At a Glance
- Equity Bank and MTN Uganda account for nearly 40 percent of total market capitalization.
- Banking, telecom and consumer stocks anchor investor confidence on the Uganda Securities Exchange.
- Rising mobile use and policy reforms support steady growth despite infrastructure and regulatory risks.
Uganda’s stock market is quietly asserting itself as a hub for investors seeking stability and growth in East Africa.
The Uganda Securities Exchange (USE) currently boasts a market capitalization of Ush36.06 trillion ($10.13 billion), with the All Share Index (ALSI) rising 1.37 percent year-to-date, signaling cautious optimism among investors.
Leading the market are powerhouse stocks in banking, telecom, and consumer goods, collectively shaping the investment landscape.
Top of the list is Equity Bank Limited, commanding Ush7.18 trillion ($2.02 billion), followed closely by MTN Uganda at Ush7.16 trillion ($2.01 billion).
Together, they both represent 39.8 percent of the market, underscoring the dominance of banking and telecom in Uganda’s equity scene.
Consumer staples and industrial stocks, including East African Breweries and KCB Group, also feature prominently, reflecting steady domestic demand and investor confidence.
Growth is being fueled by rising mobile penetration, economic diversification, and government policies aimed at strengthening financial infrastructure.
Amid these dynamics, the USE continues to attract both local and regional investors looking for opportunities in a market that combines resilience with growth potential. Shore Africa profiles 15 most valuable stocks on the Uganda Securities Exchange as of January 14, 2026.
1. Equity Bank Limited
Market Valuation: $2.02 billion
Uganda’s largest bank by market cap, Equity Bank dominates retail and corporate banking. Its innovative digital services and broad branch network drive customer growth, making it a cornerstone of the USE and a bellwether for Uganda’s financial sector. Equity Bank Limited is currently the most valuable stock on the USE with a market capitalization of Ush7.18 trillion ($2.02 billion), which makes about 19.9 percent of the entire Uganda Securities Exchange equity market.
2. MTN Uganda
Market Valuation: $2.01 billion
Telecom giant MTN Uganda fuels connectivity and mobile money adoption. Its vast subscriber base and aggressive digital strategy underpin its strong market valuation, reflecting robust investor confidence in Uganda’s growing telecom sector. MTN Uganda is currently the second most valuable stock on the USE with a market capitalization of Ush7.16 trillion ($2.01 billion), which makes about 19.9 percent of the entire Uganda Securities Exchange equity market.
3. East African Breweries Limited
Market Valuation: $1.58 billion
EABL remains the leading beverage producer in Uganda, benefiting from strong brand loyalty and resilient domestic demand. Its portfolio spans beer, spirits, and non-alcoholic drinks, positioning it as a key consumer goods stock on the USE. East African Breweries Limited is currently the third most valuable stock on the USE with a market capitalization of Ush5.63 trillion ($1.58 billion), which is about 15.6 percent of the entire Uganda Securities Exchange equity market.
4. KCB Group
Market Valuation: $1.57 billion
KCB offers a diversified banking portfolio across East Africa. With a growing loan book and expanding regional footprint, the bank is a major player in the financial services sector and a preferred stock for investors seeking stability. KCB Group is currently the fourth most valuable stock on the USE with a market capitalization of Ush5.58 trillion ($1.57 billion), which is about 15.5 percent of the entire Uganda Securities Exchange equity market.
5. Airtel Uganda
Market Valuation: $969.93 million
Second telecom on the list, Airtel Uganda drives mobile connectivity and financial inclusion through its mobile money platform. Its growth prospects are anchored in increasing smartphone adoption and demand for data services across Uganda. Airtel Uganda is currently the fifth most valuable stock on the USE with a market capitalization of Ush3.46 trillion ($969.93 million), which makes about 9.59 percent of the Uganda Securities Exchange equity market.
