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| Business |
| Trading activity picks up on stock exchange |
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by
Our Reporter, 26 January 2004
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16:57:43
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After a low key entry into the New Year when the stock market recorded trading activity on only one of the nine listed counters, trading activity on the Malawi Stock Exchange (MSE) picked up last week with six counters registering business.
MSE said in a trading commentary for the week-ended January 23, 2004 that trading activity was recorded on six counters namely Stanbic Bank, National Bank of Malawi (NBM), Nico Holdings Limited, Press Corporation Limited, Sugar Corporation of Malawi Limited (Sucoma) and Old Mutual plc.
During the previous week of business, MSE recorded trading activity in three counters of Stanbic, NBM and Nico when 12,800 shares were transacted at a total consideration of K44,630 (US$411.62) in three deals.
Last week, MSE said a total of 23,414 shares were transacted at a total consideration of K385,488.40 (US$3,586.41) in eight deals.
Following the picking up of trading activity, the Malawi All Share Index (Masi) increased to 457.36 points from 457.34 points and the Domestic Share Index also went up from 231.72 points to 323.23 points while the Foreign Share Index remained at 188.53 points.
Returns from the money market also went up if results of the Treasury Bill (TB) auction of January 16, 2004 are anything to go by as MSE reports that the average yield on the 91 days TB increased from 33.39 to 33.79 percent and the 182 days TB increased from 34.03 percent to 34.25 percent.
The 273 days tenor, however, increased from 34.30 to 34.63 percent.
On the other hand, during the Reserve Bank of Malawi bills primary market whose auction was held on January 20, 2004, the 63 days RBM yield decreased from 33.17 to 32.54 percent and the 91 days tenor also decreased from 34.81 percent to 34.16 percent.
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