Market ends flat, Millers de-lists

The broader market ended flat yesterday, but investors bought up selected stocks on pushing up the MPI. Substantial interest was seen in Chevron and Cargo Boat Developments.

The latter company which own prime property also has a significant investment portfolio of many quoted companies in the CSE. Millers PLC was de-listed from the CSE pursuant to its merger with group company Cargills.

Millers, easily recognised by its red brick facade, was founded as a general store in 1845 in Kandy and in an era before the advent of supermarkets, the place for chocolates, cheese, wines and fine writing instruments and Kodak photographic film.

It has been apart of the Ceylon Theatres Group since 1945.

The ASPI closed at 2629, while the MPI moved up by 4 points (+0.15%) to 3310. SLT (Rs 85.2 million), Chevron (Rs 45.4 million), Cargo Boat (Rs 39.3 million) Distilleries (Rs 26.9 million) and Namunukula Plantations (Rs 22 million) were the biggest contributors to turnover.

The top advancers for the day were Environmental Resources by 18% to Rs 22.50, Tess Agro by 8% to Rs 1.30, Ceylon Hospitals, the owners of Durdans, by 7% to Rs 38.75, Colombo Fort Investment by 7% to Rs 11.50 and First Capital Holdings by 7% to Rs 11.50 The decliners for the day were Seylan Merchant bank (non-voting) by 14% to Rs 0.60, Muller & Phipps by 10% to Rs 0.90, CDIC which is a holding company of Eagle Insurance by 8% to Rs 101.00, Light House Hotels by 8% to Rs 45.25 and Riverina Hotels by 7% to Rs 45.00.

Source: First Guardian Equities