Shares of MTN Uganda climbed 29.7% over the past two weeks, rising from Ugx330 on 27th January to a new post-listing high of Ugx428 by February 6, in a rally analysts attribute to pent-up institutional demand released after political uncertainty eased.
Market participants say buying interest had been building ahead of the , with some large investors opting to stay on the sidelines until the outcome was settled. Once election risk receded, that deferred demand appears to have flowed rapidly into the MTN counter, accelerating a price move that had already begun to gather momentum in late January.
The rally intensified in the first week of February, when MTN Uganda gained 18.89%, including a 9.84% rise on the final trading day. Turnover surged to Ugx634.65 million from 1.69 million shares, up sharply from Ugx108.60 million and 331,030 shares traded in the final week of January. On Friday alone, the stock accounted for Ugx103.41 million in turnover, underscoring the scale of institutional participation.
MTN Uganda’s advance helped lift overall activity on the (USE). Weekly market turnover rose to Ugx1.52 billion, more than five times the Ugx303.09 million recorded a week earlier, while volumes traded increased to 22.91 million shares from 3.82 million shares.
Elsewhere, Stanbic Holdings Uganda led weekly turnover with Ugx669.63 million from 9.76 million shares, closing 4.24% higher at Ugx70.36. Bank of Baroda Uganda traded Ugx127.44 million from 2.64 million shares, ending the week at Ugx48.10, up 1.93%.
Other gainers included dfcu Limited, which rose 1.33% to Ugx305, and Quality Chemical Industries Limited, up 0.85% to Ugx118, while Uganda Clays fell 4.0% to Ugx4.80.
The Crested Local Companies Index (C11) advanced to 168.99, reflecting the stronger tone in local equities, as the Uganda shilling also firmed modestly against the US dollar over the week.
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