Sri Lankan shares rose for a third straight session on Friday to their highest close in more than three weeks, boosted by a surge in Janashakthi Insurance Plc as it agreed to sell its general insurance unit to Germany's Allianz SE. Janashakthi stock jumped about 28 percent in the session, bringing its weekly gain to a whopping 73 percent.
The insurer said on Friday it agreed to sell its wholly owned subsidiary, Janashakthi General Insurance Ltd, for 16.4 billion rupees ($106.4 million) to Allianz. The Colombo stock index ended up 0.34 percent at 6,520.46, its highest close since January 9. The market rose 1 percent this week, its second straight weekly gain.
Cargills (Ceylon) Plc rose 5.7 percent, while Nestle Lanka Plc ended 2.4 percent up, and Ceylon Tobacco Company Plc rose 0.9 percent. The market turnover was 1.22 billion Sri Lankan rupees ($7.9 million).
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