Business
46 million Stanbic shares on demand
Publish Date: Feb 20, 2014
46 million Stanbic shares on demand
Stock brokers trading. Banking remains attractive on the stock market as listed banks maintain a steady level of liquidity
  • mail
  • img
newvision

Stanbic Bank returned to the fore of activity, selling 1,064,500 shares on Tuesday with turnover of sh32m after trading ended at an average price of sh30 per share.

This was 85% of the day’s total traded value.

There, however, remains overwhelming demand on the Stanbic counter, reaching 45.6 million shares on Tuesday. Demand is rising by the week as the bank is close to announcing its annual results alongside all listed companies as part of statutory requirements.

Investors have, according to analysts, positioned to cash in on the post announcement dividend, a situation which has driven up the demand, although current shareholders are reluctant to give away their positions, creating the price mismatch.

The New Vision traded at a high of sh605 and realised turnover of sh396,275, with 655 shares traded. The all share index, which is a barometer that compares the trading, closed at 1383.72 points.

Four companies traded on Tuesday.  Overall, 1,080,164 shares exchanged hands with turnover at sh37.6m.
Umeme sold 14,500 shares, picking sh5.2m in turnover. The utility company traded at an average of sh365 per share.
Uganda Clays sold 509 shares at an average price of sh25, with turnover at a low sh12,725.

Banking remains attractive as listed banks maintain a steady level of liquidity in a market where liquidity has, to a large extent, dried up while trading volumes are quite low.

Commercial banks are, however, still grappling with restoring the uptake of commercial loans that dried up and continues to recover slowly following the double digit inflation that peaked over 30% about two years ago.

The inflation pushed up borrowing rates.

 

The statements, comments, or opinions expressed through the use of New Vision Online are those of their respective authors, who are solely responsible for them, and do not necessarily represent the views held by the staff and management of New Vision Online.

New Vision Online reserves the right to moderate, publish or delete a post without warning or consultation with the author.Find out why we moderate comments. For any questions please contact digital@newvision.co.ug

  • mail
  • img
blog comments powered by Disqus
Also In This Section
UAE Exchange customer wins Xpress Money ‘Win Big’ second weekly draw
Xpress Money recently announced the second weekly draw winner of its ongoing promotion – Win Big. Ms. Ann Minviluz Banquerigo, a customer of UAE Exchange, Lugogo Mall branch, won herself a prize money of UGX 250,000 by simply sending money using Xpress Money services....
Total CEO de Margerie killed in Moscow as jet hits snow plough
MOSCOW - The chief executive of French oil major Total, Christophe de Margerie, was killed when his private jet collided with a snow plough as it was taking off from Moscow's Vnukovo airport on Monday night....
Govt to identify key opportunities for growth
THE Government and World Bank are preparing a joint ‘Country Economic Memorandum’ report, which will identify key opportunities and challenges to accelerating socio-economic transformation...
Business guide in conflict resolution developed
A business guide for the business community to resolve conflicts without resorting to courts of law has been developed....
Mining to increase Agriculture production
Agriculture production in Uganda is set to increase with the establishment of mining and oil extraction industries despite concerns from the public that the discovery of oil in Uganda will affect the sector negatively....
Farmers to benefit from sh60b grant
UGANDAN farmers are set to benefit from a low-interest agricultural loan facilitated by a $24.7m (sh60b) grant from the International Fund for Agricultural Development...
Do Ugandan tycoons prepare their children to take over their business empires?
Yes
No
Can't Say
follow us
subscribe to our news letter