Stockbrokers at the Uganda Securities Exchange (USE) earned improved income last year compared to the previous period even as product innovation remained elusive.

It is the result of increased trading turnover where the bourse, jumped to Ush98.4 billion ($27.4 million) in 2025, up from Ush77.5 billion ($21.6 million) in 2024.

An increase in equity trading turnover often directly translates into higher commission earnings for stockbrokers, the USE and the capital markets regulator and other stakeholders who deduct fees from every transaction.

The data was published by Crested Capital Limited, which analyses market trends on the USE.

The USE All Share Index rose from 1,200 points on 31 December 2024 to 1,598 points by the close of 31 December 2025, the data shows.“The growth in trading turnover at the USE naturally boosts commission incomes earned by stockbrokers. Most were profitable in 2025, but the distribution of profits is uneven because some contribute far less to turnover than others,” said Dennis Kizito, Market Supervision Director at UCMA.

The profitability outlook for 2026 may look different though, he said.“MTN Uganda’s additional shares issued last year were heavily traded, but there is no guarantee of a repeat unless Airtel Limited offloads its unallocated IPO shares this year. Stockbrokers have yet to introduce any new innovative products in this market.”Calvin Bateme, equity research analyst at Crested Capital Limited said the growth in trading turnover implies bigger commission revenues for stockbrokers even though each player may earn different rates.“We expect a profit for 2025 based on last year’s trading. Activity started slowly this year due to the election season, but we are hopeful about stronger growth in turnover and volumes,” Bateme told The EastAfrican.“The issuance of additional MTN Uganda shares contributed significantly to turnover last year, as investors who bought at a discount quickly sold and booked profits. This scenario partly triggered considerable trading activity on the MTN counter,” explained

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