News & market updates

Budget 2025 raises Capital Gains Tax to 15% for individuals/partnerships and to 30% for other entities. HNB Stockbrokers noted the current CGT definition does not include gains from trading listed equities.

ASPI fell 1.3% (221 pts) to 16,345 as the Colombo market stayed bearish for a second day with Rs.2.4bn turnover; the Banking sector led losses and turnover, with HNB, SAMP, DFCC, MELS and COMB the main negatives and CTC, RICH and COOP top positives.

Sri Lanka's ASPI fell 1.33% to 16,345.30 as turnover was Rs2.3bn, with banks weighing on the market. Major decliners included NDB, Seylan, HNB, Sampath and DFCC while Nations Trust, Colombo Dockyard and Ceylon Tobacco gained; net foreign outflow was Rs64m.

Weligama Bay Marriott Resort & Spa launched the Quan Spa Membership Program with five tiers (three-month to annual), offering gym access, treatments, dining vouchers and other benefits; Nations Trust Bank cardholders receive special introductory offers for six months.

Sri Lanka's central bank says it excludes excess reserves from the reported monetary base, citing the IMF manual. The clarification and the use of unremunerated excess reserves have caused large swings in reported reserve money and raised concerns about banking liquidity, credit expansion and rupee depreciation.

John Keells Holdings (JKH) reported Q3 FY2024/25 Group EBITDA of Rs.14.28bn (+4%; adjusted EBITDA +10% to Rs.14.89bn), with Cinnamon Life hotel opened in Oct 2024 and the West Container Terminal first phase nearing operations in Feb 2025.

John Keells Holdings (JKH) reported Group EBITDA of Rs. 14.28 billion in Q3 FY2024/25, up 4% YoY (10% excl. one-offs), and declared a second interim dividend of Rs. 0.05 per share. The group opened the 687-key Cinnamon Life hotel, progressed the West Container Terminal, and listed 1,079,375,000 new shares after a debenture conversion.

Fitch upgraded People’s Bank’s National Long-Term Rating to 'AA-(lka)' from 'A (lka)' after a recalibration following Sri Lanka's sovereign upgrade. The upgrade highlights the bank’s strengthened credit profile and could bolster sentiment across Sri Lankan banks.

Visa forecasts Sri Lanka's digital payments market at $9.98bn in 2024, growing at a 14.49% CAGR to exceed $17bn by 2028. Visa highlighted a 35% surge in debit-card use during the last Avurudu, expansion of tap-to-pay and wearables, and a partnership with Hatton National Bank for a festive campaign.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following a sovereign upgrade; upgrades include COMB, HNB, SAMP, SEYB, DFCC, NDB, NTB and PABC, while HDFC and SDB were affirmed. Fitch cited the sovereign IDR improvement as the driver.

Nations Trust Bank (NTB.N0000) appointed Dr. Roshan Perera as an Independent Non-Executive Director. She has three decades of experience in economics, risk management and central bank supervision and currently serves as an Independent Director of Senkadagala Finance and formerly of Union Bank of Colombo.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following a sovereign upgrade; most outlooks remain Stable. Union Bank and Cargills Bank carry Negative Outlooks due to capital-buffer and parent-support risks.

Fitch upgraded the national long-term ratings of 10 Sri Lankan banks and affirmed five after recalibrating the national rating scale following Sri Lanka's sovereign upgrade on 20 December 2024.

Colombo Stock Exchange rose with the ASPI up 1.31% (224.01 pts to 16,597.16) and S&P SL20 up 1.72% (85.42 pts to 5,047.45), driven by banking stocks and strong retail turnover. Top turnover generators included Commercial Bank, HNB, DFCC, NDB and Sampath Bank, with a net foreign outflow of Rs 279 million.

First Capital Holdings PLC hosted the 11th First Capital Colombo Investor Symposium on 17 January, drawing over 300 invitees and 400 online participants. Themed on Sri Lanka's Economic Outlook 2025, the event included research-led bond and equity recommendations and a panel featuring Rachini Rajapaksa of Nations Trust Bank.

Colombo Stock Exchange rose as the ASPI closed up 1.42% at 16,152.35 and the S&P SL20 gained 2.02% to 4,905.19. Buying was concentrated in large-cap bluechips and banks, with DFCC, Sampath, NDB, HNB and Commercial Bank among top contributors.

Colombo Stock Exchange rose on Jan 8 with the ASPI up 0.63% to 15,954.01 and the S&P SL20 up 0.57%, led by gains in banks; turnover was 5.23 billion rupees. Sampath, NTB, NDB, L B Finance and Commercial Bank all posted gains as investors shifted from fixed-income after higher withholding tax on interest.

Colombo Stock Exchange fell for a third straight day as the ASPI closed down 0.15% at 15,854.64 amid heavy profit-taking, with turnover of 4.5 billion rupees. Banks HNB, NTB and NDB and other contributors Central Finance, Hemas and Lion Brewery were among the top decliners.

Nations Trust Bank partnered with John Keells CG Auto to offer New Energy Vehicle financing including up to 90% of vehicle value and flexible balloon repayment plans. AmEx cardmembers can also access 0% installments on approved solar panel purchases, supporting NTB's sustainability goals.

Bank of Ceylon has been reappointed as the settlement bank for Sri Lanka’s USD Online and UITS systems for a further three-year term from 2024. The renewal reinforces BOC’s role in remittances and USD clearing infrastructure, affecting other domestic banks that use these systems.

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.

Nations Trust Bank launched an Urban Forestry Initiative, planting 24 trees along Union Place and Staple Street with another 16 planned on Sir James Pieris Mawatha as part of a multi-phase urban tree-planting project.

Nations Trust Bank PLC presented Dr. Kumari Navaratne as the winner of its American Express 'Swipe & Win a Trip to Prague Christmas Market' campaign. The prize was awarded in partnership with Classic Travel at the Nations Trust Bank Private Banking Centre.

Colombo Stock Exchange closed up with the ASPI hitting a historic peak, rising 0.35% to 13,559 while the S&P SL20 gained 0.91% to 4,053 on turnover of Rs4.4bn, led by capital goods and banks; market participants noted bullish interest in banking, diversified financial, construction and tourism sectors.

HUTCH will launch a podcast series 'Meet the Tech Titans' on Dec 12, 2024 to showcase tech leaders and promote Sri Lanka's digital economy; Nations Trust Bank Chief Digital Officer Randil Boteju is among the guest speakers.

Nations Trust Bank PLC launched the 'Unwrap the Season with American Express' seasonal campaign offering Cardmembers discounts and benefits across categories, valid until 31 December 2024. The bank, issuer and sole acquirer of American Express cards in Sri Lanka, highlights digital banking and nationwide merchant offers.