🇺🇬 Uganda Securities Exchange

British American Tobacco Uganda (USE:BATU), the cigarette distributor, reported a drop in after-tax profit last year amid “an exceptionally challenging operating environment” as weak consumer spending and “illicit trade” hit its sales.

Uganda Securities Exchange (USE) started the new year on a weak footing with equity turnover falling by 73.8 percent to Ush 2.05 billion ($579,828) in January.

Shares in New Vision resumed trading on Tuesday after the Uganda Securities Exchange said it had concluded a probe into suspicious trades that led to a “sporadic” drop in the stock’s price.

Airtel Uganda is racing against time to list 20 percent of its shares on the Uganda Securities Exchange (USE) before a June 30 deadline, even as players wonder if the market is ready for another initial public offering so soon after MTN Uganda suffered an under-subscription late last year.