Trading on the stock evchange.

Uganda Securities Exchange (USE) has restored trading of the New Vision Printing and Publishing Company Limited on the stock exchange, nearly two weeks after halting it over declining share value.

In a statement issued on Tuesday, 22 February 2022, USE Chief Executive Officer Paul Bwiso said the price decline emanated from manipulation by a single seller.

“Upon further inquiry into the trading activity on the counter between 18′ January 2022 and 10th February 2022, it has been established that the price volatility on the counter was artificially created by a series of transactions emanating from a single seller and not a true and fair representation of market forces of demand and supply,” Bwiso said.

“Whereas the Exchange recognizes that some transactions may have an impact on shares prices; if they have been executed in accordance with the market rules and regulations, and where there is legitimate commercial rationale – such transactions meet the market standard of fair trading,” he added.

 Bwiso revealed that USE in consultation with the Capital Markets Authority- Uganda is pursuing the necessary action against those actors cited in the irregular trading activity.

Statistics show that in the first half of 2021/22, New Vision posted net profit of UGX396m, a recovery from a loss of UGX1.38bn over the same period in 2020/21. A 54.4% growth in turnover contributed to the media company getting back in the green.