Thursday 25th January 2007; 9:00 am (East African Standard Time).....Stanbic Uganda started trading shares on the Uganda Stock Exchange. Well, in the first 1 hour and 15 minutes of trading, the share price was up 178% from 70 shs to 195shs.
To put it into perspective, an investor who bought Ushs 1 Billion worth of shares has just seen his investment grow to Ushs 2.78 Billion..... woohuh.
Well, at this rate, it is the proverbial up, up and away...untill, i daringly but humbly predict, a ceiling price of about 350 ushs, after which sanity will reign in the upward trend.
A little background:
According to the New Vision ( 17th Jan 2007), Number of Ugandan institutions' applications were 407 (value Ushs 30.7 Billion), and foreign: 1,463 (value Ushs 82.3 Billion). Number of Ugandan individual investors applied: 15,488 (value Ushs 41.1 Billion) and foreign investors: 20,091 (value: Ushs 56.1 Billion). Total applications were worth Ushs 210 Billion.
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