Financial report
The UGX opened the weekend on the back foot, traders at ABSA bank attributing this to importer demand which weighed in on the shilling, closing the day at the 3845 / 3855 levels against the day’s opening of 3820 / 3830. The local unit is expected to trade within the 3820 – 3870 range with both month-end demand and supply likely to match off. Liquidity in the money markets continues to be tight with overnight averaging at 10.57%. For investors, the Bank of Uganda will conduct a treasury bill auction this Wednesday worth UGX 285 billion, and decent participation is expected from market players. From the stock market, SBU traded 1,605,600 shares from 15 deals, and MTNU moved 45,867 shares from 9 deals.
Some stock news; The social security fund will tomorrow announce this financial year’s interest rate on savings at its annual general meeting. The fund invests in 3 asset classes, 78% in fixed income and 15% in equities.
