Indices marginally down

The indices at the Colombo Stock Exchange ended marginally down with the ASPI losing 2 points (-0.1%) to close at 2,464 while the MPI, which tracks the most liquid stocks, lost 5 points (-0.2%) to close at 2927.

Total turnover for Monday was Rs 143.2 million mainly driven by interest in Chevron (Rs 11.2 million), CIC - nonvoting (Rs 9.1 million) and CIC - Voting (Rs 9 million)

Richard Pieris owned and managed Kegalle Plantations (KGAL) and Namunukula Plantations (NAMU) released their 1st quarter results for the 3 months ended June 2008.

KGAL showed an increase in revenue by 34% to Rs 632 million, while profits grew 51% to Rs 153 million.

KGAL's EPS was Rs 6.15 for the 3 months while its NAV was Rs 54.68. The share ended the day at Rs 61.25.

NAMU showed a 29% increase in revenue to Rs 479 million while net profit grew 49% to Rs 70 million.

NAMU's EPS for the three months was Rs 2.98 while its NAV Rs 63.07. NAMU ended the day at Rs 45.00.

First Guardian Equities has a buy recommendation on both these companies as they are a play on the current commodity boom that has pushed up the prices of rubber and palm oil.