Sri Lanka Browns to buys into African sugar cane bio-energy firm

ECONOMYNEXT - Sri Lank's Browns Investment said it has reached a deal to buy control of a bio-fuel producing sugar farm in the African state of Sierra Leone, which also has a renewable energy power plant.

The investment will be made through B Commodities ME (FZE), Browns units based in Sharjah, UAE.

B Commodities will pay 30 million US dollars to buy a 66.67 percent stake in Grey Reach Investment Limited, which in turn has a 75.1 percent stake in Sunbird Bioenergy (SL) Limited, which is based in Sierra Leone or about 50 percent of the company.

Sunbird Bioenergy (SL) Limited, has 23,000 hectares of land to plant sugarcane and a factory which can produce 85 million litres of bio-fuel a year, Browns said in a stock exchange filing.

Sunbird also has 32 MW power plant.

Sri Lanka's Dialog Axiata March quarter profit up 72-pct

ECONOMYNEXT - Sri Lanka's Dialog Axiata Plc reported group net profit shot up 72 percent to 4.88 billion rupees in the March 2019 quarter from a year ago, helped by foreign exchange gains.

The group had earnings of 60 cents a share for the quarter, according to interim results filed with the stock exchange.

The stock was trading unchanged at 8.90 rupees Tuesday.

March 2019 quarter sales rose 11.5 percent to 29 billion rupees from the year before.

A company statement said the group benefitted from strong EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation) performance and non-cash translational forex gains in the March 2019 quarter.

The Sri Lankan rupee appreciated against the United States dollar by 3.6 percent in the first quarter of 2019 compared with a depreciation of 1.5 percent and 8.2 percent in the first quarter of 2018 and fourth quarter of 2018.

“Normalised for non-cash translational forex losses/gains net profit after tax was recorded at 3.6 billion rupees, up 54 percent quarter-on-quarter and 11 percent year-on-year.”

Sri Lanka stocks, rupee down as bombings push investors away

 (Reuters) - Sri Lankan shares fell on Friday for a seventh straight day, closing at their lowest in six-and-a-half years, and the rupee slipped for a second day, as the Easter bombings drove off investors.

** Sri Lanka’s economic growth is expected to slump to its lowest in nearly two decades this year, a Reuters poll showed. Tourism, foreign investment and overall business activity have all dropped after the bombings.

** Investigators have dismantled a major part of the network linked to the bombings, Prime Minister Ranil Wickremesinghe said on Tuesday. But he warned further attacks could not be ruled out. ** The benchmark stock index ended 0.46 percent weaker on Friday at 5,327.68, its lowest close since Dec. 5, 2012.

** Turnover was 152.8 million rupees ($867,689), lower than this year’s daily average of around 565 million rupees. Last year’s daily average was 834 million rupees.

** Foreign investors bought a net 20 million rupees worth of shares on Friday, but they have been net sellers of 4.4 billion rupees worth of equities so far this year.

** The rupee closed weaker for a second session on Friday on dollar demand from banks.

** The rupee dropped 0.3 percent to close at 176.10/60 per dollar, compared with Thursday’s close of 175.60/90, Refinitiv data showed.

** Analysts expect the currency to weaken further as money flows out of stocks and government securities.

** The rupiah gained 0.6 percent this week and was up 4.5 percent for the year. Exporters had converted dollars as investor confidence stabilised after a $1 billion sovereign bond was repaid in mid-January.

** The rupee dropped 16 percent in 2018 and was one of the worst-performing currencies in Asia.

** Foreign investors sold a net 10.8 billion rupees worth of government securities in the week ended May 8, extending net foreign outflow to 20.8 billion rupees so far this year, central bank data showed.

** Investor sentiment was damaged at the end of last year, when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move unconstitutional, but the political turmoil led to credit rating downgrades and an outflow of foreign funds.

($1 = 176.1000 Sri Lankan rupees)

(Reporting by Shihar Aneez, editing by Larry King)

Sri Lanka rupee rises; stocks edge higher ahead of long weekend

Reuters: ** The Sri Lankan rupee closed 0.34 percent firmer on Thursday helped by banks’ dollar sales, while stocks ended marginally higher for the fourth straight session in thin trade ahead of a long weekend. 

** Many investors were on a holiday during the three-day week due to two long weekends. Both Monday and Friday in this week are public holidays. 

** The currency ended at 173.95/174.25 to the dollar, higher than Wednesday’s close of 174.55/65, Refinitiv Eikon data showed. 

** The island nation’s currency gained 0.3 percent this week, and 5.2 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka plunged into a political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.05 percent firmer at 5,606.35. 

