Turnover shrinks as stock market closes week

By Silvia Nyambura

The stock market has closed the week with a 14.7% shrink in turnover to record Ushs 1.16 billion from Ushs 1.36 billion last week. The USE All Share Index shed 4.32% to close at 1,898.85 this week. The USE Local Share Index and C8* were up 0.78 % each to 331.32 and 104.25 respectively showing the price appreciations on half of the local listings.

Bank of Baroda Uganda trading with 3.98 million shares exchanged to generate turnover of Ushs 565.72 million. Its share price appreciated by 9.23% during the week to reach a new 12 month high of Ushs 142 before dropping by 1.42% to end the week at Ushs140.

UMEME share price gained 0.4% from last week to close at Ushs 505. The Electricity Distribution Company saw 617,994 shares trading hands on its counter to register Ushs 309.74 million in turnover.

New Vision Limited (NVL) and Stanbic Bank Uganda (SBU) moved 240,000 shares and 1.3 million shares to realize a turnover of Ushs 145.2 million and Ushs 44.15 million respectively. NVL share price grew by 0.83% to Ushs 605. On the other hand, SBU price reached Ushs 34 in the course of the week before dropping back to Ushs 33 on Thursday.

British American Tobacco Uganda moved 3,459 shares to generate a turnover of Ushs 30.2 million, its share price gained 2.83% per cent on Wednesday to reach a new 12 month of Ushs 8,766.

DFCU share price was up 3.03% to Ushs 907. The counter moved 22,543 shares to register a turnover of Ushs 20.45 million. National Insurance Corporation had Ushs 810,870 in turnover from 54,058 shares changing hands at a stable price of Ushs 15.

All the eight cross listed counters registered price reductions compared to the past week.

Centum Investments had the biggest loss of 12.18% to Ushs 1,904. The Uganda Shilling was stable this week as Bank of Uganda tightened its monetary policy stance by raising the Central Bank Rate to 14.5 per cent on Monday. This aimed at stalling inflation pressures arising from a weakening shilling. The local currency was quoted at 3,320.2 as at midday on Thursday.