Malawi Stock Exchange (MSE) main index went up by 1.65 percent or 213.3 points last week, recovering from the previous week’s lucklustre performance.
At the close of business on Friday, the benchmark Malawi All Share Index (Masi) went up by 213.3 points to close the week at 13 069.83 points pushed up by share price gains in TNM plc and hotel chain Sunbird Tourism Limited, according to a weekly market report.
Sunbird, which posted a 34 percent increase in profit to around K1 billion in the year ended December 2015, recorded a gain of K4.49 to close the week at K36.50 per share.
On the other hand, TNM, which traded 1.2 million shares, gained a marginal 79 tambala to K6.79 per share. TNM has 10 billion shares on the 13-counter MSE.
The positive movements on the two counters pushed up the domestic share index (DSI)—the measure of domestic counters’ performance—by 169.71 points from 10 105.84 points to 10 275.55 points.
The foreign share index which has Old Mutual plc with 4.9 billion shares on issue remained steady at 1 762 points due to no share price movement. The share price is currently at K1 402.
The week before, the market was subdued with Masi—the overall measure of market performance—easing by 73.25 points despite recording trading activity in nine counters but with no share price gain.
However, the market raised more money at K25.8 million compared to last week’s K16.9 million in which trading activity was also recorded in Mpico Limited, NBS Bank, Nico Holdings Limited, Press Corporation Limited (PCL), Sunbird and TNM plc.
A market analyst said the market is expected to exhibit significant reaction as companies are expected to report half-year earnings since the market is moved based on the companies’ news of either profit or loss.
On Treasury bills (T-bills) market, the average yield on the 91 days in the week under review slightly decreased by 0.03 percent to 28.97 percent while the 182 days T-bills decreased by 0.01 percent to 28.9 percent. The 364 days T-bills on the other hand was steady at 29 percent.