Kenanga- Economic Review- 7th August 2015

Melissa Pereira Tue Aug 11, 2015 2:01 pm

Salient Economic Updates For Last Week;

Textured Jersey Lanka PLC (TJL) reported a net profit of Rs.206 million for the quarter ended June 30, 2015 (1Q16), up 26 percent year-on-year (YoY).
The Central Bank has announced that it plans to sell $ 100 million worth of development bonds to foreign and local investors.
Minimum investment for a development bond is $ 100,000 with additional investments in multiples of $ 10,000.
Standard & Poor’s Ratings Services has affirmed its ‘B+’ long-term and ‘B’ short-term sovereign credit ratings on Sri Lanka.

International News

Crude oil dipped on Friday (07th August), plumbing multi-month lows and heading for a sixth straight week of losses, as the approaching end of the U.S. summer driving season suggested a growing surplus in gasoline supply. Oilfield services firm Baker Hughes' report that the U.S. oil rig count rose by six this week added to the bearish sentiment for crude as it signaled production could creep up from higher drilling activity.

Pressure from sliding commodities prices is spreading from the junk-bond market to a broader gauge of U.S. corporate-credit risk. The cost to insure against default on high-grade bonds as measured by the Markit CDX North American Investment Grade Index rose to 75.1 basis points, the most since December 2014.

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