million (+0.7%), Browns Investments Rs.1,936.8 million (-6.4%), Hatton National Bank (Non-Voting) Rs.597.0 million (+0.0%), LOLC Holdings Rs.379.0 million (-2.9%) and Royal Ceramics Rs.299.3 million (-3.9%).

Further, off-board transactions were witnessed in Sampath Bank (Rs.51.5 million), Acme Printing & Packaging (Rs.96.0 mn), Renuka Holdings (Rs.40 million), Alliance Finance (Rs.24.6 million), Ceylon Cold Stores (Rs.32.8 million), Hatton National Bank (Non-Voting) (Rs.597 million) and Vallibel Power Erathna (Rs.64 million) yesterday.

Additionally, Acme Printing & Packaging, Nations Lanka Finance, Anilana Hotels & Properties, People’s Merchant Finance and Ramboda Falls were the top price gainers yesterday whilst Blue Diamond (Voting and Non-Voting), Mahaweli Coconut Plantations, Muller & Phipps and Sinhaputhra Finance were the top price losers. Further, Browns Investments, SMB Leasing (Voting and Non-Voting), Tess Agro, Expolanka Holdings, Kotagala Plantations and LOLC Finance were amongst the most actively traded stocks yesterday.

Meanwhile, People’s Merchant Finance announced a rights issue of six (6) new ordinary voting shares for every 25 ordinary voting shares at Rs. 6.50 per share. Further, the Colombo Stock Exchange (“CSE”) has approved in principle an application for listing the debt securities of Commercial Bank.

An initial Issue of 50 million (50,000,000) Basel III compliant – Tier 2, Listed, Rated, Unsecured, Subordinated, Redeemable Debentures with a Non-Viability Conversion feature at a par value of Rs.100 each, with an option to issue up to a further Fifty Million (50,000,000) of said Debentures at the discretion of the Bank in the event of an over subscription of the initial issue.

Further Type A 5 Year Fixed coupon rate stands at 9.00% p.a. (AER 9.20%), payable semi-annually whilst Type B 7 Year Fixed coupon rate remains at 9.50% p.a. (AER 9.73%), payable semi-annually.

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