TNM dips the market

A 20 tambala drop in TNM plc share price pulled down the indicative all share index even though Old Mutual plc (OML), the only foreign counter on the Malawi Stock Exchange (MSE), registered a K9 gain.

The market report for the week ended February 10 2012, indicated that TNM, which transacted 20 000 shares, dropped to K1.70 from K1.90 per share the week before..

This comes two months after market analysts predicted a share price fall due the abandoned deal with a strategic equity partner.

The telecommunications company terminated the deal after the interested party had proposed substantive amendments to the indicative offer terms outlined in its original expression of interest.

OML, which only transacted 1 800 shares, went up to K435 from K426, the first share price rise on the counter since the beginning of 2012.

During the week, the report showed that the market trading activity in other six counters, namely; Illovo Sugar (Malawi) Limited, Mpico Limited, NBS Bank, National Investment Trust Limited (Nitl), Real Insurance Company of Malawi Limited, Standard Bank, but with no share price gain.

Of all the counters, Illovo registered the highest number of shares changing hands at 38 633 with the least recorded in TNM, according to the report.

With the eight counters registering trading activity, the market raised a total of K8.5 million ($50 667.37) in 22 deals.

The MSE has 14 counters  with 23 billion shares on issue.

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