NICO SHARES UP - 19 July 2009

NICO Holdings Limited shares last week gained 25 tambala to trade at K8.25 at the Malawi Stock Exchange. Market analyst Godfrey Jowah noted in his weekly 'At the market column, published in The Business Times that high volumes of sales in June this year could signal a new trend of trading. "US$2.3 million was realised and this may signal a trend that should gather pace in the third quarter (of 2010) with both volumes traded and share prices picking up," said Jowah in his commentary of the market's second quarter report.

The share price jump in NICO led to an increase in the Domestic Share Index from to 3853.07 points to 3858.05 points. This pushed up the overall market indicator, Malawi All Share Index which gained by 6.23 points from 4861.72 points to 4867.95 point. However, the Foreign Share Index was steady at 314.21 points. The market recorded trading activity in eight other counters which included Illovo, Mpico, National Bank, NBS Bank, National Investment Trust, Press Corporation, Standard Bank, TNM and Old Mutual.

A total of 2.5 million shares were transacted during the week at an overall value of K56.2 million in 46 deals. On the money market, the average yield on the 91 days T-Bills tenor, at the auction held on July 9 increased from 7.35 percent to 7.37 percent and the average yield on the 182 days T-Bills tenor increased from 11.49 percent to 11.54 percent. Treasury Bills maturities during the week ended July 9, 2010 amounted to K1.05 billion while maturities for the week ending July 16 stand at K2.5 billion.

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