USE trading grosses $46m

KAMPALA, UGANDA – Trading at the Uganda Securities Exchange (USE) last week started off from where it left the previous week with huge volumes of shares moving across select counters.
According to analysts, the huge volumes of trades registered at the bourse during the course of the week were mainly made by offshore institutional investors.
Mr. Robert Baldwin the Chief Executive Officer of Crested Stocks and Securities told the East African Business Week, “We have seen a lot more trading from offshore institutional investors especially on the Stanbic Bank and Umeme counters. This is a positive development for the bourse.”
During the week, there was a one-off sale on the DFCU Bank counter as Actis sold its shares to Rabo Bank from Netherlands and to Norfund.
The DFCU Bank counter realized a turnover of Ush111.9b ($44.7m) after over 119m shares were moved on the counter.
The subsidiary of Rabobank of Netherlands bought a 27.54% stake while Norfund purchased a 17.48% stake, increasing its shareholding to 27.54 per cent.
last week’s total turnover was Ush114b ($46m) which is so far the highest turnover registered at the bourse this year. The previous week’s turnover was about Ush3b ($1.2m).
Stanbic Bank grossed a total turnover of Ush935m ($374,000), the Umeme counter realized a total turnover of Ush813m while Bank of Baroda realized Ush480m during the week.
NIC and Uganda Clays Limited had minimal activity on their counters realizing turnovers of Ush2.2m ($880) and Ush979,000 ($390) respectively.
Trading at the bourse has in recent week’s increased following the release of companies’ annual results hence investors are looking at building their stocks in anticipation of good results and decent dividends.
Stanbic Bank and Bank of Baroda as well as Umeme are the counters that are most sought currently and any shares made available are quickly snapped up.
This has pushed up Stanbic Bank’s share price to Ush30 from Ush25 per share.

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