Uganda Securities Exchange Eyes New Listings, Higher Volume In 2015

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Written by Kevin Mwanza

Written by Elias Biryabarema | From Reuters

The Uganda Securities Exchange expects three equity, two corporate bond listings and a doubling of the annual trading volume in 2015, spurred by institutional investors, the bourse said on Monday.

Foreign investor interest in Uganda has risen in recent years as the east African nation prepares to begin crude oil production in 2018. The International Monetary Fund expects economic growth to hit 6.1 percent in the 2014/15 fiscal year, which begins in July.

Innocent Dankaine, the bourse’s acting chief executive said the equities and bonds were from the financial services, energy and real estate sectors but he declined to name the companies.

“All these are likely to crystallize in terms of actually coming to the market in the second and third quarter of next year,” he told Reuters.

The country’s 17-year-old bourse has 16 companies and six corporate bonds listed, with a market capitalization of 25 trillion shillings ($9.24 billion). Nearly half of the stocks have their primary listing on the Nairobi Securities Exchange .

Read more at Reuters