Weekly Market Wrap: MTN shares hit record high
The telecom’s share price jumped 18.89% to an all-time high of sh428, one of the strongest moves on the local board. The rally came as market turnover swelled to sh1.5b, up from sh303m the previous week, according to a market report from Crested Capital.
MTN CEO Sylvia Mulinge. MTN Uganda’s stock surged to a record high during a lively week on the Uganda Securities Exchange (USE). (Courtesy/File)
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MTN Uganda’s stock surged to a record high during a lively week on the Uganda Securities Exchange (USE), helping lift overall trading activity as investors piled into the telecom counter.
The telecom’s share price jumped 18.89% to an all-time high of sh428, one of the strongest moves on the local board. The rally came as market turnover swelled to sh1.5b, up from sh303m the previous week, according to a market report from Crested Capital.
The market traded volumes climbed to 22,907,442 shares from 3,823,145 shares. The MTN counter generated sh634.6m in turnover from 1.69m shares during the trading under review.
Stanbic Holdings exchanged sh669.6m traded from 9.76m shares, while Bank of Baroda followed with sh127.44m from 2.64m shares. dfcu Limited traded sh46.3m from 151,800 shares, Uganda Clays Limited moved sh41.5m from 8.65m shares, and Quality Chemicals saw sh1.65m worth of trades from 14,024 shares.
On price movements, Stanbic gained 4.24% to sh70.36, Bank of Baroda rose 1.93% to sh48.10, dfcu added 1.33% to sh305, and Quality Chemicals edged up 0.85% to sh118. Uganda Clays was the only local decliner, slipping 4.00% to sh4.8.