UCL shares gain sh5,810

Apr 05, 2006

UGANDA Clays’ (ucl) share price on the Uganda Securities Exchange (USE) hit an all-time high by gaining sh5,810 to reach sh22,500 up from sh16,690 during the previous trading.

By Peter Kaujju

UGANDA Clays’ (ucl) share price on the Uganda Securities Exchange (USE) hit an all-time high by gaining sh5,810 to reach sh22,500 up from sh16,690 during the previous trading.

The surge of the share price came two days after the company, which makes clay products, announced results for the year ended December 31, 2005.

Brokers attributed the performance on the UCL counter to public confidence in the company.

“UCL’s performance demonstrates the confidence in the market even at this astronomical price.

Sh22,500 will fetch you a good bottle of wine or pay rent while less than five shares of the company can get you to Nairobi and back,” Davis Gathaara of Mbea Brokerage Services said.

However, Gathaara said the company would come under increasing pressure to have a stock split soon.

USE recorded a turnover of sh66m after UCL exchanged 1,773 shares, dfcu had sh23m after trading 51,340 shares at sh450 each, Baroda had sh1.7m after trading 2,082 shares at sh855 each, while New Vision had sh1.2m after trading 4,044 shares.

The all share index gained to 744.94 points from 717.05 last Tuesday due to an increase in the share price on some counters.
Market capitalisation stood at sh3,718.2b from sh3,676.3b last Tuesday.

A market report from USE highlighted outstanding orders on the Baroda, dfcu, New Vision and Uganda Clays counters.

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