David Mugabe
11 November 2009
Kampala — THE New Vision dominated business on Tuesday, taking over 77% of the overall trading volumes at the Uganda Securities Exchange.
On the whole, the day also recorded a marked improvement in turnover at sh213.3m with 750,000 shares trading. The Tuesday before, total turnover was a low sh6.9m.
Moving 370,000 shares, The New Vision's dominance was not only in trading, but in the unfulfilled demand raised of 140,000 shares on demand at sh445, according to a report from MBEA Brokerages Services.
The New Vision share price oscillated between sh450 and sh445, closing the day at sh445. In all, The New Vision counter collected sh165m in turnover.
The company recently announced a final dividend of sh15 for its shareholders, payable starting January.
Stanbic Bank was the second gainer with sh37.3m in total turnover and a market share of 17.5%.
Last Tuesday, Stanbic Bank did not trade. There was also a 3.3 million offer for Stanbic shares on Tuesday.
In all, five companies traded on Tuesday. Uganda Clays moved 165,000 shares at sh60. Last week, UCL did not trade any shares.
Although it was a small difference, Bank of Baroda dropped to sh325, from sh330, the price at which it opened last week. The bank moved 1,500 shares closing at sh325. The dfcu Bank counter declined with just 250 shares trading earning sh140,000 in turnover. The previous Tuesday, DFCU earned sh6.9 million in turnover after trading 12,500 shares. The MBEA market report also indicated that there was outstanding demand for 250,000 DFCU shares at sh550.
The all share index rose to 713.09 up from 703.55 of the last Tuesday.
he bank realised sh6.9m in turnover, which was an improvement from the sh1.3m attained last week. It was also an improvement in volumes, up from 2,525 shares to 12,500 shares. The bank's shares traded at sh535 per share the previous week.
The development at the bourse is a stark contrast to the rebound of last week where The New Vision dictated issues as the company shareholders gathered in Kampala.
There was no trading on the counters of Stanbic, BATU, East African Breweries, Equity Bank, Kenya Airways, KCB, Uganda Clays and Bank of Baroda on Tuesday.
There was, however, a block bid for sh1.6m Stanbic shares, while 37,201 shares were on offer. Last Tuesday, there was an outstanding bid for 1,000,000 shares at sh155.
Meanwhile, the third quarter report from the Uganda Securities Exchange indicates that trading volumes moved to 30.2 million, up from 24.5 million in the last three months ending September. The development was a green light at an exchange that witnessed months of suppressed trading.
"Equities turnover rose by about 43% to sh4.9b from sh3.4b recorded in the previous quarter," reads the report. The report also notes that the most dominant and liquid counter during this time was Stanbic Bank.
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