Sri Lankan stocks flat; high turnover driven by Aitken Spence, Lion Brewery

Chief Regulatory Officer at CSE Renuke Wijayawardhane presenting the listing certificate to Executive Chairperson at Renuka Hotels Shibani Thambiayah

June 26, 2012 (LBO) – Sri Lankan share prices were virtually flat on Tuesday, despite big ticket deals in Aitken Spence PLC and Lion Brewery PLC which propelled the bourse to one of its highest turnovers in a single trading day, brokers said. The benchmark All Share Price Index was down 0.44 points or 4,989.99 while the liquid Milanka Price Index dipped 16.96 points or 0.38 percent to close at 4,435.55, according to Colombo Stock Exchange figures.

Turnover was 8.08 billion rupees, which the second highest for the year since March 15, brokers said. Foreign buying accounted for 722.34 million rupees over foreign sales of 36.43 million rupees.

Conglomerate Aitken Spence, with investments ranging from leisure to logistics, dominated trading in terms of turnover on a one-off deal. The counter closed flat at 111.00 rupees on trades of 66.44 million shares.

Brokers speculated that the Distilleries group had sold a block of 66,420,425 shares for 106.60 rupees (down 4.40 rupees) to a relate party.

Lion Brewery, the island’s largest brewer, rose 15.00 rupees to 215.00 rupees on trades of 2.4 million shares. Brokers said three large parcels of Lion Brewery, in blocks of 235,025, 91,455 and 1,188,545 were sold at 215.00 rupees a piece.

Market heavyweight, conglomerate John Keells Holdings PLC slipped 30 cents to 190.00 rupees on 1.012 million shares.

Other notable trades came from Softlogic Holdings PLC, which has agencies for a range of electronic equipment including Panasonic and Nokia mobile phones, was flat at 10.10 rupees on trades of 5.72 million shares.