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Market Update 30 Th October 2017

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Market Update th 30 October 2017 USE ALSI Close: 1,685.17 Previous: 1,688.08 (UP:10.27%YTD) - USD/UGX: 3,645.33 Previous: 3,644.92 (Down: 1.15% YTD) USE ALSI* Key Statistics: Market Synopsis: Close 1,685.17 1D* % Change (0.17) Activity on the market at the beginning of the week improved slightly from the previous MTD* % Change (1.85) trading day as Market turnover rose 20.61% to Ugx1.86Mn ($510), Volumes traded also YTD* % Change 10.27 increased to 38,402 from 16,050 shares traded on Friday. Six of the local counters on the bourse were active with DFCU (USE:DFCU) dominating turnover as it posted Ugx910,000 52 Week Range 1,330.82 – 1,837.45 Volume 38,402 with its share price held at Ugx700. Uganda Clays (USE:UCL) and NIC (USE:NIC) made Turnover (ugx) 1.86Mn ($510) upward price movements trading a value of Ugx130,000 and Ugx192,000, both counters PE 9.63 closed at Ugx26 and Ugx12 respectively. Stanbic Bank Uganda (USE:SBU) moved 15,475 EPS 22.73 shares with a value of Ugx421,715, its share price shed 1% while Umeme (USE:UMEM), Dividend Yield 1.8% closed at Ugx430, shedding 1.15%, the counter traded a turnover of Ugx183,610 from 427 Market Cap (ugx) 23,034.41Bn ($6,318.88Mn) shares. Bank of Baroda Uganda (USE:BOBU) traded the least turnover moving only 200 shares with a value of Ugx22,000. The USE All share index (ALSI) lost 0.17% closing at USE ALSI*- USE All Share Index, 1D*- One Day, MTD*- Month to Date, YTD*- Year to Date Source: Uganda Securities Exchange, Bloomberg 1,685.17 from 1,688.08 on Friday, C8, Crested’s local listed companies index declined by 2,000 0.41% to 121.40 while the Local Share Index dropped 0.25% to 386.47. Headlines: 1,950 USE ALSI INDEX - 12 months Financial Inclusion strategy to cut income inequality: The first Deputy Prime Minister 1,900 Gen. Moses Ali has launched the 2017-2022 National Financial Inclusion strategy. It is 1,850 hoped that the five-year strategy will enhance shared prosperity, reduce income inequality 1,800 and accelerate the attainment of lower middle-income status by 2020. According to the strategy, individuals and businesses will access useful and affordable financial products and 1,750 services that meet their needs–transactions delivered in a responsible and sustainable way. 1,700 The launch took place at the Kampala Serena Hotel on Thursday. Gen. Ali said financial 1,650 inclusion is key to boosting production and reducing income inequality. “This will boost middle income aspirations as captured in the Vision 2040 master plan,” he said. He urged 1,600 the financial sector players like banks and insurance companies to increase the range of 1,550 products they offer, especially to farmers because they will feed into higher household 1,500 incomes. According to finance state minister Gabriel Ajedra, the Government is drafting a 1,450 law to regulate tier-four microfinance institutions and money lenders. Nobert Mumba, the deputy executive director of the Alliance for Financial Inclusion, said Uganda is the 44th 1,400 country in the world to adopt a financial inclusion strategy. This is in line with the Maya 1,350 Declaration that seeks to unlock the economic and social potential of the two billion 1,300 unbanked people worldwide through greater financial inclusion. “Inclusive, sustainable growth is important for the integration of the unbanked into the formal economy. This raises the standard of living and reduces income inequality”, he said. (Source; New Vision) BoU to increase capitalization after Crane Bank rescue: The government of Uganda will have to inject additional capital into the Bank of Uganda after its core capital fell below Source: Uganda Securities Exchange the statutory minimum on the back of costs incurred in attempts to save the collapsed Crane Crested 8 Price Snapshot: Bank. The BoU recorded a loss of Ush72.5 billion ($19.8 million) in the year ended June. Close 52 Week Range YTD % Ch. The recapitalization will cost the government at least Ush20 billion ($5,479,600) deficit after C8 121.40 114.10– 123.86 3.26 the bank’s core capital fell to Ush17.3 billion ($4.7 million) against a minimum requirement BATU 30,000 30,000 – 30,000 0.00 of Ush20 billion ($5.4 million). The drop follows the decision by BoU to book the full BOBU 107 100 – 137 (13.71) amount it is supposed to recover from major Crane Bank shareholder, Sudhir Ruparelia, to DFCU 700 700 – 800 (9.10) taking Ush197 billion ($53.9 million), as an impairment. BoU injected Ush472.5 billion NIC 12 10.5 – 12 0.00 ($129.4 million) into Crane Bank between October last year and June as intervention costs, NVL 526 526 – 550 (3.48) of which Ush397.8 billion ($109 million) was outstanding at the end of the financial year. SBU 27.25 24 – 28 10.10 The central bank also sold some Crane Bank assets to DFCU for Ush200 billion ($54 UCL 26 12 – 24 116.67 million), which will be paid over two and a half years. (Source; The East African). UMEM 430 400– 532 (12.24) Money Market Outlook: The Ugandan shilling was stable on Monday, supported by *C8 is Crested 8 Local companies Index slowing demand for dollars from players in the interbank market. The local currency was quoted at 3,645/3,655, unchanged from Friday's close. (Source; Reuters) Regional Counters: . Macro Indicators: Close 52 Week Range YTD % Ch. (%) Period NSE20 3,648.31 2,789.64– 4,114.01 14.50 Inflation (Year on Year) 5.3 Ended October 2017 BRITAM (Kshs) 14.80 9.40 – 15.80 17.46 Central Bank Rate (CBR) 9.5 30/10/17 SAF (Kshs) 25.25 16.00 – 26.75 31.85 Bank Rate 15.00 30/10/17 KA (Kshs) 5.50 3.400 – 7.30 (5.17) 91-day T-Bill 9.006 30/10/17 NSE (Kshs) 18.90 11.00 – 24.75 29.45 182-day T-Bill 9.231 30/10/17 BRL (Rwf) 140 121– 166 0.00 364-day T-Bill 9.316 26/10/17 BOK (Rwf) 285 228 – 285 25.00 CTL (Rwf) 69 68 – 90 (23.33) Forex Close Prev. YTD % Ch. Sources: Crested Research, Uganda Securities Exchange, Nairobi Securities Exchange, GBP/UGX 4,799.76 4,799.89 (7.80) Rwanda Securities Exchange, Bank of Uganda, Bloomberg EUR/UGX 4,221.66 4,264.91 (10.95) KEN/UGX 35.15 35.13 0.05 CRESTEDCAPITAL RESEARCH CONTACT TZS/UGX 1.62 1.62 1.82 Impala House 1st Floor, Plot 13/15 Kimathi Avenue RWF/UGX 4.17 4.20 6.29 Hotline: +256 758 230900 @: [email protected], W: www.crestedcapital.com DISCLAIMER: The information contained herein is obtained from sources, which to the best of our knowledge are reliable. As such, we are not responsible or liable for any factual errors arising thereof. The opinions expressed herein are ours and are subject to change anytime without notice. .
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