Colombo stocks reacts positively

Colombo stocks reacted positively as Ceylon Theatres and its subsidiary Cargills Ceylon announced share splits driving interest in the companies, while SLT traded within a narrow band and Lanka Cement was sold down.

Diversified company Ceylon Theaters and Cargills Ceylon, which merged with Millers, announced sub-division of shares at the rate of 70 for 1 and 40 for 1 respectively, which saw investors take added interest in the companies.

Ceylon Theatres also reported a 30% increase in revenue for the quarter ending December 31, 2007, to Rs. 8.6 billion which in turn increased profits by 78% to Rs 91 million. The 9 month figures were turnover up by 27% to Rs 23.9 billion, while profits were up by 42% to Rs 232.7 million.

SLT continued to be the largest contributor to turnover (Rs 224.7 million), Ceylinco Insurance (Rs 105.8 million), Haycarb (Rs 41.8 million), Cargills Ceylon (Rs 17 million) and Ceylon Theatres (Rs 15.9 million) The top advancers for the day were Cargills by 48% to Rs 1, 970.00, Ceylon Theatres by 45% to Rs 4500.00, Nuwara Eliya Hotels by 43% to Rs 695.00, Gestetner Ceylon 12% to Rs 54.00 and Haycarb by 7% to Rs 59.00.

The decliners for the day were Environmental Resources by 19% to Rs 16.75 on the announcement of a dates for the 24 for 1 rights issue, Lake House Printers by 17% to Rs 60.00, Light House Hotels by 14% to Rs 45.00, Equity Two by 10% to Rs 13.50 and Seylan Merchant Leasing by 9% to close at Rs 15.00.

Source: First Guardian

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