CSE turnover hits Rs 3B on transfer deals

By Mario Andree and Ishara Gamage

The Colombo Stock Exchange started the week on Monday (26) on a negative footing with the benchmark index slipping, despite recording the highest turnover for 2018 of Rs 3 billion, supported by transfer deals of Nations Trust Bank and Lanka Orix Leasing Company.

The benchmark All Share Price Index (ASPI) on Monday (26) slipped 0.23 per cent (15.07 points) to close at 6,560.32 points, while the S&P SL 20 representing the top 20 listed entities gained 0.13 per cent (4.90 points) to close at 3,723.41 points.
The day’s turnover reached Rs 3.3 billion, higher than Friday (23) Rs 813.7 million, with 90 losers ahead of 56 winners. German-based insurer Allianz yesterday said that they completed the Janashakthi General Insurance Sri Lanka deal with regulatory approval.

Subsequent to this deal, Janashakthi General Insurance has transferred its 8.06% stake, represented by 18.5 million shares, in Nations Trust Bank to Janashakthi Life Insurance Limited for Rs 79.80 per share, totalling Rs 1.4 billion.
“With this closing, Allianz will begin amalgamating the operations of both companies, while being fully committed to honouring and servicing the policies of our customers,” Allianz said in a statement.

The acquisition will boost the scale and competitiveness of Allianz as a general insurer in Sri Lanka, it said.
Meanwhile, Luxembourg-based ABN Amro Multi-Manager Funds yesterday divested its 1.5% stake (6.9 million shares) of Lanka Orix Leasing Company for Rs 118/120 per share.

The Colombo Stock Exchange witnessed a net foreign outflow for the second consecutive market day on Monday (26), as foreign sales amounted to Rs 1.2 billion as against purchases worth Rs 1.15 billion.
Nearly 57 million shares changed hands on Monday (26) during 4,625 trades taking place.
The share price of AIA Insurance slipped 18.85 per cent (Rs 86.70) to close at Rs 373.30 as 1,623 shares changed hands during 60 trades, BRAC Lanka Finance slipped 9.12 per cent (Rs 3.10) to close at Rs 30.90 as 272 shares changed hands during 5 trades, while the share price of Lanka Hospitals Corporation slipped 5.10 per cent (Rs 3.20) to close at Rs 59.50 as 58,658 shares changed hands during 30 trades.

On a positive note, the share price of Melstacorp gained 1.60 per cent (Rs 1.10) to close at Rs 70 as 4.95 million shares changed hands during 144 trades, Ceylinco Insurance gained 3.18 per cent (Rs 49.30) to close at Rs 1,600 as 2,556 shares changed hands during 5 trades, while the share price of Asian Hotels and Property gained 3.14 per cent (Rs 1.60) to close at Rs 52.50 as 200 shares changed hands during 4 trades.