TPS announced impressive numbers for FY06, but only so far one can say given there are no comparatives for FY05. Reason is they are apparently difficult to do given changes from '05. Would have been handy though. TPS are the only tourism-type listed company so it would have been interesting to see just how well tourism is doing.
About momentum trading-this I believe is single biggest thing that is impacting the NSE apart from institutions shyness, Francis Thuo fiasco and speculators. Momentum trading is where investors flock to buy into a particular market just because everybody else is. When it comes to selling, they also sell at the same indiscriminate rate. This affects not just retail investors, but also institutions and is particularly acute in an economy like ours where they are not many liquid assets to invest in. It means that the NSE can go up and down like a yo-yo on even when the economy is heading upwards, companies are investing and seeing huge profits and money from the diaspora and the like is still pouring in.
The suggested OTC market, floating of longer-term bonds will help in mopping some of the latent liquidity in our economy that is just floating around looking for investment opportunities that give adequate returns. As will increased competition in the banking sector using price (account charges, interest offered and charged).