** The benchmark stock index gained 0.4 percent in the week. However, it has declined 7.4 percent so far this year. 

** Turnover came in at 200.3 million rupees ($1.15 million), nearly a third of this year’s daily average of 593.5 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 2.8 million rupees worth of shares on Thursday, but the market has seen a year-to-date net foreign outflow to 6 billion rupees worth of equities. 

($1 = 173.9500 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee edges higher; stocks rise for third session

Reuters: ** The Sri Lankan rupee closed a tad firmer on Wednesday helped by banks’ dollar sales, while stocks ended marginally higher for the third straight day in thin trade. 

** Many investors were on holiday in a three-day week due to two long weekends. Both Monday and Friday in this week are public holidays. 

** The currency ended at 174.55/65 to the dollar, higher than Tuesday’s close of 174.60/75. The markets were closed on Monday for a public holiday in lieu of traditional new year that fell on Sunday. 

** Traders expect lower trade in both currency and stock markets in the three-day week. 

** The island nation’s currency gained 0.26 percent last week, and 4.8 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in t=(he week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.2 percent firmer at 5,603.35. 

** The benchmark stock index fell 0.6 percent last week, recording its first weekly fall in three. The index has declined 7.4 percent so far this year. 

** Turnover came in at 188.8 million rupees ($1.08 million), less than a third of this year’s daily average of 599.1 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 46.4 million rupees worth of shares on Wednesday, but the market has seen a year-to-date net foreign outflow to 6 billion rupees worth of equities. 

($1 = 174.5000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee edges down; stocks end tad firmer

Reuters: ** The Sri Lankan rupee closed tad weaker on Tuesday, while stocks ended tad firmer in thin trade after a long weekend. 

** The currency ended at 174.60/75 to the dollar, lower than Friday’s close of 174.45/55. The markets were closed on Monday for a public holiday in lieu of traditional new year that fell on Sunday. 

** Traders expect lower trade in both currency and stock markets in the three-day week as Friday is also being declared as a public holiday. 

** The island nation’s currency gained 0.26 percent last week, and 4.7 percent so far this year, as exporters converted dollars amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October last year when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. 

** The Colombo Stock Exchange index ended 0.1 percent firmer at 5,591.83. 

** The benchmark stock index fell 0.6 percent last week, recording its first weekly fall in three. The index has declined 7.6 percent so far this year. 

** Turnover came in at 173 million rupees ($990,836.20), less than this year’s daily average of 605 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 31.4 million rupees worth of shares on Tuesday, but the market has seen a year-to-date net foreign outflow to 6.04 billion rupees worth of equities. 

($1 = 174.6000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Rashmi Aich)

Sri Lanka rupee ends steady; stocks edge up ahead of long holidays

Reuters: ** The Sri Lankan rupee closed steady on Friday while stocks ended tad firmer in thin trade ahead of a long weekend due to traditional new year. 

** The currency ended at 174.45/55 to the dollar. 

** Sri Lanka’s currency, stock, and bond markets will be closed for a holiday on Monday for a public holiday in lieu of traditional new year falling on a Sunday. 

** The island nation’s currency gained 0.26 percent this week, and 4.8 percent so far this year, as exporters converted dollars and foreign investors purchased government securities amid stabilising investor confidence after the country repaid a $1 billion sovereign bond in mid-January. 

** Sri Lanka was plunged into political turmoil in October when President Maithripala Sirisena abruptly removed Prime Minister Ranil Wickremesinghe and then dissolved parliament. A court later ruled the move was unconstitutional, and Wickremesinghe was reinstalled as premier. 

** Investor sentiment took a big hit as a result of the 51-day political crisis, leading to credit rating downgrades and an outflow of foreign funds from government securities. 

** The rupee dropped 16 percent in 2018, and was one of the worst-performing currencies in Asia due to heavy foreign outflows. 

** Foreign investors sold a net 2 billion rupees worth of government securities in the week ended April 10, the second weekly fall in six weeks, the latest central bank data showed. ** The Colombo Stock Exchange index ended 0.1 percent firmer at 5,585.30. 

** The benchmark stock index fell 0.6 percent this week, recording its first weekly fall in three . The index has declined 7.7 percent so far this year. 

** Turnover came in at 184.2 million rupees ($1.06 million)($2.64 million), less than this year’s daily average of 611 million rupees. Last year’s daily average came in at 834 million rupees. 

** Foreign investors bought a net 1.1 million rupees worth of shares on Thursday, but the market has seen a year-to-date net foreign outflow to 6.1 billion rupees worth of equities. 

** The latest budget aims to increase government spending by 13 percent in 2019, during which the presidential election must be held, while it has set an ambitious goal to reduce a large fiscal deficit. 

($1 = 174.5000 Sri Lankan rupees) 

(Reporting by Shihar Aneez; Editing by Alison Williams)