Stock Market closes week with 33.4% drop in turnover

By Our Reporter

The Stock Market activity slowed this week with 10.96 million shares changing hands to generate a turnover of Ushs 5.25 billion compared to last week where 19.77 million shares were exchanged with Ushs 7.89 billion in turnover. This represents a 33.4% decline.

Umeme contributed 97.69% to this week’s turnover with Ushs 5.13 billion as a result of trading 9.32 million shares at Ushs 550 each.  The three local listed banks; DFCU, Stanbic and Bank of Baroda Uganda had 67,800 shares, 1.45 million shares and 122,652 shares traded to generate a turnover of Ushs 61.02 million, Ushs 42.09 million and Ushs 18.28 million respectively.

DFCU share price shed 1.64% to end the week at Ushs 900, Stanbic was stable at Ushs 29 while Bank of Baroda was down 0.67 percent to Ushs 149.

National Insurance Corporation (NIC) moved 2,000 shares at Ushs 12 each to record a turnover of Ushs 24,000.

Among the cross listings, Kenya Airways posted the biggest gain of 1.36% to Ushs 149 while East African Breweries Limited witnessed the biggest drop with its price losing 5.20% to end Friday’s trading session at Ushs 8,936.

The benchmark USE All Share Index lost 2.38% to 1,764.66. The Uganda Securities Exchange (USE) Local Share Index and C8* were down 0.75% and 0.22% to close this week at 410.46 and 129.85 respectively.

The Uganda Shilling maintained stability this week supported by improved inflows from investors looking to take part in Wednesday’s Treasury bill auction coupled with muted demand for the greenback on the market. It was quoted at 3,344.7 as at midday on Friday, a marginal gain from 3,349.7 at the end of last week.