The Malawi Stock Exchange (MSE) has registered extraordinary growth in 2025, with market capitalisation expanding to K33.4 trillion ($18.92 billion) by November.
The capitalisation surpasses Malawi’s nominal gross domestic product (GDP) of K30 trillion ($17 billion).
This underscores the bourse’s growing role in wealth creation, capital formation and investment allocation.
In an interview, MSE Chief Executive Officer John Kamanga said the November performance highlighted the depth of investor confidence and resilience of listed companies.
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He said the MSE index rose more than 260 percent year-to-date, driven by strong balance sheets, resilient business models and widening profit margins across most counters.
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“Investor demand has surged across both retail and institutional segments. Retail participation has grown significantly while pension funds and other institutional investors continue to allocate substantial capital.
“The combination of strong demand and limited supply has pushed prices higher and improved market liquidity,” Kamanga said. Stock market analyst Brian Kampanje described 2025 as a year of massive capital gains for shareholders, particularly in the financial sector and conglomerates with large financial portfolios.
“While some counters registered meagre or negative growth, especially in the property sector, others such as telecommunications benefitted from a stable foreign exchange environment, though confidence flattened mid-year. This calls for measures to boost investor confidence in weaker sectors,” Kampanje said.
The November performance contrasts sharply with the buoyant start to the year.
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In January 2025, the Malawi All Share Index jumped 29.9 percent month-on-month, rising from 172,039.93 points in December 2024 to 223,474.92 points.
Key drivers included NBS Bank, which gained 100.68 percent, FDH Bank at 85.20 percent and National Bank of Malawi at 73.27 percent, according to the MSE’s January report.
But by November, the rally had broadened across most listed companies, cementing 2025 as one of the most remarkable years in the exchange’s history.
