MTN Uganda shares have staged a strong rally on the Uganda Securities Exchange (USE), delivering massive gains to its largest local investors in just eight weeks as the stock surged by Shs.116 per share.

By November 25, 2025, MTN Uganda shares were trading at Shs.312. By February 6, 2026, the price had climbed sharply to Shs.428, marking a gain of Shs.116 per share and signaling renewed investor confidence in the telecom giant.

NSSF’s MTN stake now worth over Shs1 trillion

The National Social Security Fund (NSSF), MTN Uganda’s largest local shareholder with a 10.7 percent stake, has emerged as the biggest winner from the rally.

The pension fund holds 2,629,607,810 shares in the telecom company.

Over the eight-week period, the increase in MTN Uganda’s share price generated gains of Shs.305,034,517,560 for NSSF. In dollar terms, this translates to $85,688,463.21.

As a result, the total value of NSSF’s MTN Uganda shareholding has risen to over Shs.1 trillion, standing at Shs.1,125,472,185,480, equivalent to $316,160,893.51, a significant boost to workers’ savings invested through the fund.

Mbire’s MTN investment climbs past $107 million

MTN Uganda board chairman and prominent businessman Charles Mbire has also recorded a sharp rise in the value of his holding. Mbire owns a 4 percent stake, amounting to 895,561,810 shares.

The rally has added Shs.103,885,169,960 to the value of his investment in just eight weeks, equivalent to $29,182,798.63. This lifts the total value of Mbire’s MTN Uganda stake to Shs.383,300,454,680, or $107,674,463.93.

Renewed momentum on the USE

MTN Uganda remains one of the most influential counters on the Uganda Securities Exchange, and the latest price surge underscores its central role in driving market performance.

For institutional investors such as NSSF and high-net-worth investors like Mbire, the eight-week rally is a reminder of how swiftly value can be created on the stock market when sentiment turns bullish.