Spiralling oil prices arouse interest in plantation sector
Stocks at the Colombo Stock Exchange moved up yesterday as interest
picked up in plantations stocks and blue chip stocks. The ASPI gained 18
points (0.8 percent) for the day to close at 2,220 while the MPI gained
14 points to close at 2,483(up 0.6 percent).
Turnover for the day was Rs 523 million with John Keells Holdings
contributing Rs 215 million to the day's business. JKH closed up Rs 2.00
Crude oil prices which climbed 61 percent this year, traded above $72
a barrel in New York for the first time in seven months on growing
optimism about an economic recovery and as a weaker dollar drives
investors toward commodities.
The plantations index gained 7.3 percent as frenzied buying came in
late in the day. The day's top gainers were all from the plantation
sector with Horana Plantations Namunukula Plantations leading the pack.
Horana gained a massive 16 percent to close at Rs 19.75, while it was up
15 percent to close at Rs 23.00. Hapugastenne Plantations gained 12
percent to close at Rs 29.50, while Udapussellawa Plantations and
Madulsima Plantations both gained 11 percent to close at Rs 23.25 and Rs
Interest was also seen in NDB Bank, which saw turnover of Rs 21
million. The share gained Rs 1.75 to end at Rs 121.50. Environmental
Resources gained a rupee on turnover of Rs 20 million to close at Rs
Source: First Guardian Equities