Earning results and expectations published by Malawi Stock Exchange (MSE)-listed NBS Bank have helped to drive share price gain on NBS Bank plc, the MSE and a local market analyst have said.
The bank gained 5.49 percent to trade at K17.49 from K14 per share recorded last week
plc posted a 163 percent profit after-tax jump at K4.46 billion in 2019 from K1.69 billion in 2018 which the bank attributed to its turn-around strategy.
“The share price gain on NBS is mostly dueto investors’ reaction to the company’s prospects and earnings following the results that were published,” said MSE operations manager Kelline Kanyangala.
A Blantyre-based market analyst also noted that since the bank has indicated high profits and good prospects for the year, investors have responded positively.
The gain in the counter pushed the domestic share index, the gauge of domestic counters’ performance, by 46.06 percent to close at 23 780.51 points.
This resulted in the Malawi All Share Index, the overall measure of market performance, to gain 51.66 percent to close at a record high of 28 501.69 points.
The Foreign Share Index, anchored by one foreign counter, FMB Capital Holdings, was steady at 1 993.51 points as the FMBCH counter recorded no price movements; hence, no activity.
In the week under review, turnover increased by 865 percent to K 1.48 million.