Weekly Market Wrap: MTN’s sh3.6b drives surge in turnover

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MTN Uganda pulled most of the market’s weight last week after moving about sh3.69b worth of shares exchanged hands at the Uganda Securities Exchange (USE).

As a result, total market turnover rose 15.25% to sh4.32b, up from sh3.74b a week earlier, according to data from Crested Capital.

Stanbic followed behind MTN, trading sh584.15m. Bank of Baroda managed sh16.59m, while Umeme exchanged sh10.09m. Airtel posted sh4.02m, NIC moved sh3.69m, QCIL traded sh2.92m, and BATU recorded the lowest turnover at sh1.35m.

On share price movement, Airtel edged up 1.19% to sh85. BATU fell 10% to sh13,500. MTN dipped by 0.17% to sh305.42, Stanbic slipped 2.62% to sh63.30, and Umeme dropped sharply by 18.39% to sh142.

The rest of the locally listed stocks were unchanged. Baroda closed at sh47, dfcu at sh300, Uganda Clays at sh6.5, New Vision at sh150, NIC at sh5.2 and QCIL at sh119.

On cross-listed counters, Centum Investment rose 0.37% to sh413.89 and East African Breweries Limited gained 1.58% to sh6,578.40. Kenya Airways inched up 0.58% to sh104.16. KCB posted one of the strongest performances with a 5.38% rise to sh1,802.21, while Nation Media Group climbed 3.7% to sh365.92.

Equity Group dropped 5.53% to sh1,781.68 and Jubilee Holdings slipped 0.61% to sh8,593.04.