MSE raises K32m, three counters gain
The Malawi Stock Exchange (MSE) raised about K32 million in the week ending February 20, with about 1.1 million shares changing hands, resulting in three counters gaining in share prices.
The gain in three counters, namely Sunbird, Press Corporation Limited (PCL) and NBS Bank, pushed upwards the Malawi All Share Index (Masi) by 2.84 points to close the week at 14 964.74 points.
However, compared to the previous four weeks, the MSE performance has declined in terms of revenue and traded volume.
Last week, MSE chief operations officer John Kamanga, while commenting on the MSE performance, said the local bourse has also been affected by a shift to the money market, which is offering higher returns.
Available figures show that treasury bills (T-bills) yields have been hovering around 27 percent, which are higher than returns from the shares market at around 10 percent.
However, Kamanga expressed optimism in MSE performance, noting that the stock market will improve due to the annual financial statements that listed companies will soon start publishing.
He said most listed companies have achieved a 20 percent profit above that of last year and “we believe that this will attract investors into the stock market”.
