Standard Bank share price jumped by 2.6 percent to close the week at K135.50 buoyed by demand for the stock, market analysts have said.
With the movement in the counter’s share price, the Malawi All Share Index (Masi), the overall measure of market performance, inched upwards by 16.09 points to close the week at 6086.97 points, according to Malawi Stock Exchange (MSE) weekly report.
This was due to an increase in the Domestic Share Index, the domestic market’s gauge, by 12.84 points to 4772.40 points from 4759.56 points as a result of share price gain in Standard Bank.
The gain in the Standard Bank share which traded 10 667 shares, was enough to offset a share price loss in National Investment Trust Limited (Nitl) 50 tambala to K16.50 from MK17.00.
The Foreign Share Index, anchored by counter, Old Mutual plc (OML), was steady at 967.79 points due to no movement on the counter.
“Market forces drove up Standard Bank’s share price. The counter continues to enjoy notable demand,” said a commentary from FDH Stockbrokers Limited.
During the week, according to the MSE report, the market recorded trading activity in six counters; Illovo Sugar (Malawi) Limited, National Bank of Malawi, Nico Holdings Limited, Nitl and Standard Bank.
In the week, 1.4 million shares were transacted raising K22.4 million in 16 deals down from K1.5 million the week before.
The 14-counter market, one of the tiniest in sub-Saharan Africa, has 21 billion shares on issue.