Commercial Leasing overtakes parent LOLC to be second most valuable

Subsidiary Commercial Leasing and Finance PLC (CLC) yesterday overtook parent and one time high flyer LOLC Holdings PLC to become the second most valuable entity in the Colombo Stock Exchange.  CLC share price gained by 22.4% or Rs. 10.80 to close at Rs. 59. This saw its market capitalisation swell to Rs. 376.28 billion. CLC contributed 150 points to the gain of ASPI yesterday. Despite bullish sentiment on the stock, CLC saw a relatively low volume with 7.2 million shares changing hands via 4,575 trades for Rs. 396.7 million. 

CLC’s parent, diversified financial conglomerate LOLC saw its price dip by 1% or Rs. 6 to close at Rs. 628.75 resulting in a market capitalisation of Rs. 298.78 billion or nearly Rs. 100 billion lower than CLC.

LOLC saw thin volume with 60,286 shares changing hands via 225 trades for Rs. 37 million.

At the end of September, CLC was at number four in terms of market capitalisation of Rs. 175.38 billion with a share price of Rs. 27.50. It reflects a Rs. 200 billion increase since end-September. LOLC remained at number two with Rs. 294.6 billion, with a share price of Rs. 620.