A big trade of slightly under 30% of Asia Capital at a price of Rs.10 per share was the highlight yesterday on the Colombo bourse when a turnover of Rs.1.5 billion, down from the previous day’s Rs.1.6 billion, was posted with both indices gaining – the All Share by 8.92 points (0.24 percent) and the Milanka by 29.61 points (0.70 percent) with 84 decliners outpacing 63 advancers.

"The market closed positive overall," Prashan Fernando of Acuity Stockbrokers said. "Except for two crossings in HNB and the Asia Capital deal, retailers ran most of the day’s trading."

Asia Capital saw a total of nearly 33.5 million shares done between Rs.9.75 and Rs.10.50 gaining 75 cents to close at Rs.10.50 generating a turnover of Rs.351.4 million.

A large parcel of nearly 33 million of the counter changed hands shortly before the market closed for the week. Although there was no word on buyers and sellers as this report is being written, analysts noted that the trade was a shade below the 30 percent plateau which would have triggered the mandatory offer provision under the SEC’s Takeovers and Mergers Code.

Other stocks that traded in quantity included Environmental Resources Investments (ERI), previously Walker & Greig and its warrants, HNB and Seylan Merchant Bank.

Nearly 0.9 million ERI was done during the day between Rs.144 and Rs.183 gaining a hefty Rs.30 to close at Rs.177 contributing Rs.150.6 million to turnover.

The warrants did as well with nearly a million 2011 warrants done between Rs.99 and Rs.124 gaining Rs.20 to close at Rs.124 while over 0.7 million of the 2010 warrants gained Rs.18.50 to close at Rs.181.

HNB closed flat at Rs.176.25 with nearly 0.6 million shares traded between Rs.173 and Rs.176.75 with two crossings of 200,000 shares each done at Rs.173.

Seylan Merchant Bank, with nearly 4.1 million shares done between Rs.13.75 and Rs.15.75 gained Rs.1.25 to close at Rs.15 while non-voting SEMB with nearly 20.9 million traded between Rs.1.20 and Rs.1.40 was up 10 cents to close at Rs.1.40.

JKH, with over 0.2 million shares traded between Rs.172.25 and Rs.173.50, edged down 25 cents to close at Rs.173.

Singalanka Standard Chemicals announced a three for one rights issue at Rs.55 to raise funds for making selected investments in listed and unlisted companies primarily in manufacturing and chemical industries.

Two percent of the funds raised will be used to retire existing debt, the directors have decided, the company said in a stock exchange filing.