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Daily Market Brief Market Update 30th Ju ly 2019 USE ALSI Close: 1634.10 Previous: 1630.82 (UP: 0.06%YTD) - USD/UGX: 3,699.54 Previous: 3,697.79 (UP: 0.24%YTD) USE ALSI* Key Statistics: Market Synopsis: Close 1634.10 Market turnover declined 17.75% on Tuesday closing with a turnover of Ugx14.27Mn 1D* % Change 0.20 ($3,857) down from Ugx17.35Mn ($4,690) on Monday. Activity was dominated by the MTD* % Change 1.01 Stanbic Holdings (SBU) counter trading a turnover of Ugx7.01Mn ($1,895) with its price YTD* % Change 0.06 shedding 0.08% from yesterday’s close. Umeme traded Ugx3.28Mn ($887) on the day 52 Week Range 1590.22–2085.37 gaining 0.19% while Bank of Baroda closed with a turnover of Ugx3.98Mn ($1,076), the Volume 285,251 Turnover (ugx) 14.27Mn ($3,857) counter did not change from Monday’s closing price. The USE All Share Index (ALSI) PE 22.43 added 0.20% on its value closing at 1634.10 while the C9, Crested’s local companies’ EPS 72.96 index shed 0.15% to 130.55. Dividend Yield 5.4% Headlines: Market Cap (Ugx) 23,108.81Bn ($6,245.62Mn) Uganda to start new vehicle production by June 2022: Uganda is aiming to start assembling new vehicles by June 2022, with an initial production capacity of 5,000 units USE ALSI*- USE All Share Index, 1D*- One Day, MTD*- Month to Date, YTD*- Year to Date Source: Uganda Securities Exchange, Blomberg per year, a top official of the state-owned Kiira Motors Corporation (KMC) told Reuters 2,200 on Monday. The East African country joins other regional countries including Rwanda USE ALSI INDEX - 12 months and Kenya that are at various stages of developing domestic auto industries to meet 2,150 growing demand for new vehicles. Last year German carmaker Volkswagen launched 2,100 Rwanda’s first locally assembled car at its new factory in Kigali, with Europe’s biggest 2,050 carmaker hoping to tap into an expected expansion in demand for ridesharing in the region. KMC Chief Executive Officer Paul Isaac Musasizi said in an interview that the 2,000 firm started construction early this year of the first phase of its production plant in Jinja, 1,950 eastern Uganda. “The plan is to have the initial phase completed and commissioned by 1,900 end of June 2022...we should be in the market with our product by then,” he said. The 1,850 Ugandan government has provided $40 million to fund the firm’s operations up to June 2022 beyond which KMC plans to sell stakes to private equity investors to raise extra 1,800 funds to finance further expansion. KMC will start with production of buses of various 1,750 sizes to meet the demand for passenger transportation. Eventually, the firm hopes to 1,700 expand to manufacturing trucks. Car manufacturing efforts in the region have long been 1,650 hobbled by imports of cheaper secondhand cars mainly from Asia. New vehicle sales in East Africa average less than 15,000 out of a total of 200,000 sold annually. Reuters 1,600 Uganda Clays shareholders push company to cut costs: Uganda Clays Limited 1,550 shareholders want the company to cut costs in most of its loss-making investments. 1,500 UCL was listed on the Uganda Securities Exchange in January 2000, making the clay manufacturer the first equity to be listed on the market. However, with an overall cost of production growing by 17% above the 2018 budget, some of the shareholders said the company’s new investments, such as the Kamonkoli Plant, are making losses because top shareholders are not taking decisive actions to turn around the business. Source: Uganda Securities Exchange For instance, one of the major cost drivers of production in 2018 was product Crested 9 Price Snapshot: transportation, clay processing, staff salaries and allowances at the Kajjansi factory. At Close 52 Week Range YTD % Ch. its Kamonkoli plant, the biggest cost was depreciation that contributed 33.4% of the C9 130.55 127.41– 158.15 (10.21) total cost because of underutilization of machinery. As a result, the plant made a loss of BATU 30,000 30,000 – 30,000 0.00 Shs1.3b before tax. “In 2017, the most important factor was to see how we can reduce BOBU 128 120 – 145 (8.57) the cost of doing business. We want some aggressiveness in the market to make UCL DFCU 650 650 – 950 (21.02) competitive,” one shareholder, identified as Masaba, said during the members’ annual CQCIL 130 130–262 (31.58) meeting at Sheraton Kampala Hotel last week. In its 2018 financials, the company NIC 12.65 12.65–17.20 (9.64) reported a 17% dip in profits. The decline was attributed to the general increase in prices NVL 329 328 – 450 (2.91) SBU 28.84 28.09– 33.00 (6.97) within the economy, specifically the importation of requisite spares to keep the factory UCL 14.00 13.02– 25.00 (26.32) running and increase in prices of its firing fuel, the coffee husks. New Vision. UMEM 299.58 292.05-350.00 (6.38) Forex Outlook: The Ugandan shilling edged up slightly from Monday’s close driven by *C9 is Crested 9 Local companies Index an uptick in dollar demand from corporates despite the treasury auction tomorrow. The local currency closed the day trading at levels of Ugx3,699/Ugx3,709 on Tuesday. Regional Counters: Macro Indicators: Close 52 Week Range YTD % Ch. (%) Period NSE 20 2,646.53 2,633.32– 3,336.06 (6.61) Inflation (Year on Year) 3.40 Ended June 2019 BRITAM (Kshs) 7.86 7.50– 14.50 (21.40) Central Bank Rate (CBR) 10.0 18/06/19 SAF (Kshs) 27.55 21.30–29.75 24.10 Bank Rate 15.0 18/06/19 KA (Kshs) 3.76 3.31– 12.74 (57.75) 91-day T-Bill 9.52 12/07/19 NSE (Kshs) 11.50 11.75 – 17.90 (15.13) 182-day T-Bill 11.40 12/07/19 BRL (Rwf) 140 140– 150 (6.67) 364-day T-Bill 11.40 12/07/19 BOK (Rwf) 265 265 – 290 (4.67) CTL (Rwf) 50 50 – 55 (5.66) Forex Close Prev. YTD % Ch. Sources: Crested Research, Uganda Securities Exchange, Nairobi Securities Exchange, GBP/UGX 4,582.61 4,620.50 2.57 Rwanda Securities Exchange, Bank of Uganda, Bloomberg EUR/UGX 4,116.09 4,126.54 2.90 KEN/UGX 35.57 35.62 2.23 CRESTEDCAPITAL RESEARCH CONTACT Impala House 1st Floor, Plot 13/15 Kimathi Avenue TZS/UGX 1.61 1.61 0.00 Hotline: +256 414 230900 RWF/UGX 4.15 4.14 2.81 @: [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 n ot 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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