The Malawi Stock Exchange (MSE) raised K110 million last week on the back of marginal bullish market characterised by four counters gaining in share price, trading about 4.9 million shares, a market report has shown.
Stock market analysts usually call the market bullish when it is characterised by rising share prices.
In the 14-counter market, the gain in share price in FMB, National Investment Trust Limited (Nitl), Real Insurance Company of Malawi Limited and TNM pushed up the indicative Malawi All Share Index (Masi)—the overall measure of the market’s performance—to 13 737.30 points.
Despite FMB posting a 2.6 percent after-tax profit drop to K3.5 billion in the half year ended June 30 2014 from K3.6 billion the year before, the counter gained 30 tambala last week to close at K15 per share.
Nitl, the only listed open collective investment scheme, gained a paltry 24 tambala to close at K35.28 per share, Real Insurance, whose half year results were favourable, gained 58 tambala to K2.10 per share while TNM closed the week at K3.40 per share with gain of 31 tambala.
As a result of the share price gain in the four counters, the domestic share index (DSI), the gauge of domestic counters’ performance, increased to 10 807 points from 10 725.15 points in the week before.
The Foreign Share Index (FSI), anchored by one counter, Old Mutual plc, remained stable at 1 742.21 points.
The tiny MSE has not been able to attract more companies since 2008 when TNM last listed.