NBS, Standard Bank up market
Share price gains in two banks on the Malawi Stock Exchange (MSE) last week pushed up the indicative Malawi All Share Index (Masi) by 6.78 points to close the week at 5 367.58 points.
This was obviously good news to shareholders of NBS Bank and Standard Bank because they gained in value.
The two counters’ share price gain pushed up the domestic share index (DSI), the measure of domestic counters’ performance, to 4 236.92 points from 4 231.92 points.
The Foreign Share Index (FSI), anchored by one foreign counter Old Mutual plc (OML) was stuck at 535.42 points.
A weekly trading report from the MSE showed that NBS Bank gained 10 tambala to hit K9.60 per share, a 1.05 percent gain with 1.1 million shares changing hands.
On the other hand, Standard Bank gained by 0.95 percent to end the week at K106 per share with marginal 1 000 shares transacted.
NBS Bank’s share price jump was a rebound to the Rights Issue price of K9.60 per share.
Markets analysts have attributed the gain on Standard Bank to positive sentiments arising from a positive trading statement for the year ended December 31 2011.
“The listed bank advised that profit after tax is expected to be between 30 percent and 40 percent above that of the financial year 2010 which was K2.4 billion,” said a commentary from FDH Stockbrokers Limited.
During the week, only four counters registered trading activity with NBS Bank leading the pack followed by Standard Bank. Nico Holdings Limited traded 800 shares with the Illovo Sugar (Malawi) Limited trading the least shares at 200.
With only four counters trading, the market managed to raise K11.4 million ($69 084.02) in 16 deals, according to the market report.
