by Herath Mon Jan 06, 2020 8:44 am
LOLC jumps to sixth slot in value on CSE
Comments / 185 Views / Monday, 6 January 2020 01:07
TwitterFacebookWhatsApp
Sharp rise in share price propels financial services-rich conglomerate above Cold Stores, HNB, Nestlé, Sampath Bank and SLT
LOLC Holdings PLC has jumped to sixth place in terms of value on the Colombo stock market, following sharp gains of its share price in past two weeks.
With Rs. 80.92 billion in market capitalisation, LOLC Holdings has overtaken Cold Stores, HNB, Nestlé, Sampath Bank and Sri Lanka Telecom in market rankings.
It is yet behind Distilleries, the value of which is Rs. 82.8 billion. With DIST slipping in its price last week, most analysts expect LOLC Holdings to rise further this week.
With much speculation on its true value, LOLC has however a long way to go to knock down the big guns, i.e. the number one blue chip JKH, at Rs. 216.3 billion, and second-ranked Ceylon Tobacco (CTC), at Rs. 205.1 billion. Apart from DIST, Commercial Bank, which is ranked fourth with Rs. 91.3 billion, and Dialog, at Rs. 104.2 billion, are other stocks ranked above LOLC Holdings.
A fortnight ago, the 52-week highest share price of LOLC was Rs. 133.90. As at end November 2019, with shares at Rs. 117.50, LOLC Holdings’ market capitalisation was Rs. 55.8 billion, and last week’s closing reflects an increase of Rs. 25 billion.
Given the impending Rs. 108 billion deal on the sale of a controlling stake in a subsidiary—Cambodia’s number one micro finance company (PRASAC)—to a Korean giant, investors have taken early value and trading positions on LOLC Holdings boosting its share price. The market, however, is still waiting for full disclosure.
The rise began during the week ended 27 December 2019, with LOLC Holdings’ share price gaining by Rs. 19 or 15% to close at Rs. 145.70. It hit an intra-week high of Rs. 148.90. That week saw 1.07 million shares of LOLC change hands via 1,261 trades, generating Rs. 150.5 million turnover.
Last week, the share price peaked to its highest of Rs. 194.90, before settling at Rs. 170.30, still up by Rs. 24.60 or 17%. The week saw 4.25 million LOLC Holdings shares change hands via 6,576 for a Rs. 746.6 million turnover.
Over 80% shareholding of LOLC Holdings PLC is controlled by Deputy Chairman Ishara Nanayakkara and related parties. Its public float is 15%, held by 2,766 shareholders. As at 30 September 2019, the public float adjusted market capitalisation was Rs. 8.9 billion.
Driven partly by speculation, last week’s league of top five gainers percentage-wise was dominated by LOLC Group firms - Eden Hotel Lanka (15.6%), Browns Investments (15%) and Browns PLC (14.7%). LOLC Holdings accounted for 25% of the week’s turnover of Rs. 750 million, followed by 21% by Browns Investment. LOLC was mostly foreign selling, amounting to 1 million shares.
» CCS.N0000 ( Ceylon Cold Stores)
» Sri Lanka plans to allow tourists from August, no mandatory quarantine
» When Will It Be Safe To Invest In The Stock Market Again?
» Dividend Announcements
» MAINTENANCE NOTICE / නඩත්තු දැනුම්දීම
» ඩොලර් මිලියනයක මුදල් සම්මානයක් සහ “ෆීල්ඩ්ස් පදක්කම” පිළිගැනීම ප්රතික්ෂේප කළ ගණිතඥයා
» SEYB.N0000 (Seylan Bank PLC)
» Here's what blind prophet Baba Vanga predicted for 2016 and beyond: It's not good
» The Korean Way !
» In the Meantime Within Our Shores!
» What is Known as Dementia?
» SRI LANKA TELECOM PLC (SLTL.N0000)
» THE LANKA HOSPITALS CORPORATION PLC (LHCL.N0000)
» Equinox ( වසන්ත විෂුවය ) !
» COMB.N0000 (Commercial Bank of Ceylon PLC)
» REXP.N0000 (Richard Pieris Exports PLC)
» RICH.N0000 (Richard Pieris and Company PLC)
» Do You Have Computer Vision Syndrome?
» LAXAPANA BATTERIES PLC (LITE.N0000)
» What a Bank Run ?
» 104 Technical trading experiments by HUNTER
» GLAS.N0000 (Piramal Glass Ceylon PLC)
» Cboe Volatility Index
» AHPL.N0000
» TJL.N0000 (Tee Jey Lanka PLC.)
» CTBL.N0000 ( CEYLON TEA BROKERS PLC)
» COMMERCIAL DEVELOPMENT COMPANY PLC (COMD. N.0000))
» Bitcoin and Cryptocurrency
» CSD.N0000 (Seylan Developments PLC)
» PLC.N0000 (People's Leasing and Finance PLC)
» Bakery Products ?
» NTB.N0000 (Nations Trust Bank PLC)
» Going South
» When Seagulls Follow the Trawler
» Re-activating
» අපි තමයි හොඳටම කරේ !
» මේ අර් බුධය කිසිසේත්ම මා විසින් නිර්මාණය කල එකක් නොවේ
» SAMP.N0000 (Sampath Bank PLC)
» APLA.N0000 (ACL Plastics PLC)
» AVOID FALLING INTO ALLURING WEEKEND FAMILY PACKAGES.
» Banks, Finance & Insurance Sector Chart
» VPEL.N0000 (Vallibel Power Erathna PLC)
» DEADLY COCKTAIL OF ISLAND MENTALITY AND PARANOID PERSONALITY DISORDER MIX.
» WATA - Watawala
» KFP.N0000(Keels Food Products PLC)
» Capital Trust Broker in difficulty?
» IS PIRATING INTELLECTUAL PROPERTY A BOON OR BANE?
» What Industry Would You Choose to Focus?
» Should I Stick Around, or Should I Follow Others' Lead?