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MSE raises K2 billion

 

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The 14-counter Malawi Stock Exchange (MSE) raised K2.1 billion ($5.5 million) in the second quarter (Q2) of this year, a jump from K1.1 billion ($4.7 million) during the same period last year.

This is out of a one billion shares changing hand in 268 trades from last year’s 309.7 million share in 290 trades, the MSE second quarter market performance report has shown.

The jump reflects a 232.6 percent increase in share volume and an 81.89 percent [15.86 percent in dollar terms] increase in share value.

“Daily average share trades exhibited similar trends. The market registered an average daily volume of 16.6 million shares compared to 4.9 million shares traded in the corresponding second quarter of 2012,” reads the report.

The average daily turnover for the second quarter 2013, according to the report, was K33.9 million ($89 278.87) compared with K18. 6 million ($77 055.96) for the corresponding second quarter 2012, which reflects an increase of 81.89 percent (15.86 percent dollar terms).

May registered the highest in terms of both value at K1.6 billion ($4.2 million) and volume of 917 million shares.

In the quarter, the shares market registered a positive return on index reflected in the upward movement of the Malawi All Share Index (Masi), the gauge of the market’s performance, from 6 344.58 points registered in April to 6 914.45 points registered on June 30 2013.

This performance gives a return on index of 8.98 percent, (33.08 percent dollar terms) compared to 5.58 percent (-36.07 percent dollar terms) registered in Q2 of 2012.

The price gains registered by eight counters; FMB, Illovo Sugar Malawi Limited, National Bank of Malawi, NBS Bank, National Investment Trust Limited, Standard Bank, TNM plc and Old Mutual plc (OML) were the major drivers in the upward movement of Masi, arising from an increase in both the domestic share index by 9.09 percent and the foreign share index, anchored by OML by 3.45 percent.

The report said the market continued beating its record performance since inception in Q2 of 2013 to close at 6 914.45 points, giving a quarterly return on index of 8.98 percent higher than 5.58 percent registered in second quarter 2012.

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