The National Social Security Fund (NSSF) has seen its investment in MTN Uganda soar to approximately Shs1.23 trillion as the telecommunications giant’s shares continue to rally on the Uganda Securities Exchange (USE). This significant growth highlights both the strength of MTN Uganda as a leading stock and the impact of rising market confidence on institutional investors.

MTN Uganda Share Price Performance

Since November 2025, MTN Uganda’s share price has experienced steady growth:

- November 2025: Shs312 per share

- February 2026: Shs428 per share

- March 2026: Shs470 per share

This represents a total increase of Shs158 per share over four months, translating into substantial gains for key shareholders.

NSSF’s Growing Investment

Holding 10.7% of MTN Uganda’s shares (2,629,607,810 shares), NSSF has benefited from this upward trend. At the current price of Shs470, the Fund’s MTN investment is valued at approximately Shs1.23 trillion (~$347 million). Since November 2025, NSSF’s stake has grown in value by about Shs415 billion (~$117 million).

For a detailed look at how NSSF’s MTN stake has evolved over the past months, see our previous report here.

This makes NSSF the largest local institutional shareholder in MTN Uganda and underscores the Fund’s role as a key driver of investment in the country’s stock market.

Impact on Other Shareholders

MTN Uganda’s board chairman, Charles Mbire, who owns 4% of the company (895,561,810 shares), has also seen significant gains. His holding is now valued at approximately Shs420 billion (~$118 million), reflecting a gain of Shs141 billion (~$40 million) since November 2025.

Implications for the Uganda Stock Market

MTN Uganda’s share price surge signals growing investor confidence and reinforces the telecom company’s status as a cornerstone of Uganda’s financial markets. Institutional investors like NSSF play a pivotal role in stabilizing the market while benefiting from long-term growth.

For retail investors and market watchers, MTN Uganda’s performance demonstrates the potential of strategic investments in high-performing stocks, particularly those backed by strong local and institutional support.

The sharp rise in MTN Uganda’s share price and the corresponding growth in NSSF’s investment value illustrate the dynamic opportunities available in Uganda’s stock market. Investors are likely to monitor MTN Uganda closely in the coming months, especially as the company continues to deliver solid performance on the USE.