Sri Lanka Newspapers Saturday 18/02/2012

Bourse holds ground gained on Thursday
Opens strongly but loses steam later in the day

The Colombo bourse yesterday held the ground gained on Thursday with the two indices closing marginally in opposite directions after a strong start early in the day which was not sustained.

Turnover at Rs.2.17 billion was up from the previous day’s Rs.1.16 billion with the All Share Price Index up 6.08 points (0.12%) and the Milanka down 3.41 points (0.07%) with 81 gainers outpaced by 121 losers, brokers said.

"The market opened strongly with the All Share Price Index up 100 points but eased off later in the day," a broker said.

Nearly 10.7 million Commercial Banks accounted for over a billion rupees of yesterday’s turnover with the share closing flat at Rs.100 trading between Rs.99.70 and Rs.101.20 with three crossings at a Rs.100 price among the trades.

There was no word on buyers and sellers.

Hayleys, where Mr. Dhammika Perera made a mandatory offer of Rs.380 late last year, closed Rs.17.90 up at Rs.390 with nearly 0.4 million shares done between Rs.356 and Rs.390 accounting for the day’s second highest turnover of Rs.139.3 million.

There was no word on buyers or sellers but analyst noted that two large parcels of 105,300 and 97,700 were done at Rs.380 with the share later moving up to Rs.385 and Rs.390 on smaller quantities. The bigger deals in Hayleys were done in late afternoon trading.

JKH closed flat at Rs.164 on over 0.3 million shares done between Rs.161 and Rs.164.90 with some large parcels done at Rs.161.

Retail activity was seen on several second tier stock like HVA, down 20 cents to close at Rs.20.70 on nearly 2.5 million shares; ERI down 30 cents to Rs.18.70 on over 2.3 million shares, Acme Aluminium up Rs.3.60 to Rs.26.40 on 1.4 million shares, Blue Diamonds (non-voting) up 20 cents to Rs.2.70 on 11.2 million shares and Asia Asset Finance up 10 cents to Rs.4.40 on 6.3 million shares.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=45478

*General Division premium income surpasses Rs.10 billion mark
* Total Company premium income stands at Rs.19.8 billion

Sri Lanka’s insurance giant, Ceylinco Insurance announced unprecedented results for the year ended 31st December 2011, said Ajith Gunawardena, Managing Director / Chief Executive Officer of Ceylinco Insurance – General, announcing the results.

"During the year 2011, Ceylinco Insurance recorded a premium income of Rs.19.8 billion, to which the General Division contributed Rs.10 billion, with the Life Division contributing the balance Rs.9.8 billion. This signifies an increase of Rs.1.8 billion over the previous year, with the overall growth standing at 10%. Thus, the General Division has recorded a growth of 9%, whilst the Life Division had registered a 12% growth."

"This can be considered an exceptional achievement in all respects, given the opportunities that existed in the insurance arena during the year under review. We humbly acknowledge that this incredible growth was only possible due to the unwavering faith, confidence and trust our loyal clientele placed in us. We express our gratitude to our customers, who made it all possible, and we will always strive to give the very best to our customers, who form the core of our business," Gunawardena added.

The results display the inherent strengths of Ceylinco Insurance, and the strong foundation and fundamentals it is built upon. During 2011, the company paid Rs. 8 billion in claims, out of which Ceylinco Insurance – General paid Rs. 5 billion, in keeping with the promise of timely claim settlement to customers. Truly, Ceylinco Insurance has maintained its enviable leadership position, and the position of the only insurance company committed to settling all claims on the spot. "We have lived up to what we promised and continue to provide our customers with the On The Spot claim settlement scheme, which provides immense relief to many in their hour of need," Gunawardena went on to add, commenting on the Company’s unmatched strength.

In order to ensure growth and to meet with emerging opportunities, the company now maintains the largest branch network in the island, with over 280 branches and sales outlets. The voting share once again, for the third consecutive year, fetched the highest price amongst banks and insurance companies, during the year under review: Rs.950/- being the highest traded price.

