MSE subdued despite Standard Bank gain
The Malawi Stock Exchange (MSE) traded a marginal volume of shares at 153 123 in six counters in a lacklustre performance, raising a paltry K10.4 million ($25 093) in the week, a market report has shown.
Standard Bank, buoyed by its 125 percent profit increase to K7.9 billion from K3.5 billion in the year ended December 2012, has continued its upward surge gaining 1.3 percent to close at K155 from K153 per share the previous week.
The jump in the bank’s share price, pushed upwards the indicative Malawi All Share Index (Masi)—the overall measure of the market performance—by 10.11 points to close the week at 6 354.69 points.
This was a result of the surge in the domestic share index, the measure of domestic counters’ performance, by 8.07 points to 4 974.84 points pushed by the share price gain in Standard Bank.
The foreign share index anchored by one foreign counter, Old Mutual plc, remained steady at 1 093.47 points as the counter’s share price did not move at K870 per share.
During the week, according to the MSE report, the market registered trading activity in six counters; FMB, Illovo Sugar (Malawi) Limited, National Investment Trust Limited, Standard Bank, TNM plc and Old Mutual.