6. Stanbic Bank Uganda
Market Valuation: $890.55 million
A subsidiary of Standard Bank Group, Stanbic is a leading corporate and investment bank. Its focus on high-value clients, trade finance, and digital banking underpins consistent performance and solid investor confidence. Stanbic Bank Uganda is currently the sixth most valuable stock on the USE with a market capitalization of Ush3.17 trillion ($890.55 million), which is about 8.8 percent of the Uganda Securities Exchange equity market.
7. Bank of Baroda Uganda
Market Valuation: $197.63 million
The Ugandan arm of India’s Bank of Baroda focuses on corporate and SME lending. Its strategic partnerships and niche banking approach have earned it a steady following among investors. Bank of Baroda Uganda is currently the seventh most valuable stock on the USE with a market capitalization of Ush705 billion ($197.63 million), which is about 1.95 percent of the Uganda Securities Exchange equity market.
8. British American Tobacco Uganda
Market Valuation: $185.94 million
BAT Uganda dominates the tobacco industry with strong brand recognition. Despite regulatory pressures, its consistent revenues and market share make it a key defensive stock on the USE. British American Tobacco Uganda is currently the eighth most valuable stock on the USE with a market capitalization of Ush663 billion ($185.94 million), which makes about 1.84 percent of the Uganda Securities Exchange equity market.
9. Jubilee Holdings Limited
Market Valuation: $162.36 million
A leader in insurance, Jubilee Holdings leverages risk management expertise and regional presence to deliver consistent returns. Its strong corporate governance attracts long-term investors in Uganda’s insurance sector. Jubilee Holdings Limited is currently the ninth most valuable stock on the USE with a market capitalization of Ush578 billion ($162.36 million), which is about 1.6 percent of the Uganda Securities Exchange equity market.
10. Kenya Airways
Market Valuation: $152.26 million
KQ maintains its position as Uganda’s primary aviation stock, navigating volatile fuel prices and regional competition. Its strategic alliances and cargo operations provide resilience and investor interest. Kenya Airways is currently the 10th most valuable stock on the USE with a market capitalization of Ush542 billion ($152.26 million), which makes about 1.5 percent of the Uganda Securities Exchange equity market.
11. Quality Chemical Industries Ltd
Market Valuation: $119.11 million
A leading pharmaceutical manufacturer, QCIL produces essential medicines for Uganda and the region. Growing healthcare demand and government partnerships drive its stock performance. Quality Chemical Industries Ltd is currently the 11th most valuable stock on the USE with a market capitalization of Ush424 billion ($119.11 million), which is about 1.17 percent of the Uganda Securities Exchange equity market.
12. Umeme Limited
Market Valuation: $109.88 million
Uganda’s largest electricity distributor, Umeme benefits from rising energy demand and infrastructure investments. Regulatory frameworks and operational efficiency are central to its market valuation. Umeme Limited is currently the 12th most valuable stock on the USE with a market capitalization of Ush391 billion ($109.88 million), which makes about 1.09 percent of the Uganda Securities Exchange equity market.
13. Centum Investment
Market Valuation: $69.52 million
Regional investment firm Centum focuses on diversified assets including real estate, energy, and financial services. Its cross-border strategy and value creation initiatives attract equity investors. Centum Investment is currently the 13th most valuable stock on the USE with a market capitalization of Ush248 billion ($69.52 million), which makes about 0.688 percent of the Uganda Securities Exchange equity market.
14. DFCU Limited
Market Valuation: $63.08 million
DFCU is a mid-tier bank with strong retail and SME banking operations. Strategic growth in digital banking strengthens its presence among investors seeking reliable returns.
DFCU Limited is currently the 14th most valuable stock on the USE with a market capitalization of Ush225 billion ($63.08 million), which makes about 0.624 percent of the Uganda Securities Exchange equity market.
15. Nation Media Group
Market Valuation: $17.73 million
Leading media house, NMG leverages advertising revenue and digital expansion to drive growth. Its presence across East Africa ensures visibility and investor confidence in Uganda’s media sector. Nation Media Group is currently the 15th most valuable stock on the USE with a market capitalization of Ush63.1 billion ($17.73 million) which is about 0.175 percent of the Uganda Securities Exchange equity market.
