A prosperous New Year, that’s what everyone is wishing, but it is more emphatically pronounced by the stock brokers.
Based on the trading pattern for the last few days and the earnings figures released for the last quarter, it could be prosperous and profitable during 2012 in QR1 at least, but definitely advantageous for those who made purchases when the market was down in the dumps recently.
According to certain sources many rights issues and a few more subdivisions are on the agenda, but the scheduled IPOs will have to be at an attractive price to entice some of the new investors.
The close of the year 2011 has seen many developments - changes in directorates, purchases of office complexes and portfolio adjustments.
Top bank, Commercial of Ceylon said its chairman, Mahendra Amarasuriya was calling it quits because of personal reasons necessitating many changes at the top.
With a view to further facilitating the expansion of the company, LB Finance purchased on 26th December, a luxury office complex – property owned by its Executive Deputy Chairman Dhammika Perera, for Rs.788.8 million.
In another development, Melstacorp Ltd, a subsidiary of Distilleries has made a mandatory offer for the purchase of the remaining shares in Aitken Spence.
Distilleries ended the period at Rs.147.10 while Aitken Spence was at Rs.120.40.
Trading for the short week commenced on Tuesday, indicating renewed buying which continued until Thursday mid-session when the ASI was almost reaching 6150, but lost steam and took a trimming.
The next day Friday, this capricious behaviour continued, as it was in positive territory for the first hour and then slipped.
Commercial Bank occupied top billing both in its trading actvity as well as with the surprises provided in its directorates.
Foreign selling of almost 12 million shares in the stock enabled a few of the high networth individuals and institutions to increase their stake in the bank.
J.L. Morison & Jones commenced trading on Wednesday after its recent share split with the year-end level for these stock being Rs.285 for the voting and Rs.149 for the Non-Voting shares.
Ceylon Tobacco which experiences very little selling gradually moved up to reach Rs, 500 on Friday, but fell soon after to close at Rs.490. Among the high value shares Lanka Ashok Leyland was up to Rs.2925 while Colombo Pharmacy chipped in at Rs.1190.
Kalpitiya Beach Resorts and Waskaduwa Beach Resorts from the Citrus Group, will make its debut on the Diri Savi Board on January 3.
Meanwhile the rights issue of Nation Lanka Finance PLC of 1 new voting ordinary share for every 4 voting ordinary shares at Rs 10 is based on their shareholding as at end of trading on 5.1.2012 Price bands - there were no price bands this week.
Changes in directorates: Commercial Bank of Ceylon - M.J C. Amarasuriya resigned as Chairman on Friday. B.R.L. Fernando relinquished office as a Director on 31st December, and Dr. H.S. Wanasinghe also ceased to be a member of the board after 31st December. Preethi Jayawardena was appointed a director on 28th December;
Sampath Bank - Arthur Senanayake resigned as Chairman on December 31, while Dhammika Perera was appointed Chairman from January 1.
As trading closed for the year both indices were marginally higher than last week with the All Share Price gaining 91.84 points or 1% to close at 6074.42 and the Milanka gaining 39.30 points or 0.5% to end at 5229.16. The turnover for the four days was Rs 2.5 billion against Rs. 2.7 billion last week |
E-mail
