Investors in Press Corporation (PCL) plc counter on the Malawi Stock Exchange (MSE) gained K327 on each share on Wednesday as share prices increased from K2,181 to K2,508.
The counter now has the highest share price on the local bourse, overtaking Standard Bank with a share price of K2,400.
Minority Shareholders Association of Listed Companies General Secretary Frank Harawa said, investors are making money on the market.
He said that, apart from PCL, the market has seen a lot of other counters gaining, which means that investors will have good returns.
“It is exciting to see share prices rising above the dollar rate because it means that the market is getting wider because when the share prices are below the dollar rate, fears loom that someone can just come and wipe out the shares in dollar terms,” he said.
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MSE Chief Operating Officer Kelline Kondowe said, with the trading statements which have been announced by the listed companies, it is likely that most listed companies will be recording share price gains.
Kondowe said amid volatility of the economy, the market has shown signs of resilience.
“Whenever a company is performing well, the expectation is that the share price will rise because investors respond to such positive news.
“Therefore, we expect that the positive trajectory will continue throughout the second half of this year,” Kondowe said.
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Meanwhile, PCL plc says its profit-after-tax for the period ending June 31 2023 will be 65 percent higher than during the same period last year.
Malawi Stock Exchange has 16 companies, with the banking sector commanding the majority—aside from other sectors such as telecommunications and hospitality among others.
