News & market updates

All Share Index fell 1.33% to 10,945, dropping below 11,000, while the S&P SL20 declined 1.68% to 3,096 on turnover of 732 million. Top turnover stocks included Ceylon Tobacco, Melstacorp, Browns Investments, Commercial Bank and John Keells, with a net foreign inflow of 49.9 million.

The Exporters' Association of Sri Lanka held its 27th AGM on 30 Jul 2024, electing Yohan Lawrence as Chairman and appointing HNB's Rozanne de Almeida and Hayleys' Nalaka Rathnayake as 1st and 2nd Vice Chairs; the managing committee includes listed exporters such as HNB, Sampath, Hayleys, Dipped Products, Lion Brewery, Bogala Graphite and Hela Apparel.

ASPI fell 162.1 points (-1.43%) to 11,200 and the S&P SL20 dropped 2.0%, led by declines in banks and frontline counters including HNB, COMB, LOLC, JKH and SAMP; turnover was Rs. 554.3m and foreigners were net buyers of about Rs. 49m.

Colombo Stock Exchange closed lower with the All Share Index down 1.43% to 11,199 and the S&P SL20 down 2.00% to 3,189. Turnover was 554 million with a net foreign inflow of 48.9 million; top turnover stocks included Hayleys, Melstacorp, Dialog and Sampath.

Colombo market fell for the week as the ASPI lost 1.2% and the S&P SL20 lost 1.4% amid election concerns; notable declines included PABC (-11.4%), HAYL (-3.8%), JKH (-2.6%), CCS (-2.5%) and NDB (-2.2%).

Colombo Stock Exchange closed lower with the All Share Index down 0.84% to 11,361 and the S&P SL20 down 1.05% to 3,254 on turnover of 1.2 billion. Brokers said selling was driven by funds and individuals awaiting election clarity; net foreign inflow was 41 million.

Hayleys Fentons (Hayleys PLC group) won the Platinum Award for Sustainability Leadership at the CIOB Green Awards and a Gold Award for its semi-transparent Solar PV agrivoltaics demonstration, an 800 m² tea-estate project expected to generate over 100 MWh/year.

Hayleys Aventura (a Hayleys PLC subsidiary) and Commercial Bank of Ceylon have partnered to offer Commercial Bank credit cardholders easy payment plans up to 60 months for purchases of Rs.25,000–1,000,000 across pumps, generators, weighing scales, motors, drives and medical/analytical equipment.

Merchant Bank of Sri Lanka & Finance PLC (MBSL) has signed an MoU with Hayleys Solar to launch two solar financing programmes: a personal solar loan and a term loan for individuals and businesses. The schemes form part of Hayleys Solar's 'Nayak Nowena Nayak' initiative, offering monthly instalments lower than current electricity bills.

Hayleys PLC retained its national long-term 'AAA(lka)' rating from Fitch with a stable outlook; Q1 FY2024/25 revenue rose 17% to Rs.113.61bn and PBT grew 150%, with PAT at Rs.3.12bn (up 136%). Fitch cited the group's scale, diversification, strong market positions and c.54% export-linked revenue.

Hayleys PLC retained its national long-term 'AAA(lka)' rating from Fitch with a stable outlook and posted Q1 revenue of Rs.113.61bn (+17%) and profit-before-tax up 150%.

Hayleys Aventura (part of Hayleys PLC) has partnered with Commercial Bank to offer Commercial Bank credit cardholders easy payment plans of 60 months for purchases of LKR 25,000–1,000,000 across Hayleys Aventura product lines, enabling equal monthly installments to improve affordability.

Alumex PLC received ISO 45001:2018 (Occupational Health & Safety), ISO 14001:2015 (Environmental Management) and ISO 14064-3:2019 GHG verification effective 9 July 2024. The certifications cover multiple Alumex facilities and align with the Hayleys Lifecode ESG roadmap for 2030.

Hayleys Solar installed 3.66MWp of rooftop solar across four Dipped Products PLC sites, cutting CO2 emissions by about 3,603 tonnes annually and supplying 81% of DPL’s solar capacity as it moves toward a 95% renewable-energy target by 2030.

