Business
Umeme boosts market liquidityPublish Date: Jun 23, 2014
Umeme boosts market liquidity
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Stock brokers in action at the Uganda Securities Exchange
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THE WEEK THAT WAS

By David Mugabe

Stanbic Bank sold 585,732 shares on a day that again saw huge mismatch between demand and supply offer prices for the bank.

Stanbic garnered sh17.6m in turnover, trading at an average of sh30 per share. But there were bids for 25 million Stanbic shares - a familiar scenario over the last several months as potential investors have positioned to have a bit of the lucrative Stanbic pie.

Stanbic posted huge profits despite a reduction from last year. There were also 21 million Stanbic shares on offer that were not taken up that analysts say is largely because of a price mismatch with investors price offer hovering at around sh20 per share.

Power distributor Umeme that has just concluded a process in which major shareholder Actis let go of more of its stake sold 647,464 shares.

Umeme’s overall traded value was sh233.1m - the highest of the day. Umeme closed the Tuesday session trading at an average of sh360 per share.

Uganda Clays was the third active company, selling 150,000 shares to pick sh3m in turnover, trading at an average price of sh20 per share.

On Tuesday, a total of 1.5m shares were sold, which resulted in turnover of sh264.9m.

Volumes and value remain comparatively low, only boosted by the resurgent Umeme, whose traded value was about 88% of the total traded value of the day. Bank of Baroda sold 103,051 shares to realise sh11.3m in turnover.

Baroda traded at an average of sh110.

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