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Stock market bullish in elections results week

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By Taonga Sabola:

The Malawi Stock Exchange (MSE) was bullish last week as Malawians waited for and digested the results of the May 21 Tripartite Elections.

The elections saw a tight race between Democratic Progressive Party (DPP) President Peter Mutharika and Malawi Congress Party (MCP) president Lazarus Chakwera, which saw Mutharika being declared the winner.

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During the week, the indicative Malawi All Share Index (Masi) gained 517.97 points, and closed at 29 246.08 points thanks to price gains in two counters.

Press Corporation Limited shares gained K200 each to close at K1400 while Mpico shares gained K1.50 each to close at K19.50.

National Bank of Malawi (NBM) was the only counter to register a share price loss as its stocks shrunk by 1.35 percent from K370 to K364.99.

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The Foreign Share Index was constant at 4,521.94 points due to constant share prices in Old Mutual and FMB Capital Holdings.

The market traded a total of 39,717,395 shares with a turnover of K1.7 billion.

The MSE enjoyed a better May, registering price gains throughout the month.

The MSE has three platforms, namely the Main Board, Alternative Capital Market and Debt Market.

The Main Board is meant to cater for larger and well-established companies while the Alternative Capital Market was established to provide opportunities to small and medium sized enterprises who would like to raise capital at a lower cost by accessing public funds.

The Debt Market caters for issuers that would want to raise capital as opposed to share capital.

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