36 million Stanbic shares on demand
Feb 07, 2014
Stanbic Bank maintained steady demand for its shares at 35.6 million on Tuesday, a trend started at the beginning of the year. The demand eased up slightly to 35.2 million shares yesterday as 458,192 shares were sold at an average price of sh34 per share from Tuesday’s sh35 per share.
By David Mugabe
Stanbic Bank maintained steady demand for its shares at 35.6 million on Tuesday, a trend started at the beginning of the year. The demand eased up slightly to 35.2 million shares yesterday as 458,192 shares were sold at an average price of sh34 per share from Tuesday’s sh35 per share.
On Tuesday, the bank sold 807,578 shares to realise sh27.9m in turnover.
Stanbic, the most liquid company at the stock market in recent years, continues to receive huge interest that market observers attribute to potential investors wishing to catch a bit of the dividend to be announced in a few months.
Bank of Baroda sold 8,695 shares to realise sh999,925, while New Vision posted sh6.1m in turnover after selling 9,800 shares at an average price of sh620.
Meanwhile, Umeme sold 15,000 shares to earn sh5.5m in turnover from one of its lower trading days. Umeme traded at an average of sh365 per share.
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Uganda Clays posted 1.5 million share bids, the second highest number after Stanbic Bank. But these were not taken up by corresponding demand of 1,368,185 shares. UCL is one of the cheapest stocks on the market.
The tile maker sold 83,857 shares with turnover peaking at sh2.1m.
Total turnover on Tuesday was sh42.5m, with 924,930 shares sold.
Comparatively, the past one week saw turnover drop to sh372m, from the sh598.7m of the previous week.
The total number of shares traded also fell to 5,001,050, from 12,749,328 shares that were traded in the past week’s session.
According to a Uganda Securities Exchange report, the most active counter by volume in the last week were Stanbic Bank, Umeme, UCL and Bank of Baroda. Most of the cross listed companies, including Centum, EABL, Equity Bank, Kenya Airways and KCB, dropped in volume.
More activity is expected in the weeks ahead in the run up to the end of the financial year.