Shares market in bullish trade

The shares market was bullish last week with the indicative all share index climbing by 2.08 percent to close at 6 688.84 points largely buoyed by share price gains in four counters.

In the week, the domestic share index, the gauge of the domestic counters’ performance, went up by 108.82 points due to share price increases in four counters, FMB, NBS Bank, Standard Bank and Illovo Sugar (Malawi) Limited.

The Malawi Stock Exchange (MSE) weekly report shows that FMB gained 50 tambala to close the week at K8.50 per share, Illovo closed at K179.50 per share after a K4 gain, NBS Bank’s share price moved to K8, a gain of 88 tambala and Standard Bank ended the week at K161.12 per share, a K5.12 gain.

The foreign share index, anchored by one foreign counter, Old Mutual plc (OML), remained steady at 1 113.58 points.

In the week, a total of 794 831 shares changed hands on the 14-counter market, yielding a turnover of K18.3 million ($55 789.52), down from last week’s K183.5 million.

Meanwhile, the MSE said it broke the record 6 396.64 points since inception ITS in 2008 with the all share index hitting 6 552.53 points in May, giving a return on index of 3.02 percent.

This, according to the shares market monthly report for May 2013, resulted in increases in both total value traded and volume compared to the month before.

The report shows that from May 1 to 31 2013, a total of 917 million shares changed hands raising K1.6 billion ($4.2 million) compared to K159.7 million ($667 625) in May 2012.

“In April 2013, the market transacted a total of 72.1 million shares at a total consideration of K381.9 million [$934 205] in 92 trades,” says the report, an equivalent to 1170.77 percent increase in terms of share volume and 323.52 percent (358.41 in dollar terms) increase in share value.

In the month, the market registered an average daily volume of 43.6 million shares in May 2013 compared to 3.4 million in April 2013.

The equity market registered a positive return on index as reflected in the upward movement of the Malawi All Share Index (Masi), the overall measure of market performance, from 6 360.60 points registered on April 30 2013 to 6 552.53 points as at  May 31 2013, giving a return on index of 3.02 percent (29.75 percent dollar terms).