National Bank shares gain at Malawi Stock Exchange

Shares for National Bank of Malawi last week registered a K3 price jump to trade at K65 each on the Malawi Stock Exchange (MSE).

The market’s weekly report says it recorded trading activity in a total of 5 counters and the others are Illovo, First Merchant Bank, NBS Bank and TNM during the week ending May 17.

A total of 2,584,184 shares were transacted during the week at a total consideration of K68,742,616.00 (US$194,075.41) in 15 deals.

The market’s main market indicator, the Malawi All Share Index inched upwards by 33.18 points to close the week at 6408.93 points due to an increase in the Domestic Share Index by 26.49 points from 4989.85 points to 5016.34 points as a result of a share price gain in National Bank.

On the other hand, the Foreign Share Index was steady at 1113.58 points.

Professor Mathews Chikaonda: National Bank of Malawi's board chairperson
Professor Mathews Chikaonda: National Bank of Malawi’s board chairperson

There were further decreases in earnings on the money market as at the auction held on May 13 the average yield on the 91 days Treasury Bills (TBs), the 182 days T-Bill and the 364 days T-Bill decreased from 31.74 percent to 30.41 percent, from 33 percent to 31.23 percent and from 37 percent to 35.70 percent respectively.

This resulted in K6.056 billion being raised against an announced amount of K6 billion. Treasury Bills are open to foreign investors and both the capital and interest are remittal after deduction of withholding tax on interest currently at 15 percent.

Treasury Bills maturities during the week ended May 17 amounted to K4.7 billion and maturities for the week ending May 24 stand at K3.497 billion.

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