Capital Markets

Kenyan blue chips lift Uganda stock market valuation

A section of the EABL plant. East African Breweries Limited is among top Kenyan companies cross-listed on the Ugandan stock market that were the main movers of that bourse last year. Photo/FILE
A section of the EABL plant. East African Breweries Limited is among top Kenyan companies cross-listed on the Ugandan stock market that were the main movers of that bourse last year. Photo/FILE  Nation Media Group

Kenyan firms cross-listed on the Ugandan stock market were the main movers of the neighbouring country’s bourse in 2012, trading data up to the end of the year has showed.

The high capital gains of Kenyan firms listed on the Uganda Securities Exchange helped to lift the bourse’s valuation, according to a summary report done by the country’s Capital Markets Authority (CMA).

About seven Kenyan firms are cross-listed on the Ugandan exchange out of a total of 15 companies that are traded on the bourse.

“The rise in market capitalisation was driven by an increase in the market capitalisation of five cross-listed counters (Nation Media Group, Kenya Airways, Jubilee Holdings, East African Breweries Limited and Equity Bank Limited), Bank of Baroda Uganda as well as the listing of Umeme shares,” says the latest CMA (Uganda) Monthly report.