Stock market rebounds

Friday, 28 February 2020 00:21 - - {{hitsCtrl.values.hits}}

The Colombo stock market bounced back yesterday after being bearish most part of the week. The ASPI increased by 0.43% or 24.25 points and the S&P SL20 Index also increased by 0.17% or 4.44 points.

Acuity Stockbrokers said market turnover increased by 35% relative to Wednesday to amount to Rs. 486.4 million while the crossings for the day accounted for 11.3% of the day’s turnover.

Foreign investors recorded a net outflow of Rs. 36 million over the day compared to a net inflow of Rs. 16.5 million the previous day.NDB Securities said the ASPI closed in green as a result of price gains in counters such as Nestle Lanka, Sri Lanka Telecom and Ceylinco Insurance.

High net worth and institutional investor participation was noted in Teejay Lanka, Sunshine Holdings and Sanasa Development Bank.

Mixed interest was observed in Sampath Bank and John Keells Holdings whilst retail interest was noted in Browns Investments.

Banks sector was the top contributor to the market turnover (due to Sanasa Development Bank and Sampath Bank) whilst the sector index gained 0.13%. The share price of Sanasa Development Bank moved down by Rs. 0.30 (0.54%) to close at Rs. 55.00. The share price of Sampath Bank recorded a gain of Rs. 0.20 (0.12%) to close at Rs. 160.20.

Food, Beverage & Tobacco sector was the second highest contributor to the market turnover (due to Sunshine Holdings and Nestle Lanka) whilst the sector index increased by 0.62%. The share price of Sunshine Holdings gained Rs. 0.40 (0.91%) to close at Rs. 44.40. The share price of Nestle Lanka appreciated by Rs. 49.90 (3.99%) to close at Rs. 1,299.90.

Teejay Lanka was also included amongst the top turnover contributors. The share price of Teejay Lanka closed flat at Rs. 35.00.

Furthermore, Nations Trust Bank and Union Assurance announced their first and final dividends of Rs. 2.30 and Rs. 20.00 per share respectively.