A major tumble in the Colombo market took effect on March 1 and 3 with shares sinking domino style until Friday when a fair reversal was seen recouping some of the losses on a massive turnover of Rs 7.68 billion.
The ingredients that went into this big turnover was around 71 million shares in Lanka Hospitals, part of which was a 28.6% stake, 15 million Nawaloka Hospitals and 4 Million Grain Elevators.
In a statement on Friday, Fortis Global Healthcare Holdings Pte Ltd, an Indian company owned by Malvinder Mohan Singh and Shivinder Mohan Singh said it had acquired a 28.6% in Lanka Hospitals marking its entry in one of Asia's fastest growing economies.
“The acquisition is in line with Fortis Global’s vision of creating a Pan Asia healthcare platform and provides an access to one of the fastest growing economies in Asia,” it said.
Brokers said the massive decline during the first two days in the month was a worrying factor for the companies preparing for the IPO.s lined up for the next few weeks. It appears that the turnaround on Friday will quell those fears.
Guardian Capital Partners earlier known as Watapota Investments was in the news again. Carson Cumberbatch sold to its subsidiary Ceylon Guardian Investment Trust’s 21.6 million rights of Guardian Capital Partners at Rs 10.30 helping to bloat the days turnover. It closed for the period at Rs 2250.
Seylan Bank voting and non voting shares were on the slide following the announcement of its proposed rights announcement. Among the other stocks that had heavy declines were Nuwara Eliya Hotels, and J L Morisons Voting & Non Voting. Industrial Asphalts joined Colombo Pharmacy in its climb.
Richard Peiris & Laugfs Gas continued to attract interest.
CT Holdings was successful in roping in some foreign funds in a private placement.
They placed 9.6 million shares at Rs 210 per share. Simultaneously they announced a rights issue of 1 for 55 shares at Rs 210 per share.
Directors Sanjeev Rajaratnam was appointed a Non Executive Director and Prema Cooray as an Independent Non Executive Director at Marawila Resorts.
Hemaka Amarasuriya was appointed an Independant Non Executive Director at C.W. Mackie.
The All Share Price ended 46.90 points or 0.06% lower at 7664.72 while the Milanka was also 39.93 points or 0.5% lower at 7029.42.
The turnover for the 4- day week was a phenomenal Rs.13 billion.
(Elton, our regular columnist on the stockmarket, could be reached at iepebert@gmail.com)
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