News & market updates

Lanka IOC reported September-quarter profit of 2,525 million rupees, down 50% year-on-year (4.74 rupees per share). Six-month EPS fell to 11.83 rupees as revenues rose 19% to 73.51 billion rupees but cost of sales rose 27%, cutting gross profit by 37%.

Colombo Stock Exchange closed mixed: ASPI fell 0.03% to 12,309 while the S&P SL20 rose 0.05% to 3,624, with turnover of 1.4 billion and net foreign outflow of 109 million rupees. Top gainers included Sampath Bank, ACL Cables and Hemas; laggards included Hayleys, Central Finance, Royal Ceramics and Aitken Spence, and Lanka IOC reported a 50% drop in Sept quarter profit to 2,525 million rupees.

Ceylon Electricity Board has decided to continue buying fuel without competitive bidding and to strike a deal with Ceylon Petroleum Corporation, reversing plans for open tenders. The move has sparked criticism and could materially disadvantage potential suppliers such as Lanka IOC.

Hayleys PLC and John Keells Holdings are platinum sponsors of CA Sri Lanka's 45th National Conference, held 14–16 October. Other shortlist companies sponsoring the event include Nations Trust Bank (exclusive banking partner), Nawaloka Hospitals PLC (exclusive healthcare partner), LB Finance, Capital Alliance, DIMO, Sunshine, C. W. Mackie and Lanka IOC.

Colombo Stock Exchange closed up as the All Share Index rose 1.07% to 12,294, led by banks with total turnover of Rs2.3bn and Rs563mn in bank trades. Top contributors included Commercial Bank, Sampath Bank, Lanka IOC and Browns Investments, and net foreign inflow was Rs107mn.

Colombo Stock Exchange closed higher: All Share Index +0.10% to 12,164 and S&P SL20 +0.20% to 3,600, turnover Rs1.5bn and net foreign inflow Rs267m. Top turnover included John Keells, Hayleys, Commercial Bank, Sampath Bank and Nations Trust; top foreign flows varied across names.

Lanka IOC (LIOC) and state CPC cut select fuel prices: Petrol Octane 92 down Rs.21 to Rs.311/l, Auto Diesel down Rs.24 to Rs.283/l, Super Diesel down Rs.33 to Rs.319/l and Kerosene down Rs.19 to Rs.183/l; Petrol Octane 95 unchanged. The revision was applied under the government formula used in the first week of each month.

ASPI rose 326 points (2.87%) to 11,660, the biggest single-day gain in 14 months, as turnover hit Rs.4 billion and banks and blue-chip counters led a broad-based rally following the presidential election.

SC Securities–Daily FT's Market Pulse said the Colombo Stock Exchange is undervalued after a near 16% drop since May and recommended investing, citing stronger foreign reserves, higher remittances, tourism recovery, inflation at 0.5% (Aug) and single-digit interest rates.

SC Securities-Daily FT's Market Pulse said the Colombo Stock Exchange is attractive after a nearly 16% fall since May, citing stronger foreign reserves, higher remittances, recovering tourism and sharply lower inflation and interest rates. The panel also noted banks are trading below book and private fuel importers such as Lanka IOC are sourcing their own fuel, improving supply.

Colombo Stock Exchange closed higher: All Share Index +1.54% and S&P SL20 +1.84% with turnover LKR 1.4bn and net foreign outflow of 68.23mn. Market saw accumulation in banking shares and conglomerates, with top turnover in HNB, Commercial Bank and Ceylon Hospitals; mixed foreign flows across CIC, Tess Agro, JAT, Lanka IOC, hSenid and Softlogic.

The Indian Cultural Association held its inaugural ICA International Half-Marathon in Colombo on Sept 1, 2024, with 1,400 athletes from 20 countries; sponsors and partners included Lanka IOC, Asiri Hospital and Dialog TV, and the event aimed to promote Sri Lanka as an international sporting and tourism destination.

Colombo bourse slipped with the S&P SL20 down 0.83% and ASPI down 0.35% on turnover of Rs.1.03bn as political uncertainty and net foreign selling weighed on sentiment. Banking and blue-chip counters (notably Sampath, Commercial Bank, John Keells and Melstacorp) were main drags while Teejay Lanka and Hayleys saw notable activity.

COMPLAST & RUBEXPO 2024, a plastics and rubber industry exhibition, will run at BMICH from 30 Aug–1 Sep; Lanka IOC is listed among event sponsors.

COMPLAST & RUBEXPO 2024, a major plastics and rubber industry exhibition, will run at BMICH from 30 Aug–1 Sep 2024 and is sponsored by industry players including Lanka IOC.

The ICA International Half-Marathon will be held on September 1, 2024 at Galle Face Green with over 1,400 athletes from 20 countries and prize money up to Rs.1,000,000 for top finishers. Event partners include Lanka IOC, Asiri Hospital/Asiri Surgical Hospital and Dialog TV.

DFCC Bank launched Sri Lanka’s first co-branded fuel Mastercard with Lanka IOC, offering 5% cashback at LIOC stations (max Rs.2,000 per statement cycle) until 30 Sep 2024, then 3% thereafter (max Rs.1,500), plus 1% on non-fuel spend and 0% EPPs up to six months on vehicle-related payments.

The Colombo bourse's five-day winning streak ended with a 0.2% drop on Friday, but the week closed with the S&P SL20 up 2.4% and the ASPI up 1.8% and average daily turnover of Rs. 740m. Top negative contributors were C T Holdings, John Keells, DFCC, Central Finance and Lanka IOC, while Access Engineering, Renuka and Melstacorp gained.

The Indian Cultural Association will stage its 1st International Half-Marathon on Sept 1, 2024 in Colombo aiming to register over 1,400 athletes and offering Rs.1,000,000 to the winner; proceeds will fund ICA CSR initiatives and the event lists partners including Lanka IOC, Asiri Hospital and Dialog TV.