Thursday, March 25, 2010

NIC share appreciates by 33% on day One

NIC shares jumped from their IPO price of 45 Ugx to 60 Ugx on day one, With 16,709,000 shares exchanging hands accounting for 1,002,540,000 Ugx in turnover which is almost 14% of the Total value of the IPO at 7,269,840,000 Ugx certainly this is commendable Turnover.Below is a picture of actual trade on the USE board.

NIC Counter at the Uganda Securities Exchange trading board 25.03.2010
(Muhimbise A.)

Press Conference;
Usual formalities, with the Lead Broker MBEA passing on the blame for delay in certificates to the Agents distribution capability, Star Traders' confronted MBEA on this.
It is absurd but Star Traders' fought tooth and nail to ensure that there was no Market supply 'monopoly'.
The real reason for delay is that a signatory for certificates from the NIC was not available, could it have been delibarate??- Star Traders' does not believe in this simplistic reasoning.

Food for thought.
Crane Financial Services who accounted for 99.8% of all trade with a bigger portion of shares being traded between Crane and Crane, it brought back some memories of the battle during the initial Privatisation of 60% of NIC, where the Nigerians were on one side and Mr Sudhir Ruparelia the proprietor of Crane Financial Services on the other, you can say the man has got his chance now!