Indices on southward trend

The indices at the Colombo Stock Exchange continued south for the fourth consecutive day with the broad-market ASPI coming down by 14 points (-0.6%) to end at 2,475, while the MPI lost 10 points (-0.4%) to close at 2,981.

Turnover for the day picked up to Rs 281 million, mainly due to large transactions in Distilleries (Rs 65.4 million) and Aitken Spence (Rs 55.2 million.)

Kelani Tyres continued to dominate retail interest with the share closing at Rs 70.00 with interest seen to the tune of Rs 24.0 million. The share has appreciated 192% since the 1st of April, when it ended at Rs 24.75.

Madulsima Plantations (MADU), which is controlled by the Stassen Exports, releasing its annual report yesterday for the year ended December 2007, turn around to profitability.

The company made Rs 26.4 million from a loss of Rs 31.9 million in the previous year. The company's turnover rose 22.5% to Rs 1.320 billion. MADU's EPS was 91 cents and the share closed at Rs 17.25 Noteworthy positive price movements were seen in Lion Breweries (+5.6%) to close at Rs 61.25 and Lanka Milk Foods (+5.3%) to end at Rs 54.75, while the decliners were Seylan Merchant (NV) (-16.7%) 50 cents and Udapussellewa Plantations (-13.9%) to close at Rs 34.00.

Source: First Guardian Equities