News & market updates

ASPI rose 1.5% (232 pts) for a 22nd straight gain while the S&P SL20 is about 50% YTD, with turnover of Rs.7bn led by heavy activity in LOLC, HNB, SUN, SAMP and SPEN as T‑bill yields eased and retail participation rose.

Colombo Stock Exchange closed up after the holiday: ASPI +1.53% (232.13 pts) at 15,400 and S&P SL20 +1.48% (67.15 pts) at 4,602, with turnover Rs7bn. Top positive contributors were LOLC Holdings, Hatton National Bank, Sunshine Holdings, Sampath Bank and Aitken Spence.

LOLC Life reported 56% cumulative GWP growth to Q3 2024 and LOLC General Insurance posted 12% cumulative GWP growth, boosted by digital platforms, the new Health Maxx product and a LOLC Takaful offering; both are subsidiaries of LOLC Holdings.

Colombo Stock Exchange closed higher as the ASPI rose 1.42% (209.91 points) to 15,020.61, surpassing the 15,000 mark. Top contributors were LOLC, Hatton National Bank, Sampath Bank, Commercial Bank and Browns Investments amid Rs 8.44 billion turnover, Rs 43 million net foreign inflow and a Fitch rating upgrade cited as a confidence booster.

K. Sundararaj has been appointed an Independent Non-Executive Director of LOLC Holdings PLC and Brown and Company PLC effective 1 January 2025. He has over 29 years' experience in accounting, auditing and tax and is currently Tax Partner at Amerasekera & Co.

DFCC Bank said Wasantha Batagoda, the LOLC Group nominee, will resign from its board on December 19; LOLC Holdings divested a 9.73% stake in DFCC last month for 3.5 billion rupees.

Elpitiya Plantations PLC appointed Dr. Ravi A. Fernando as an Independent Non-Executive Director effective 1 January 2025. Fernando is a sustainability and consumer-goods executive who also serves on boards including Dilmah Ceylon Tea Company, LOLC Holdings and Aitken Spence.

SLINTEC commercialised a record eight patents/innovations in 2024 and reported record-high revenue while moving to financial self-sufficiency; its private shareholders include MAS, LOLC and Hayleys. Two commercialised patents involve natural dyes aimed at boosting apparel exports.

SLINTEC commercialised four patents in 2024 and has four more innovations in advanced commercialisation (an annual total of 8), recording its highest-ever revenue. Two commercialised patents target natural dyes and agri-waste packaging to support apparel exporters; private shareholders include MAS, LOLC and Hayleys.

LOLC Finance PLC relocated its Jaffna metro branch to new premises at No. 584, Hospital Road, Jaffna, with a grand opening on 4 December 2024. The modern facility — the company's second Jaffna branch — will offer savings, gold loans, leasing and micro-finance as part of its 203-branch network.

Seven listed corporates (John Keells, Carson Cumberbatch, Aitken Spence, LOLC, Commercial Bank, Sunshine and Elpitiya Plantations) supported the Daily FT-CICRA 10th Annual Cyber Security Summit, which provided cyber security training to over 100 state university students. The full-day event covered fraud detection, data breaches and AI-related cyber risks and included a night hack and CEO Forum.

LOLC Holdings said it divested 42.1 million DFCC Bank shares (9.73% of ordinary voting shares) via its sub-subsidiary for Rs3.5 billion, at Rs85.00 per share. LOLC stock was trading at 448.00 and DFCC at 86.20.

Phantom Investments (Rayynor Silva) bought a 9.75% stake in DFCC Bank (42.2m shares) for Rs.3.58bn at Rs.85/share. The shares were sold by LOLC Investment Holdings; Rayynor, who earlier took ~10% of Sampath Bank, said the DFCC investment is strategic and long term.

Colombo market extended its pre-election rally as the ASPI gained 136 pts to 13,125 and the S&P SL20 neared 4,000 on turnover of Rs.7bn. Banking stocks led the advance (Sampath, DFCC, NDB, NTB, JKH, LOLC, MELS, CTHR among contributors) and several firms (ASIY, GRAN, TAFL, GLAS) announced interim dividends.

