THERE was no immediate market reaction to Stanbic’s announcement that the company’s financial results for 2010 are expected to be 20-25% lower than the those of 2009.
The bank dominated trading on Tuesday, selling 200,771 shares and realising sh55.2m in turnover.
Stanbic, the largest and most liquid bank at the Uganda Securities Exchange, traded at a high of sh275 share price.
The financial results warning by Stanbic Bank to its shareholders and customers is a legal requirement by the Uganda Securities Exchange.
It remains to be seen how the bank’s share price will impact its valuation in the run up to the company’s final year end results on or before April 30.
There was, however, unfulfilled bids for 44 million Stanbic shares, showing the strong demand for the most traded stock at the bourse.
Observers believe Stanbic share price could be revised downwards in the days ahead.
Also it remains to be seen how the financial results of the other banks will look like with the sector having had the at the stock exchange.
National Insurance Corporation (NIC) also had unfulfilled demand for two million shares with the counter settling at sh70. It realised sh7.3m in turnover. New Vision traded at sh525 per share, picking sh4.7m in turnover from 8,897 shares.
Uganda Clays picked sh244,750 in turnover from 4,895 shares traded. Total turnover and traded shares for the day with sh67.5m and sh319,318 respectively.
By David Mugabe: The New Vision Newspaper
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