Uganda Stock Market Turnover Slumps as Small Trades Dominate

AFRICAN STOCKS AND FINANCEAugust 21, 2025 at 9:19 AM UTC

TLDR

Trading on the Uganda Securities Exchange (USE) slowed sharply last week, with turnover dropping to sh120.6 million from sh6.9 billion the previous week
Activity was spread across eight counters but most trades were modest in value
Despite lower volumes, several stocks advanced. QCIL gained 4.8% to sh110, MTN Uganda rose 2.7% to sh269, and Stanbic added 2.1% to sh53

Trading on the Uganda Securities Exchange (USE) slowed sharply last week, with turnover dropping to sh120.6 million from sh6.9 billion the previous week, according to Crested Capital. Activity was spread across eight counters but most trades were modest in value.

Stanbic Holdings led with sh42.8 million from 813,867 shares, accounting for 35.5% of the total. MTN Uganda followed with sh30.6 million, while Uganda Clays posted sh16.7 million. Airtel Uganda recorded sh14 million, Bank of Baroda sh13.6 million, and Quality Chemicals Industries Limited (QCIL) sh2.6 million. Dfcu and NIC Holdings combined for just sh242,000.

Despite lower volumes, several stocks advanced. QCIL gained 4.8% to sh110, MTN Uganda rose 2.7% to sh269, and Stanbic added 2.1% to sh53. Umeme, Airtel, and BAT Uganda were unchanged.

Among cross-listed counters, Kenya’s Equity Bank gained 4.6%, Jubilee Holdings rose 3.8%, and KCB climbed 3.6%. Kenya Airways fell 3.1%, while East African Breweries slipped 0.3%.

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Key Takeaways

The steep fall in turnover reflects a lull in large block trades, which often drive USE activity. Instead, retail-level transactions dominated, spreading modestly across key counters. Still, price movements showed resilience, with QCIL and MTN Uganda posting notable gains alongside strong advances in cross-listed Kenyan banks. The USE remains heavily influenced by cross-listings from Nairobi, which provide liquidity and diversification for Ugandan investors. While domestic counters like Stanbic and MTN continue to attract interest, the week’s performance underscores the exchange’s dependence on periodic high-value trades to sustain volumes. Analysts say broader participation and deeper institutional investment remain essential for stabilizing liquidity on the bourse.

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