Pre Markets: USE Down As Shilling Remains Unchanged

The USE All Share Index (ALSI) and the C8, Crested Capital’ s local listed company’s index reduced 0.12% and 0.01% closing at 1,739.11 and 120.73 respectively.

Bourse turnover plummeted to UGX 67.66 million ($18,624) compared to UGX 148.65 million ($40,946) generated at the end of Friday’s trading session.

Uganda Clays (UCL) dominated trading as it generated a turnover of UGX 39.11 million. Its share price closed at UGX 30, 3.23% below Friday’s UGX 31. Stanbic Bank Uganda (SBU) realised a turnover of UGX 27.76 million as its share price remain stable at UGX 27.25. NIC Holdings (NIC) and dfcu (DFCU) turned UGX 442,573 and 345,000 as their share prices closed at Ugx11.80 and UGX 690 respectively.

Uganda shilling unchanged as firms prep for tax payments

The Ugandan shilling was stable on Monday, underpinned by low demand for dollars as most firms held on to the local currency to help them meet mid-month tax obligations.

At 1250 EAT, commercial banks quoted the shilling at 3,635/3,645, unchanged from Friday’s close.

Kenya government increases stake in Kenya Airways

The Kenyan government and domestic lenders have agreed to convert more than $400 million of Kenya Airways’ debt into equity, increasing the state’s stake in the airline to almost 50%.

The airline is undergoing a $700 million financial restructuring aimed at reducing its debts and returning to profitability after posting heavy losses, including Kenya’s biggest annual corporate loss of KES 26 billion ($251 million) in the financial year 2016.

By close of the day’s trading on the Nairobi Securities Exchange, the company’s share price was down 1.77% at KES 5.55. The counter recorded a turnover of KES 1.68 million from 301,000 shares traded.