Illovo sweetens market as TNM stock gains
Share price gains in Illovo Sugar (Malawi) Limited and TNM plc last week pushed up the benchmark share price index by 0.64 percent or 83.33 points, a market report has shown.
The sugar manufacturer gained K2.25 to close the week at K180 per share while the telecoms company added 20 tambala to its share price to close at K6.70.
Analysts believe the pickup in Illovo stock price could be attributed a recent profit warning statement. The sugar manufacturer has projected that its profit after-tax in the year ended March 31 2017 will be 60 percent higher than the previous corresponding period.
The market performance is a rebound from last week’s subdued trading in which the 13-counter market closed flat as a result of no share price movement. As a result of the share price gains, the benchmark Malawi All Share Index (Masi) gained by 83.33 points from 13 589.36 points to 13672.69 points.
Apart from the two counters, the market report for the week ending March 2 showed that the shares market recorded trading activity in Mpico Limited, National Bank of Malawi, Nico Holdings Limited, Press Corporation Limited, Standard Bank and Old Mutual plc.
A total of 1.6 million shares changed hands, raising K17.8 million in 13 deals, according to the report, which is an increase from K15 million raised in 20 deals the prior week.
On the Treasury bills (T-bills) market, the average yield on the 91-days tenor decreased by 0.0014 percent from 23.9925 percent to 23.9911 percent while the 182-days and the 364-days tenors gained by 0.0010 percent from 25.39 percent to 25.40 percent and 0.085 percent from 25.3 percent to 25.43 percent, respectively.