Colombo's ASPI briefly touched 13,000 while turnover rose to Rs. 4.3 billion as markets rallied ahead of parliamentary elections. The banking sector led turnover and counters such as John Keells, Richard Pieris, C T Holdings, Bukit Darah and DFCC were among top contributors.

Colombo Stock Exchange closed mixed with the ASPI up 0.07% to 12,727 and the S&P SL20 down 0.02% to 3,823. Top gainers included John Keells, Melstacorp, Dipped Products, Hemas and LOLC, while banking stocks fell (HNB, Sampath, DFCC, NDB down; Commercial Bank up) with a net foreign inflow of Rs45mn.

Colombo Stock Exchange closed down: ASPI fell 0.46% to 12,795 and the S&P SL20 fell 0.58% to 3,852 on turnover of Rs 2.3bn. Banking stocks were mixed — HNB, Commercial Bank and NDB fell while Sampath and DFCC rose; HNB trades contributed Rs 758m to turnover.

LOLC Al-Falaah (part of LOLC Finance) launched the Wadi'ah Gold Storage Facility and its benevolent cash-advance portfolio has surpassed Rs. 2 billion.

ASPI rose 0.7% to 12,610 (a 32-month high) as turnover hit Rs.4.4bn, led by the banking sector which contributed 36% of turnover. HNB, Sampath, NDB, LOLC, Browns and MELS were top contributors while JKH fell modestly and foreigners were net sellers of Rs.12.2m.

Colombo Stock Exchange closed higher: ASPI +0.74% to 12,610 and S&P SL20 +0.84% to 3,790, with turnover Rs4.4bn; Hatton National Bank accounted for Rs926m of turnover and there was a net foreign outflow of Rs12.21m.

The SLIBC led a business promotion mission to Indonesia (6–11 Oct 2024) with 14 Sri Lankan delegates, including Hayleys, Sunshine Holdings, Aitken Spence and LOLC, to pursue trade, investment and partnerships across food & beverage, pharmaceuticals, IT, travel and logistics.

LOLC Life Assurance won the Best Customer-Oriented Company of the Year award at the 4th Emerging Asia Insurance Awards, recognising its customer service and digital innovations.

A Sri Lanka–Indonesia Business Council delegation visited Indonesia to strengthen trade and investment ties; the 14-member team included Sunshine Holdings, Hayleys, LOLC and Aitken Spence. The delegation attended the INASCA Business Forum and Trade Expo Indonesia, targeting food, health and technology opportunities.

Colombo Stock Exchange closed higher: All Share Index +0.27% to 12,290 and S&P SL20 +0.17% to 3,613 on turnover of Rs 1.7 billion. Top movers included Dialog, Digital Mobility, Dipped Products, Maskeliya and Hemas, with net foreign outflow of Rs 317 million and mixed foreign buying/selling across counters.

NDB.N0000 sponsored the NDB-MCA 'C' Division 50-Over League Tournament 2024 finals, where Nawaloka defeated LOLC 265/8 to claim the NDB Trophy. NDB presented individual honours, including Man of the Match/Tournament, citing the sponsorship as support for corporate sport and community development.

Colombo's ASPI rose about 6 points to 12,171 as turnover was Rs.1.4bn, led by Commercial Bank, Hayleys and John Keells. Hayleys (+4.5%) and John Keells (+2.5%) were major index movers while banking counters saw profit-taking (Sampath down) and foreigners net sold Rs.21.4m.

Colombo market cooled after 11 straight gains as the ASPI fell about 59 points (0.5%) on turnover of Rs.2.3bn, with banks contributing 59% of turnover. Sampath, Commercial and Hatton National rose, while Vallibel One and Nations Trust fell; JKH, LOLC, NDB, Hayleys and DFCC weighed on the index.

Nawaloka Hospitals PLC (NHL.N0000) will face LOLC Holdings PLC (LOLC.N0000) in the final of the NDB Trophy MCA 'C' Division 50 Over League on Sep 29, with Nawaloka unbeaten in the league round (3 wins, 1 no-result).