News & market updates

Hayleys tops the LMD 100 for FY2023/24 with consolidated revenue in excess of Rs.436 billion. Commercial Bank is second with nearly Rs.342 billion and LOLC third with over Rs.337 billion; Ceylon Tobacco leads profitability with PAT above Rs.27 billion.

Colombo ASPI jumped 237.31 points (2.14%) — the largest daily gain in 2024 — on turnover of Rs.2 billion as banks and capital goods led gains; CCS rose 10.2% and Commercial Bank, HNB, Sampath, John Keells, Melstacorp, LOLC and Access Engineering were among top contributors.

Sri Lanka stocks surged 2.1% Tuesday, with the All Share Index up 237.31 points to 11,334.12, led by retail buying in banks. Commercial Bank, Melstacorp, LOLC, Hatton National Bank and Ceylon Cold Stores were among the top contributors.

LOLC Group will make a Rs. 3 billion takeover bid for Sierra Cables after Browns Investments' Iconic Trust raised its stake to 30.42%, triggering the SEC Takeovers and Mergers Code. Browns Investments said it will make a mandatory offer to minority shareholders.

LOLC Holdings' subsidiary LOLC Advanced Technologies has signed a strategic partnership with Khalifa University (RIC2D/INTRATOMICS) to supply CGT graphite/graphene and help establish a graphene production facility in Abu Dhabi. CGT will be the primary supplier, expanding LOLC's graphene commercialization in the Middle East.

LOLC Holdings PLC’s advanced technologies arm has partnered with Khalifa University to commercialise graphene, naming Ceylon Graphene Technologies as primary supplier and planning a graphene production facility in Abu Dhabi.

LOLC Insurance and Pan Asia Bank held a Bancassurance Recognition Event to honour top performers and mark their ninth year of partnership, and said they will expand bancassurance products and introduce more tailored insurance solutions.

LOLC Finance's mobile payments app iPay has processed over Rs.300 billion in transactions, six months after crossing Rs.200 billion. The platform now serves 45,000+ merchants and continues rolling out new features to expand digital payment adoption.

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.

Sri Lanka is seeking stronger economic ties with Central Asian countries, with the foreign ministry citing LOLC Holdings' successful financial-services investments in Tajikistan, Kazakhstan and Kyrgyzstan. The forum highlighted opportunities across tourism, textiles, energy, agriculture, IT, tea and transport/logistics.

Sri Lanka hosted the Central Asia Forum 2024 in Colombo to prioritise connectivity and economic engagement with Central Asian countries, highlighting LOLC's pioneering financial-services investment in the region and discussing opportunities across tourism, trade, IT, tea and logistics.

Colombo bourse closed mixed: ASPI fell about 12 points to 11,482 while the S&P SL20 gained 2.6 points on turnover of Rs. 547 million, led by Sampath Bank (Rs.112m); banking stocks dominated turnover (32%) while front-line counters showed mixed performance.

Colombo market closed up Friday with the ASPI +0.44% to 11,303 on turnover of Rs. 403.3m, though the week ended with losses (ASPI -1.2%, S&P SL20 -2.0%). Top contributors included Sampath, Richard Pieris, Aitken Spence, LOLC, Access Engineering and John Keells, while Commercial Bank edged down slightly.

LOLC Al-Falaah, the alternate finance unit of LOLC Finance, reported FY2023/24 revenue of Rs.6.6 billion and Profit Before Tax of Rs.1.3 billion, and paid Rs.3.5 billion in profits to depositors. The unit held assets of over Rs.31.5 billion, NPLs at 7.67%, and retained earnings of Rs.6.7 billion.

Colombo Stock Exchange fell: All Share Index down 1.67% to 11,251 and S&P SL20 down 2.30% to 3,214, with turnover Rs.863 million and net foreign inflow Rs.8.9 million. Market participants cited election speculation hurting sentiment despite positive IMF and fiscal signals; foreign buying was seen on ACL and Chevron Lubricants, while Nations Trust and LOLC saw foreign selling.