Isesengura ry’amakuru atangwa n’isoko ry’imari n’imigabane rigaragaza ko mu myaka ibiri ishize umugabane wa Bralirwa wataye agaciro ku kigero cya 61.5%, mu gihe umugabane wa Crystal Telecom utaramara umwaka wo ugiye ku isoko umaze gutakaza agaciro ku kigero kiri hafi ya 40%. Imwe mu mpamvu zibitera ni ukuba isoko ry’imari n’imigabane ritaritabirwa cyane n’abanyarwanda.
Isoko ry’imari n’imigabane ni ahantu hashya hataramenywa na benshi mu bihugu biri mu nzira y’iterambere abanyarwanda nabo bashishikarizwa gushorayo imari
Ku itariki 23 Gicurasi 2014, Bralirwa yafashe umwanzuro wo gukuba kabiri imigabane yayo “two for one share split”, ni ukuvuga ko umuntu wari ufite imigabane 100 yahise agira imigabane 200.
Ku itariki 30 Gicurasi 2014, umugabane wa Bralirwa waje kugera ku mafaranga 440, uvuye kuri 860 wariho mbere y’uko imigabane ikubwa kabiri. Nubwo igiciro cy’umugabane cyari cyamanutse, abanyamigabane ntacyo bahombye kuko bari bakubiwe kabiri, umugabane umwe wari uhagaze amafaranga 860 ukabyara ibiri y’amafaranga 880.
Abasesenguzi bavuga ko BRALIRWA yabikoze mu buryo bwo gutanga ‘bonus’ kugira ngo imigabane yayo ibe myinshi ku isoko, bitume n’igiciro cy’umugabane wayo kimanuka kuko cyarimo kizamuka cyane.
Icyo gihe, ubuyobozi bw’isoko ry’imari n’imigabane bwabwiye Umuseke ko ibyo Bralirwa yakoze nta kibazo, ahubwo bifitiye inyungu abanyamigabane bayo (Kugwa kw’umugabane wa Bralirwa nta gihombo byateje Abanyamigabane-RSE).
Ubuyobozi bw’Isoko ry’Imari n’imigabane bwabwiye ibinyamakuru binyuranye ko ibyo BRALIRWA yakoze byatumye isoko rirushaho gucuruza kandi nayo igera ku ntego z’ishoramari yifuzaga.
Uko iminsi yagiye ihita umugabane wa BRALIRWA wagiye umanuka cyane. Kuri uyu wa 03 Kamena 2016, isoko ryafunze umugabane wayo ugeze ku mafaranga y’u Rwanda 169, uvuye kuri 440 wariho tariki 30 Gicurasi 2014, uyu mugabane umaze kumanukaho amafaranga 271 angana na 61.5%. Ni hafi amafaranga 136 wacurujweho ku isoko rya mbere mu mwaka wa 2010, Guverinoma ishyira ku isoko 25% yari ifite muri Bralirwa.
Iki kibazo cy’imanuka ry’agaciro k’imigabane kuri bimwe mu bigo biri ku Isoko ry’Imari n’Imigabane ry’u Rwanda ntikiri ku migabane ya BRALIRWA gusa, kuko n’imigabane ya Crystal Tecom itaranamara umwaka kuri iri soko nayo imaze kumanuka cyane.
Nk’uko bigaragara ku rubuga rwa ‘Capital Market Authority’, imigabane ya Crystal Telecom yatangiye gucuruzwa ku Isoko ry’imari n’imigabane tariki 16 Nyakanga 2015, umugabane umwe uri ku mafaranga y’u Rwanda 145.
Kuri uyu wa 03 Kamena 2016, isoko ryafuze umugabane wa Crystal ugeze ku mafaranga 81. Mu gihe kitageze ku mwaka, uyu mugabane umaze kumanukaho amafaranga 64, angana na 44.1%.
Ni iki gitera imanuka ry’imigabane?
Impuguke mu bijyanye n’isoko ry’imari n’imigabane ukorera kuri ‘Wall Street, New York’, rimwe mu masoko y’imigabane akomeye ku Isi, Parfait Mutimura yabwiye Umuseke ko impamvu zishobora gutera kumanuka kw’igiciro cy’imigabane ya BRALIRWA ari uko abantu bashobora kuba batagishaka kugumisha amafaranga yabo mu migane.
Aha yavuze ko bishoboka ko abantu baguze imigabane BRALIRWA ikijya ku isoko bashobora kuba barimo kugurisha.
Ati “Iyo abantu bagurisha ari benshi rero, bituma imigabane iri ku isoko iba myinshi ugereranyije n’abashaka kuyigura, bituma agaciro k’umugabane kagenda kagabanuka.
Ni ibintu byumvikana no ku isoko risanzwe iyo ibicuruzwa ari byinshi abaguzi ari bacye, bituma igiciro cy’ibicuruzwa kimanuka.”
Parfait Mutimura avuga ko gutakaza agaciro k’umugabane w’ikigo runaka kiri ku isoko ry’imari n’imigabane bishobora no guterwa n’imikorere y’ikigo mu gihe kidatera imbere cyangwa gitanga urwunguko ruto ku banyamigabane bikaba byatuma abafite imigabane bahitamo kuyigurisha.
