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Daily Market Brief Market Update th 9 Ju ly 2019 USE ALSI Close: 1,634.89 Previous: 1,636.26 (UP: 0.11%YTD) - USD/UGX: 3,691.54 Previous: 3,694.75 (UP:0.41%YTD) USE ALSI* Key Statistics: Close 1,634.89 Market Synopsis: 1D* % Change (0.08) Seven counters traded today generating Ugx3.06Mn ($830). 22,421 shares were MTD* % Change 1.06 exchanged with most activity generated on the CiplaQCIL counter generating YTD* % Change 0.20 Ugx2.16Mn. Its share price depreciated by 5.76% to Ugx150. Bank of Baroda 52 Week Range 1,590.22–2,243.60 Uganda made Ugx497,600, Umeme Ugx279,900 whereas New Vision Ltd made Volume 22,421 Ugx65,800. Their share prices closed at Ugx120.20, Ugx300 and Ugx329 Turnover (ugx) 3.06Mn($830) respectively. Uganda Clays Ltd, Stanbic Uganda Holdings and NIC Holdings made PE 7.00 a combined Ugx62,459. Their share prices were registered at Ugx15, Ugx29 and EPS 60.85 Ugx13 respectively. The USE ALSI and Crested’s C9 Index closed at 1,634.89 and Dividend Yield 2.9% 132.63 respectively. Market Cap (Ugx) 22,946.71Bn ($6,208.06Mn) Headlines: New futures trading to benefit local investors: The long-awaited Nairobi USE ALSI*- USE All Share Index, 1D*- One Day, MTD*- Month to Date, YTD*- Year to Date Source: Uganda Securities Exchange, Blomberg Security Exchange Next Derivatives Market is set for a historical launch to all 2,300 investors in a few days. This monumental launch will make the Nairobi bourse only the second in sub-Saharan Africa, after Johannesburg, to trade in futures contracts. 2,250 USE ALSI INDEX - 12 months A futures contract is an agreement made through an organised exchange to buy or 2,200 to sell a fixed amount of a commodity or a financial asset on a future date (or within 2,150 a range of dates) at an agreed price. The uptake of exchange-traded futures has been 2,100 very slow in this part of the world, as opposed to the relatively common over-the- 2,050 counter (OTC) contracts, which significant financial players in the continent have privately utilised for many years. Ordinary investors in the stock market, and 2,000 especially businesses with divergent financial risks, should be excited about the 1,950 prospects of this new product. The purpose of this piece is to explore the 1,900 distinctions between the novel exchange-traded derivatives and OTC derivative 1,850 products and to highlight the various uses of the former. At the onset, it is 1,800 instructive to point out that certain derivatives cannot be obtained on an exchange. Exchange-traded products must have a good degree of liquidity and price discovery. 1,750 Since they are easily transferrable, they embody a high degree of standardisation, 1,700 and the buyer and seller are obligated by inflexible terms and conditions set by an 1,650 exchange. The fixed terms include aspects such as settlement dates, settlement 1,600 amounts, contract maturities, strike prices, physical settlement, and at times, even 1,550 limited price movements on any given trading day. (The East African) Kenyan banks weighed down by unprofitable stockbroking firms: Kenya’s Co- 1,500 operative Bank has cast a shadow of doubt over the future of its stockbroking business with news emerging that lenders who scrambled for the acquisition of stockbrokerage firms at the height of the stockmarket boom more than a decade ago are now struggling to sustain the loss-making business units. These lenders are ABC bank which acquired 86 per cent stake in Crossfield Securities Ltd and Source: Uganda Securities Exchange renamed it ABC Capital in 2008 and Equity Bank, which acquired a trading licence Crested 9 Price Snapshot: from Juanco Investment Bank and renamed it Equity Investment Bank in the same Close 52 Week Range YTD % Ch. year. NIC Bank bought 55 per cent stake in Solid Investment Securities and renamed C9 132.63 128.68– 158.15 (8.78) it NIC Capital in 2008 and Co-op Bank, which acquired a 60 per cent controlling BATU 30,000 30,000 – 30,000 0.00 stake in Bob Mathews brokerage firm for Ksh150 million ($1.5 million) renamed it BOBU 120.20 120 – 160 14.14 Kingdom Securities Ltd in 2009. The financial distress that has hit stockbrokerage DFCU 666 666 – 970 (19.07) firms due to declining share prices and low trading volumes on the Nairobi CQCIL 150.00 150.00– 262.00 (21.05) Securities Exchange has left banks holding unprofitable investments that they are NIC 13.00 13.00–19.70 (7.14) unable to shut down or dispose in the interest of investor confidence in the market. NVL 329 329 – 510 (2.62) Daniel Kuyoh, an independent analyst, said banks that own the loss making SBU 29.00 28.09– 33.00 (6.45) stockbrokerage firms have found themselves between a rock and a hard place since UCL 15.00 15.00– 28.25 (21.05) shutting down or selling off those moribund subsidiaries will send the wrong signals UMEM 300 292.05-400.00 (6.25) on the market. (The East African) *C8 is Crested 8 Local companies Index Forex Outlook: The Ugandan shilling gained ground against the hard currency on account of Dollar inflows ahead of a bond auction tomorrow. The local currency Regional Counters: traded at 3,691/3,701. Macro Indicators: Close 52 Week Range YTD % Ch. (%) Period NSE 20 2,660.48 2,640.48– 3,735.06 (6.11) Inflation (Year on Year) 3.40 Ended June 2019 BRITAM (Kshs) 7.90 7.90– 15.80 (21.00) Central Bank Rate (CBR) 10.0 18/06/19 SAF (Kshs) 27.55 21.30–32.75 24.09 Bank Rate 15.0 18/06/19 KA (Kshs) 4.28 3.43– 17.99 (51.91) 91-day T-Bill 8.75 29/05/19 NSE (Kshs) 12.05 12.05 – 21.75 (11.07) 182-day T-Bill 10.95 29/05/19 BRL (Rwf) 140 140– 155 (6.67) 364-day T-Bill 11.50 29/05/19 BOK (Rwf) 265 265 – 295 (4.67) CTL (Rwf) 50 50 – 58 (5.66) Forex Close Prev. YTD % Ch. Sources: Crested Research, Uganda Securities Exchange, Nairobi Securities Exchange, GBP/UGX 4,616.73 4,646.90 1.85 Rwanda Securities Exchange, Bank of Uganda, Bloomberg EUR/UGX 4,168.74 4,168.74 2.27 KEN/UGX 36.01 36.01 1.21 CRESTEDCAPITAL RESEARCH CONTACT TZS/UGX 1.61 1.61 0.00 Impala House 1st Floor, Plot 13/15 Kimathi Avenue Hotline: +256 414 230900 RWF/UGX 4.12 4.12 3.28 @: [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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