Publish Date: Mar 16, 2012
Article from New Vision
By David Mugabe
Investors who had put money in the recently folded unit trust funds will have more in¬vestment options in the near future.
The African Alliance Unit Trust Scheme was recent¬ly suspended after what the company described as “failure to attain a critical mass, especially as a retail product.”
Japheth Kato, the chief executive officer of Capital Markets Authority (CMA), said there were firms lined up ready to offer the product but had not yet been licensed.
One needs as low as sh100,000 to invest in some of the unit trust products. This is a figure that observers say is within reach of many people. They also argue that had much more publicity and awareness campaigns been conducted, the fund would have a stronger financial base.
Analysts say one of the rea¬sons for the collapse of the scheme was the low level of awareness. Observers called for more public education with the as¬sistance of the private sector.
On the market, trading slightly edged up to sh15.4m in turnover, from the sh2m the previous session. Uganda Clays had the big¬gest share, with sh13m after pushing 375,082 shares at an average share price of sh35.
Stanbic Bank picked sh2.1m in turnover at an average of sh100. New Vision had offers of 692,698 shares that did not have corresponding buyers. The media house, however, sold 142 shares at an average of sh680 to pick sh96,560.
Both Stanbic Bank and Uganda Clays also had de¬mand on their stocks, but were not matched by corre¬sponding buys.
NIC had both sell and buy offers that also did not march.
In total, 396,582 shares were sold on Tuesday.
Article from New Vision