Avuga ko gukuba kabiri imigabane ya BRALIRWA (byari byakozwe) byo ubwabyo nta gihombo kirimo, ariko ngo nayo ishobora kuba yarabaye impamvu ituma abayifitemo imigabane bihutira kugurisha ari benshi.
Mutimura avuga ko uku kumanuka kw’igiciro cy’imigabane ya Bralirwa n’iya Crystal Telecom birimo guteza igihombo gifatika n’ikidafatika abayiguze.
Avuga ko umuntu waguze umugabane wa Bralirwa ku mafaranga 440, ubu ukaba ugeze ku mafaranga 173, uwo muntu atagurishije akaguma kuyitunga gutyo aba arimo kugira igihombo kidafatika kuko imigabane ye aba akiyitunze ariko na none itabyara inyungu (unrealized loss).
Ati “Uwo arahomba ariko kuko imigabane ye akiyifite yose ntabwo aba abona icyo gihombo.”
Ku rundi ruhande, ashatse kugurisha nibwo yabona igihombo gifatika (realized Loss) kuko nk’uwawuguze ku mafaranga 440, akawugurisha ku mafaranga 173 agira igihombo cy’amafaranga 271.
Imanuka ry’umugabane wa Crystal Telecom ryo riterwa n’iki?
Ubwo ubuyobozi bwa Crystal Telecom bwatangiraga kumenyakanisha ko bugiye gushyira ku isoko 20% bufite muri MTN_Rwanda, abantu benshi bitabiriye kugura umugabane bikiri ku isoko rya mbere, byatumye abifuza imigabane Crystal Telecom yari yashyizwe ku isoko bagera ku kigero cya 123%; Aha umugabane wacurujwe ku mafaranga 105.
Parfait Mutimura, avuga ko hari ubwo Kompanyi yamamaza cyane imigabane yayo abantu bakabyitabira ari benshi, ku buryo abayishaka baba benshi cyane kuruta imigabane yari yashyizwe ku isoko.
Akavuga ko ari nayo mpamvu umugabane wa Crystal Telecom wagurishijwe hejuru y’amafaranga 100.
Ati “Ariko nyuma yo kujya ku isoko, imiterere y’isoko igenda igena agaciro ka nyako k’umugabane uko iminsi igenda ishira (Market correction/auto correction).”
Mutimura akavuga kuva agaciro k’umugabane wa Crystal Telecom kari kumanuka kubera ko abari baguzemo imigabane bari kugurisha, kuko wenda batari kubona inyungu bari biteze cyangwa bakeneye kuyashora mu bindi.
T-Bonds nazo zishobora gutesha agaciro imigabane y’ibigo
Kuva Leta yafata umwanzuro wo kujya icuruza buri gihembwe Impapuro z’agaciro mpeshwafaranga z’umwenda wa Leta (Treasury Bonds), abantu n’ibigo by’imari barabyitabira cyane.
Parfait Mutimura avuga ko kuba umuntu aho ava akagera akunda ‘guarantee’, bituma no mu gushora imari mu masoko y’imari, abantu bizera cyane gushora mu Mpapuro z’agaciro za Leta kuko baba bizeye Guverinoma kuruta imigabane ya Kompanyi, kuko Guverinoma itajya ibura amafaranga yo kwishyura imyenda ibereyemo abantu.
Abantu ariko ngo bashobora no gushora mu mpapuro z’agaciro za Leta kuko ari ishoramari ry’igihe kirekire, bityo baka bashobora guteganyiriza amashuri y’abana babo.
Mutimura ati “Muri macye isoko ry’Impapuro z’agaciro za Leta (Treasury Bonds market) igira ingaruka ku isoko ry’imigabane (shares market), iyo Bond market irimo inyungu, umutekano, guarantee,…ba bantu bose bava mu isoko ry’imigabane bakajya mu isoko rya bonds.”
Hakorwa iki ngo imigabane ya biriya bigo ntikomeze kumanuka?
Parfait Mutimura avuga ko kugira ngo agaciro k’iriya migabane ya Bralirwa na Crystal Telecom kongere kuzamuka, biriya bigo byazamura inyungu ku mugabane (dividend) abanyamigabane bahabwa hagendewe ku migabane bafite.
Ati “Icyo gihe abantu benshi bazagaruka kuko bazaba babona ko mu myaka iri imbere igishoro cyabo hari aho kizaba kimaze kugera.”
Mutimura avuga ko ubundi buryo bushoboka ari ubwo kongera kugura imigabane (Shares buy back) myinshi, kugira ngo bagabanye imigabane myinshi iri ku isoko nyamara abaguzi ari bacye. Icyo gihe ngo bituma ku isoko hasigara imigabane ijyanye n’abaguzi bari ku isoko.
Isoko ry’imari n’imigabane mu Rwanda riracyari rishya, kandi riri hacye mu bihugu biri mu nzira y’amajyambere n’abatuye ibi bihugu benshi ngo ntibarasobanukirwa n’ishoramari riri muri iri soko.
Abanyarwanda nabo ngo bagashishikarira kumenya iby’iri soko rishya kuko ari ahantu ho gushora imari hakiri hashya mu bihugu byinshi biri gutera imbere kandi hatanga ikizere kinini mu gihe kiri imbere.
Vénuste KAMANZI
UMUSEKE.RW
