Turnover drops on lacklustre trading

The last trading day before the traditional New Year holiday ended with the indices recording marginal gains, but turnover dropped on lackluster trading.

John Keells Holdings announced to the market of a US $ 5.72 million investment to acquire a 44% stake in Quattro Finance & Accounting Solutions of India. Quattro F&A is one business process outsourcing firms started by Raman Roy, the pioneer of the outsourcing industry in India

Green Care International which bought a 53% stake in Hotel Services, the owner of the Ceylon Continental, has made the mandatory offer to purchase the balance shares at Rs138.00 as per the regulations.

The ASPI closed up 8 points (+0.3%) at 2614 and the MPI by 6 points (+0.2%) to 3275. SLT (Rs 36.6 million), Coco Lanka (Rs 11 million), Selinsing (Rs 7.3 million) Madulsima (Rs 5.5 million) and Vallibel Power (Rs 5.2 million) were the biggest contributors to turnover, which totaled Rs 115.9 million.

The top advancers for the day were Regnis by 12% to Rs 55.00, Shaw Wallace & Hedges by 10% to Rs 159.50, Madulsima by 7% to Rs 19.25, Agalawatte 5% to Rs 40.00 and TransAsia by 5% to Rs 84.00 The decliners for the day were Blue Diamonds (voting) by 6% to Rs 2.90, Union Assurance by 6% to Rs 51.50, Mercantile Shipping by 5% to Rs 104.25, Asian Cotton Mills by 5% to Rs 41.00 and JL Morrisons (voting) by 4% to Rs 420.50.

Source: First Guardian Equities