Black Diamonds: Five Stocks that Beat Bonds and NSSF in Returns As the Black Diamonds surge past bonds and NSSF, the message is clear: equities remain the brightest gems for investors in 2025. With Bank of Baroda and QCIL leading the charge, dividend season and key corporate actions could unlock even greater returns in the months ahead.

The stock market continues to deliver standout opportunities for investors.

Five locally listed companies posted exceptional returns that outpaced both government bonds and the National Social Security Fund (NSSF).

The latest edition of the Black Diamonds Update by Crested Capital highlights counters that achieved total shareholder returns above 25% between January and September 2025.

Bank of Baroda and QCIL lead the pack

At the top of the list is Bank of Baroda (BOBU), which recorded a staggering 97.75% total shareholder return.

This was driven by a sharp rise in its share price from UGX 22.25 at the start of the year to UGX 44 in September.

Close behind was Quality Chemical Industries (QCIL), which achieved a 92.13% total shareholder return.

The counter was buoyed by strong capital gains and dividend payouts.

Stanbic Holdings also delivered impressive results, with a 62.37% total shareholder return.

This reaffirms its reputation as a reliable dividend-paying bank and one of the market’s most actively traded counters.

Umeme and Airtel join the diamonds

In a notable development, Umeme and Airtel broke into the Black Diamonds list this quarter.

Umeme’s share price declined slightly by –2.41%, but this was more than offset by a hefty dividend of UGX 222 per share, which produced a total shareholder return of 51.08%.

Airtel, which had topped the list earlier in the year, however, posted a more modest 45.43% total shareholder return.

Black Diamonds Outperform bonds and NSSF

The report underscores how equities on the Black Diamonds list are outpacing traditional investment options.

While bonds offered between 11.495% (91-day) and 17.75% (20-year), and NSSF declared an annual return of 13.5%, all five Black Diamonds comfortably exceeded these benchmarks.

“From January to September 2025, the Black Diamonds gave investors great returns,” Crested Capital noted.

Dfcu and MTN downgraded to the watch list

Not all counters had a strong showing. Dfcu posted a total shareholder return of 16% with no dividend declared.

While MTN managed only a 10.25% total shareholder return, despite a UGX 10 interim dividend.

Crested Capital linked MTN’s underperformance to investor uncertainty around the ongoing separation of its fintech arm, MTN Mobile Money, from the parent company.

“The news surrounding the separation created uncertainty in the market and negatively impacted trading on the counter,” the report stated.

Outlook for the final quarter

Looking ahead to the last quarter of 2025, Crested Capital pointed to several key triggers for investors to watch.

Dividend announcements from Airtel and MTN, the ongoing Umeme arbitration in London, regulatory updates on MTN’s fintech spin-off, and QCIL’s third performance will be key factors to watch.

Crested Capital expects dividend season to drive further investor activity, as shareholders position themselves to benefit from high-yielding stocks.

The Black Diamonds list, compiled by Crested Capital, identifies counters on the Uganda Securities Exchange that return 25% or more over a set period, combining capital appreciation and dividend yields.