Stanbic Bank share price triples
THE share price of Stanbic Bank tripled to sh205 a share on its first day of trading on the Uganda Securities Exchange (USE) yesterday.
By Paul Busharizi and Peter Kaujju
THE share price of Stanbic Bank tripled to sh205 a share on its first day of trading on the Uganda Securities Exchange (USE) yesterday.
In about two hours of frantic trading, the share price opened the day at sh150, peaked at sh240 before closing at sh205 a share.
A record sh23m shares exchanged hands for a turnover of about sh4.7b for the first time in the seven-year history of the exchange.
“It is not a shock that we got this kind of response in trading. I anticipate a strong share price on the stock exchange going forward,†Stanbic managing director Kitili Mbathi said in a press conference as the trading continued. “This has been an overwhelming success for the bank.â€
Brokers predicted the share price to settle between sh200 and 250 in the coming weeks.
“This issue has fundamentally changed our secondary market,†said Andrew Owiny, the head of MBEA, a brokerage firm. “The USE has never traded for two hours before and I see trading continuing like this next week in ranges of sh140 to sh210.â€
THE share price of Stanbic Bank tripled to sh205 a share on its first day of trading on the Uganda Securities Exchange (USE) yesterday.
In about two hours of frantic trading, the share price opened the day at sh150, peaked at sh240 before closing at sh205 a share.
A record sh23m shares exchanged hands for a turnover of about sh4.7b for the first time in the seven-year history of the exchange.
“It is not a shock that we got this kind of response in trading. I anticipate a strong share price on the stock exchange going forward,†Stanbic managing director Kitili Mbathi said in a press conference as the trading continued. “This has been an overwhelming success for the bank.â€
Brokers predicted the share price to settle between sh200 and 250 in the coming weeks.
“This issue has fundamentally changed our secondary market,†said Andrew Owiny, the head of MBEA, a brokerage firm. “The USE has never traded for two hours before and I see trading continuing like this next week in ranges of sh140 to sh210.â€