News & market updates

The India Cup Golf Tournament 2025, hosted by ILCCI at Royal Colombo Golf Club on 24 Jan, drew over 100 participants and served as a networking event for Indian and Sri Lankan business leaders; sponsors included Carson Cumberbatch, Lanka Ashok Leyland, Lanka IOC and Sunshine Holdings.

Colombo bourse sustained upward momentum as the ASPI rose 0.4% and the S&P SL20 gained 0.3% on turnover of Rs.6.35 bn; BIL, RICH, HNB, CFIN and LOLC were top positive contributors while JKH fell. Foreign investors were net sellers with a Rs.300 mn outflow.

Colombo market rose with the ASPI up 0.8% on turnover of Rs. 6 billion, led by heavy trading in John Keells, Lanka IOC, HNB, Alumex and Browns and a net foreign outflow of Rs. 492.4 million. JKH fell to Rs. 23.10, HNB rose to Rs. 350.25, LIOC to Rs. 142.25, Alumex to Rs. 15.90 and Browns to Rs. 8.50.

Sri Lanka's ASPI rose 0.75% to 17,044.67, led by gains in capital goods and power/energy with top contributors including Lanka IOC, Melstacorp and Bukit Darah. Turnover was 5.9 billion rupees, with a net domestic inflow of 492 million and a net foreign outflow of 492 million rupees.

Lanka IOC reported profits of 2,120.2 million rupees in the December 2024 quarter, down 30% year-on-year (3.98 rupees per share). In the nine months to December, earnings fell to 15.82 rupees per share from 19.76 a year earlier as revenues declined 13.1% to 62.5 billion rupees.

Colombo market sustained gains with the ASPI up 0.4% and S&P SL20 up 0.2% on Rs.5 billion turnover and a net foreign inflow of Rs.194.5 million. Top contributors included Commercial Bank, Tokyo Cement, Lanka IOC, ACL Cables and Access Engineering, with banking leading turnover (26%).

Lanka IOC: Sri Lanka will proceed with the India–Sri Lanka joint venture (Trinco Petroleum Terminal Ltd) to develop the Trincomalee Oil Tank Farm, with phase 1 estimated at $15–20m to refurbish tanks and expand bunkering capacity to earn foreign exchange.

Lanka IOC Plc appointed S. Renganathan and Manil Jayesinghe as Independent Non-Executive Directors effective 1 January 2025. Both appointees are senior finance and governance professionals with extensive board and industry experience.

Colombo Stock Exchange closed down as the ASPI fell 1.83% to 16,049.42 and the S&P SL20 fell 2.24% to 4,860.33; turnover was Rs 11.4bn with a net foreign inflow of Rs 141m. Top positive contributors included John Keells, Aitken Spence, Bukit Darah, Lanka IOC and Nawaloka Hospitals.

Sri Lanka restructured its defaulted debt in 2024 and entered a stabilisation phase with falling inflation and episodes of deflation. Ratings upgrades and IMF agreements followed, but central bank moves to add liquidity risk renewed external pressure if private credit recovers.

DFCC Bank launched a holiday card campaign offering up to 60% savings, an extended 0% Easy Payment Plan up to 48 months, eco-friendly rPVC cards with a tactile notch, and up to 1% cashback year-round. Lanka IOC Mastercard Titanium cardholders receive up to 5% cashback during the season.

Colombo Stock Exchange closed higher as the ASPI rose 1.07% to 14,810 and turnover hit Rs9.23bn, the highest since Feb 7. Top contributors included Central Finance, Ceylon Cold Stores, Melstacorp, Access Engineering and Chevron Lubricants; net foreign outflow was Rs226m.

Colombo Stock Market closed mixed: ASPI +40 pts (+0.27%) while S&P SL20 -14 pts (-0.3%), with turnover Rs.5.85bn on 357m shares and a net foreign outflow of Rs.1.5m. Top contributors included Ceylon Cold Stores, PGP Glass, John Keells, Lanka IOC, Dipped Products and Lanka Milk Foods, with Food, Beverage & Tobacco leading turnover.

Colombo market closed with the ASPI up 0.27% at 14,654.26 while the S&P SL20 fell 0.32% to 4,390.12 as profit-taking in banking stocks weighed on the SL20. Top gainers included Ceylon Cold Stores, PGP Glass, John Keells, Dipped Products and Lanka IOC; net foreign outflow was Rs 1.4 million.