Fitch affirmed Hayleys PLC's 'AAA(lka)' rating with a Stable outlook, citing expected ~7% revenue growth in FY25 driven by defensive segments (hand protection, agriculture, purification), strong export diversification and resilient manufacturing footprint.

Hayleys PLC’s Fentons Smart Facilities joined the Institute of Workplace and Facilities Management (IWFM) as a corporate member, giving the unit access to international best practices and training; FSF is also the sole Sri Lankan FM provider certified to ISO 41001:2018.

Hayleys Fentons Smart Facilities (part of Hayleys PLC) has become a corporate member of the Institute of Workplace and Facilities Management (IWFM), gaining access to IWFM resources, training and best-practice tools; FSF also holds ISO 41001:2018 facility management certification.

Sri Lankan delegates, including Hayleys Advantis and Ceylon Cold Stores, promoted greater regional economic integration and a proposed BIMSTEC FTA at the New Delhi summit, highlighting export opportunities in processed foods (sugar, spices, tea), pharmaceuticals and logistics.

A Ceylon Chamber delegation led by Hayleys Advantis and including Ceylon Cold Stores urged greater regional economic integration and establishment of a BIMSTEC FTA at the BIMSTEC Business Summit to boost trade in processed food (sugar, spices, tea), pharmaceuticals and logistics.

Colombo Stock Exchange closed higher (All Share +0.31%, SL20 +0.33%) as foreign interest returned, with foreign buying of John Keells (JKH) contributing over Rs100m to turnover. Ceylon Tobacco (CTC) posted higher interim profits and a Rs38.3 dividend, while First Capital Treasuries (FCT) reported profit declines tied to weaker government securities.

Horana Plantations (HOPL.N0000) launched the She-Essentia initiative to provide reusable sanitary 'dignity packs' and menstrual health education to 5,292 women and girls across its up-country estates, distributing 1,545 packs to date. The project includes a local production unit, training for unemployed women and aims to reduce absenteeism and waste.

The Sri Lanka–Australia–New Zealand Business Council held its 29th AGM; Udara Cumaratunga was re-elected President and Jayanthi Dharmasena (MD, Hayleys Agriculture) was elected a Vice‑President. The council emphasised expanding trade, tourism and agricultural cooperation with Australia and New Zealand.

Hayleys Solar (part of Hayleys PLC) commissioned Sri Lanka’s largest non-government-funded solar-powered battery energy storage system at the Watch Tower Sri Lanka headquarters on 24 July. The project stores excess solar power to improve reliability and follows hybrid installations at 17 locations since September 2023.

MBSL.N0000 signed an MoU with Hayleys Solar to launch two solar financing programmes—a personal solar loan and a term loan for individuals and businesses. The partnership ties into Hayleys Solar’s 'Nayak Nowena Nayak' plan offering monthly payments below typical electricity bills and 20 years of free electricity.

Hayleys Fentons, part of Hayleys PLC, won the Gold award at SLITAD's People Development Awards, receiving the highest recognition in the Construction sector for its training and talent development initiatives.

Hayleys PLC's Hayleys Solar commissioned Sri Lanka’s largest non-government-funded solar-powered battery energy storage system for Watch Tower Sri Lanka, with the Battery Commissioning Event held on 24 July 2024. The project began in Sept 2023 with hybrid systems at 17 locations and won a national project management gold award.

Hayleys PLC (HAYL.N0000) has deployed an AI chatbot developed with H One and Microsoft to read and analyze its annual reports, including those of subsidiary Haycarb PLC (HAYC.N0000). Built on GPT-4 Omni and Azure Cognitive Search, the tool provides rapid natural-language access to financial and non-financial insights.

The ASPI rose 42 points (0.4%) to 11,294 as the Colombo market closed marginally higher on turnover of Rs. 582 million. Gains in John Keells, Richard Pieris, HNB, BIL and others supported the rise, turnover was led by JKH and capital goods, banking and F&B sectors, while foreigners net sold Rs. 20.6m.

ASPI closed at 11,252, down 1.67% (191 points) and the S&P SL20 fell 2.3% as turnover hit Rs. 863.8m. Banking stocks and conglomerates led losses, with COMB under selling pressure ahead of rights renunciation and declines noted in HNB, SAMP, MELS and SUN.