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.
In a market notice, the USE said its investigation found that the volatility of the publishing company’s share price between 1 January 2022 and 10 February 2022 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.”
New Vision’s shares were suspended on 11 February 2022.
The notice implied that the trades had no “legitimate commercial rationale” and were placed to manipulate the stock’s price. The USE said it is working with the Capital Markets Authority to penalise those at fault for the irregular transactions.
The company’s share price closed at Shs160.
