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USE registers Shs201 billion turnover drop in third quarter

11/21/2014 | 05:50am US/Eastern

Kampala- Slowdown in equity market activities in the number of shares being offloaded from the market, has seen Uganda Securities Exchange (USE) register a drop in its total turnover of Shs201 billion in the third quarter of 2014.

USE trade statistics for the third quarter show the bourse realised a total turnover of Shs42 billion from 192 million shares traded in the third quarter of 2014 compared to quarter two during which the Exchange's total turnover stood at Shs243 billion from the trading of 816 million shares.

However, USE explains that the market has been relatively stable since the beginning of the year, with both the retail and institutional investors actively participating in the stock market. Statistics show Umeme had the largest turnover accounting for 53.3 per cent of the total, followed by dfcu Bank at 33.71 per cent, Stanbic Bank at 7.5 per cent and Bank of Baroda at 4.13 per cent.

In an interview, USE Trade manager Andrew Mwima told Daily Monitor on Wednesday that the rest of the companies had a total turnover below 2 per cent of the total turnover. "Stanbic Bank had the largest number of shares traded during the quarter accounting for 53.13 per cent of the total volume; Umeme had 26.03 per cent, DFCU 10.69 per cent and Bank of Baroda 7.64 per cent of the volume of shares that traded during the period," he said. Mr Mwima said in quarter three, the USE All share Index (ALSI) opened at 1696.84 at the beginning of the quarter and rose steadily to 1748.42 in August touching 1760.38 at the beginning of September, before closing at 1859.24 during the period, realising an average return of 9.6 per cent. "The ALSI reached an all-time high of 1896.24 during this same quarter," he said.

Mr Mwima said the Local share index (LSI) opened at 276.04 at the beginning of the quarter rising firmly to 278.14 and 292.84 at the end of August before closing at 312.53 at the end of the quarter, realising an average return of 13.22 per cent.

moketch@ug.nationmedia.com

(c) 2014 Nation Media Group. All Rights Reserved. Provided by SyndiGate Media Inc. (Syndigate.info).

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