Uganda Bourse turnover slows to sh7m

Thursday July 7, 2011

The market slowed to a new sh7m in turnover on Tuesday, with most companies posting suppressed volumes and value.

After the corporate actions of the past few weeks, which saw Stanbic Bank and Baroda issue bonus shares, activity has slowed down.

Five companies traded on Tuesday. Stanbic led with sh5.6m in turnover after selling 37,192 shares at an average sh150 per share.

Dfcu Bank sold 1,500 shares at an average sh1,000, picking sh1.5m in turnover.

The market is also awaiting another transfer of major shares of dfcu Bank in the coming weeks should a major shareholder let go of their stakes in the company.

This follows a notice by the bank last week that a major shareholder had received an expression of interest for the purchase of a substantial number of shares in the company.

Bank of Baroda was active again albeit with reduced volumes of 200 shares and turnover of sh68,000.

New Vision maintained its liquidity, trading 194 shares at an average sh1,000 per share. Its turnover was sh194,000.

National Insurance Corporation, however, had the largest bids for shares of over five million that were not taken up.

UCL share price moved to sh45, gaining sh200,025, in turnover.

The all share index was 1096.28, while the locally quoted share index closed at 228 points.

By David Mugabe: The New Vision Newspaper