Baroda bounces back with sh48.7m
May 18, 2012
Bank of Baroda Uganda (BOBU) bounced back to activity with sh48m in turnover.Baroda traded at an average of sh195 per share.
By David Mugabe
Bank of Baroda Uganda (BOBU) bounced back to activity with sh48m in turnover.
Baroda traded at an average of sh195 per share. At the end of last Tuesday’s trading session, BOBU had 6,385 share offers compared to this week’s 8,508 shares.
On Tuesday, bids for Baroda shares had shot up to 26,909, from zero in the previous week.
Despite stellar half year performance, the contracting economy has presented uncertainty, which analysts point to the suppressed demand in the weeks before financial results.
Stanbic Bank (SBU), however, remains an attractive company, selling 19,859 shares at an average of sh105 and earning sh2.1m in turnover on Tuesday, the second highest after Baroda.
Stanbic posted an 84% jump in pretax profit of $65.4m for the year 2011. The bank also had the highest shares bid of over one million on Tuesday.
Total turnover for Tuesday was sh53m, with 297,860 shares sold.
There has been a small glimmer of light on the stock exchange, following the release of half-year results by most companies, which showed growth, especially by the commercial banks.
Also, more companies are now turning to activity. On Tuesday, there were five active companies either selling or buying, while all the active counters either had bids or share offers.
Uganda Clays (UCL), the lead trader last week, sold only 7,440 shares to realise sh297,600 in turnover at an average of sh40 per share.
National Insurance Corporation (NIC) meanwhile sold 20,000 shares at an average price of sh35. NIC had the highest share offer of the day at one million and also realised turnover of sh700,000 in the day’s deal.
British American Tobacco (BATU) sold 561 shares at an average of sh2,000, with turnover at sh1.1m.