During the year 2011, yet again establishing the trends and setting the benchmarks for the rest of the industry to follow, Ceylinco Insurance – General introduced another breakthrough in motor insurance with the innovative concept of Warranty Insurance. The advantage in Warranty Insurance is that it pays for the mechanical defects of the parts in re-conditioned vehicles that are covered under the insurance, during the first year from the date of purchase. Brand new vehicles will be given an extended warranty of up to two years, on top of the warranty given by the manufacturer. This scheme was hailed as an industry first, that served to enhance and add value to the concept of insuring a vehicle.

2011 also saw Ceylinco Insurance receive the prestigious World Quality Commitment Award in the Gold Category at the World Quality Commitment Convention at the International Quality Awards 2011, held in Paris in November. Meanwhile, Ceylinco Insurance was also recognised as the "People’s Insurance Brand of the Year 2011" for the fifth consecutive year, with the People’s Awards recognising and honouring brands that have won the hearts of Sri Lankans. The company once again also bagged top honours, for the third time, when it emerged the winner in ‘The Insurance Sector’ at the National Business Excellence Awards 2011, one of the most significant events that benchmark corporate performance and excellence in Sri Lanka.

"During the year under review, the staff of Ceylinco Insurance – General, rose to the call of duty, displaying an outstanding level of commitment and loyalty, once again establishing their credentials as the company’s strongest asset," adding, "we face 2012 with absolute confidence and will no doubt make 2012 even more significant." Gunawardena said.
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=45476

*Offers Professional Fishing and Watersports in Hikkaduwa, Unawatuna, Kirinda,Kalpitiya, Trinco, Batticaloa and Colombo.

The professional aquatic recreation specialists CITRUS AQUA recently launched its "Menu of Holiday Packages" where holidaymakers and professionals have the opportunity of discovering some of the best waters in the world.

At Citrus Hikkaduwa, the first "Discovery Dives" enthusiast kicked off the programme by donning his professional Scuba diving gear and participating in a professional pool training session. For the novice, these training dives will prove to be a "hand holding" exercise whereas the more experienced divers will have the opportunity of discovering some of the most spectacular deep sea dive spots in the Indian ocean embracing the island.

The elite Professional Fishing Community who are well networked and keep their ears open for new coastal and deep sea "Fishing Hotspots" in the world are just beginning to take notice of Sri Lanka and its virgin salt waters, where the largest fish of the deep seas await a battle for supremacy.

Surf and Body Boarding come in a variety of offerings, with attractive course packages as well as tailor-made outings. Fully equipped with gear and know how, manned by the most experienced and certified instructors, Citrus Aqua is undoubtedly a safe, reliable and customer centric facility to organize a special aqua-holiday in Sri Lanka.

As an integrated aqua-based recreation company, which is a fully owned subsidiary of the Citrus Leisure Group, Citrus Aqua also offers Jet Skiing facilities, Yachting, Speed boating and exclusive Cruises in the Sri Lankan waters.

Spearheaded by industry leaders such as Prema Cooray – Chairman, Suresh De Mel, Howard Martenstyn & Damitha Wickramesekera – Directors and Lasantha Perera – CEO, Citrus Aqua promises to fill one’s holiday in Sri Lanka with "Happiness Moments".
http://island.lk/index.php?page_cat=article-details&page=article-details&code_title=45477

Sri Lanka may remove a 10 per cent price trading limit on some stocks listed on the Colombo Stock Exchange, according to its Chief Executive Officer.

The Bourse planned to introduce a “transparent, Sri Lanka-centric” volatility management mechanism, CEO Surekha Sellahewa said yesterday, without giving a timeframe.

Stocks identified using a formula designed by the exchange are restricted from rising or falling more than 10 per cent from their previous closing levels.

The Securities and Exchange Commission of Sri Lanka imposed the price caps in September 2010 to curb speculative trading following the end of a civil war against rebels in 2009.

The Colombo All-Share Index surged 125 per cent that year and 96 per cent in 2010.

“We have recommended to the Securities and Exchange Commission that it can go off if broker credit is managed,” Sellahewa said. “It was brought in at a time when market volatility was out of control.”

The Colombo gauge has slumped 13 per cent in 2012, the most among 93 major gauges tracked by Bloomberg, as the Central Bank raised interest rates, while the Government scrapped a currency trading band against the dollar to help preserve its foreign exchange reserves.

The Government also raised petroleum prices last weekend, fanning speculation inflation will quicken.
http://www.ft.lk/2012/02/18/cse-dg-hints-at-price-band-removal/