Illovo shares increase by 3.2%
Investors’ demand for Illovo Sugar (Malawi) Limited and Standard Bank stocks pushed up their prices, raising the local bourse’s two indices, the Malawi All Share Index (Masi) and domestic share index (DSI).
Sugar manufacturer’s share price jumped by 3.2 percent to K275.65 per share from K276 the week before whereas Standard Bank gained K4.75 to end the week at K370 per share, a 1.3 percent jump, according to the Malawi Stock Exchange (MSE) weekly market report.
The increase in the two counters’ share price pushed up Masi and DSI by 170.19 points and 135.86 points respectively.
According to market analysts, the gain in Illovo on the back of 225 483 shares traded could be investors’ reaction to the financial results the company released last weekend which showed it achieved half year revenue of K40.9 billion, 32 percent above the prior period and a net profit of K9.5 billion, a jump from K9 billion same period last year.
Standard Bank gain in share price on the back of 29 243 shares changing hands is not clear if the demand at the current price is still backed by notable half year performance of the commercial bank.
In all, the 14-counter market recorded trading activity in 10 counters namely; FMB, Illovo, Mpico Limited, National Bank of Malawi, NBS Bank, Nico Holdings Limited, National Investment Trust Limited, Standard Bank, TNM plc and the only foreign counter, Old Mutual plc.
The market report shows that a total of 31.9 million shares were traded during the week at a raising K359.5 million [$903 771.71] in 39 deals.