DFCC Bank has launched a holiday card campaign offering cardholders up to 60% savings at retailers and an extended 0% Easy Payment Plan for up to 48 months, and introduced eco-friendly rPVC cards with a tactile notch for accessibility. Lanka IOC Mastercard holders continue to get up to 5% cashback this season.

Colombo Stock Exchange closed higher — ASPI +0.11% at 14,516.46 and S&P SL20 +0.80% at 4,384.75, with turnover of 6.35 billion. Top contributors included John Keells, Commercial Bank, NDB, Cargills and Lanka IOC; net foreign inflow was Rs 336 million and there was notable activity in banking, consumer and hotel stocks.

Colombo Stock Exchange closed higher: ASPI rose 2.08% to 14,500 and S&P SL20 rose 2.48% to 4,349 on Dec 16, 2024, with turnover of 8.2 billion. Top turnover generators included Ceylinco, John Keells, Sampath, HNB and Pan Asia; banking stocks rose after the ISB announcement and net foreign inflow was Rs 100 million.

Colombo Stock Exchange ASPI rose 0.77% (105.38 pts) to 13,718 as turnover reached Rs4.4bn. Major contributors were diversified financials, capital goods and food/beverage/tobacco, with heavy volumes and gains in Asia Asset Finance, Ambeon Capital, Hayleys, Central Finance, Lanka IOC and others; Sampath Bank fell and net foreign inflow was Rs47mn.

Colombo Stock Exchange closed higher as the ASPI hit an all-time high, up 1.29% to 13,511 and the S&P SL20 rose 1.90% to 4,016 on turnover of Rs5.2bn. Banks and bluechips led gains (Commercial Bank, Sampath, John Keells, DFCC, NDB, Lion Brewery) amid bullish flows and nearing debt restructuring.

NW Logistics' Lanka IOC filling station in Kirimandala Mawatha recorded the highest fuel sales in Colombo district and the second-highest nationwide in October 2024, averaging 25,000 litres per day and serving over 50 corporate clients.

Ceylon Petroleum Corporation cut Octane 92 by Rs.2 to Rs.309/l and raised diesel by Rs.3 to Rs.286 and kerosine by Rs.5 to Rs.188 with effect Dec 1; private retailers including Lanka IOC adjusted their prices in line with CPC.

NW Logistics and Management (managed by Ninewells Hospital) fuel station recorded the highest fuel sales in Colombo district and the second-highest islandwide for October 2024, averaging 25,000 liters/day and serving over 50 corporate clients. Lanka IOC has recognized the station's performance and is partnering with NW Logistics.

The Colombo stock market edged up as the ASPI rose 8 points (0.06%) and the S&P SL20 gained 5 points (0.13%) on turnover of Rs.2.7 billion. John Keells, Commercial Bank, Lion Brewery, R.I.L. Property and food & beverage counters were among top contributors while foreign investors were net sellers of Rs.366 million.

CPSTL chairman says CPC’s pricing flexibility is restricted by agreements with foreign petroleum firms such as Lanka IOC, limiting price cuts; CPC posted Rs.120 billion profit in 2023 and Rs.27 billion so far this year.

Colombo market sustained gains as the ASPI rose 1% (136 pts) to 12,746 and the S&P SL20 gained 1.7%, with banking stocks — Hatton National Bank, Commercial Bank and Sampath Bank — leading turnover in a Rs. 3.96bn session.

Colombo Stock Exchange closed up: ASPI +1.07% to 12,745 and S&P SL20 +1.71% to 3,855 on turnover of 3.9 billion. Top turnover generators included HNB, Sampath, Commercial Bank, Lanka IOC and CIC, with a net foreign outflow of 12.21 million rupees.

Colombo Stock Exchange closed up: ASPI +0.47% to 12,357 and S&P SL20 +0.95% to 3,663, with turnover Rs 2.3bn. Top turnover stocks included John Keells (JKH 203.00), Sampath (84.00), Commercial Bank (110.25), Hayleys (103.00) and Hemas (81.00); net foreign inflow was Rs 118m.

ASPI fell 9 points to 12,300 with turnover of Rs.19.3 billion; John Keells Holdings (JKH.N0000) led turnover (Rs.676m), had rights converted to ordinary shares and rose to Rs.199.

ASPI closed down 4 points at 12,309 while S&P SL20 rose 2 points, with turnover of Rs.1.5 billion and foreign investors net selling Rs.109.4 million. ACL, UAL and HELA were among gainers while CFIN, LMF, LIOC, HAYL, RCL and SPEN were notable losers; Capital Goods led turnover.