The Malawi Stock Exchange (MSE) was bullish last week with TNM share price rising 12 percent, consequently pushing the domestic price index up by 0.5 percent.
A market update from NBM Capital Markets for the week ending March 28 indicates that the rise in the TNM share price pushed up the domestic index to close at a record 10 006.83 points.
The foreign share index was, however, quiet as a result of no share price movement on Old Mutual Limited (OML) counter.
Although the MSE was bullish during the week under review with trading activities recorded on 10 counters out of the 14 in 26 deals, turnover slumped 45 percent to K47.7 million from K86.4 million in the previous week on the back of weak price factor.
According to NBM Capital Markets report, trading volume surged by 171 percent to 10.3 million shares from 3.8 million shares in the previous week with TNM and Standard Bank Malawi emerging as the main anchors of turnover, contributing about 76 percent of total money raised.
The report further explained that TNM price rallied 12 percent on the back of good financial figures for the period ending December 31 2013 which signifies the company’s recovery to normal profitability levels.
In the year ended December 2013, TNM posted a 275 percent growth in bottom line earnings to K2.9 billion from K0.7 billion in 2012, driven by an excellent 60 percent growth in total revenue, which was backed by a 12 percent growth in subscriber base.