Market Wrap: MTN, Airtel power weekly surge on USE

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Total market turnover more than doubled at the Uganda Securities Exchange (USE) as investors piled into telecom and banking counters during the week ending February 13.

According to market data from Crested Capital, seven counters were active, posting a total turnover of sh3.35bn (about $946,779) from 21.03 million shares that exchanged hands. This was up sharply from the sh1.52bn traded the previous week.

The charge was led by MTN Uganda, which accounted for the lion’s share of activity. The stock traded sh2.2bn ($620,964) across 5.12 million shares, and closed at a record sh429.97, up 0.46% on the week.

Stanbic Holdings exchanged 4.18 million shares worth sh1.06bn. Its share price climbed 7.01% to sh75.29. Bank of Baroda dealt sh72.38m from 1.53 million shares and gained 1.46% to close at sh48.8 per share.

But it was Airtel Uganda that caught traders’ eyes. The stock jumped 11.27% to sh99.03, now just one shilling shy of its IPO price, a psychological level that signals a near full-circle recovery for early investors.

British American Tobacco Uganda slipped 7.41% to sh12,500, the only active counter to close in negative territory. The stock traded for the first time since November, albeit lightly, with just 100 shares changing hands for sh1.25 million.

NIC Holdings and New Vision Printing and Publishing Company posted marginal trades of sh72,500 and sh60,000, respectively.

Cross-listed counters

On cross-listed counters, Nation Media Group led the gainers, surging 13.19% to sh398.03. KCB Group rose 5.10% to sh1,942.09, while Equity Group Holdings added 5.01% to sh1,969.54.

Kenya Airways advanced 1.12% to sh140, Centum Investment Company gained 1.77% to sh373.32, and Jubilee Holdings edged up 0.12% to sh9,257.51. The East African Breweries Limited fell 2.75% to sh6,732.11.