ANNUAL MARKET PERFORMANCE REVIEW

Transcription

1 ANNUAL MARKET PERFORMANCE REVIEW 2013 MALAWI STOCK EXCHANGE OLD RESERVE BANK BUILDING, VICTORIA AVENUE PRIVATE BAG 270 BLANTYRE TEL. (265) FAX. (265) WEBSITE.

2 MALAWI STOCK EXCHANGE LIMITED MARKET PERFORMANCE REPORT FOR 1 st JANUARY TO 31 st DECEMBER TRADING SUMMARY The market was buoyant and registered a return on investment of % compared to 12.03% registered in 2012 and an increase in both traded volume and value. In US Dollar terms, the market registered a return on investment of 97.26% in 2013 compared to % registered in Key data for the market is as follows: YEAR-TO-DATE INDEX LEVEL AND RETURN INDEX JAN, 2013 DEC %. 13 (MK) %. 13 ( US$) %. 12 (MK) MASI* DSI** FSI*** TOP MARKET GAINER IN 2013 COUNTER NBM Standard Bank OML ILLOVO CAPITAL GAIN % TOP FOUR TRADED COUNTERS BY VOLUME IN 2013 COUNTER TNM NICO FMB MPICO % TRADED TOP FOUR TRADED COUNTERS BY VALUE IN 2013 COUNTER TNM NICO PCL NBM % TRADED * Malawi All Share Index ** Domestic Share Index *** Foreign Share Index TRADING STATISTICS YR 2013 YR 2012 Traded Value (MK) 13,331,021, ,973,446, Traded Value (US$) 34,556, ,183, Traded Vol. Shares 4,409,235, ,221,045 No. of Transactions 1,261 1,041 No. of Listed companies Traded Companies Not Traded Companies 0 0 Gainers 12 9 Decliners 2 3 Unchanged 0 2 Index Close (MASI) Index Close (DSI) Index Close (FSI) ANNUAL MARKET PERFORMANCE REPORT

3 2.0 MARKET PERFORMANCE 2.1 Trade Performance Analysis The market transacted a total of 4,409,237,082 shares at a total consideration of MK13,331,050, (US$34,556,393.34) in 1,261 trades. In the corresponding period 2012, the market transacted a total of 667,221,045 shares at a total consideration of MK3,973,446, (US$16,183,918.70) in 1,041 trades, reflecting a % increase in terms of share volume and a % (113.52% in US Dollar terms) increase in value. Daily average share trades exhibited similar trends as the market registered an average daily volume of 17,779,174 shares compared to 2,690,407 shares traded in 2012, reflecting a % increase. The average daily turnover for the year 2013 was MK53,754, (US$139,340.02) compared to MK16,021, (US$65,257.74) for the year 2012, reflecting an increase of % (113.52% in US Dollar terms). The highest sales in terms of volume and value were registered in March and November at a total of 2,076,225,070 shares and a total turnover of MK4,331,791, (US$10,417,572.80) respectively. TABLE 1: MARKET TRADING SUMMARY FOR 1 st JAN. 31 st DECEMBER 2013 MONTH DEALS SHARES VALUE MK VALUE U$D Jan ,116, ,718, , Feb ,996,571 90,277, , Mar ,076,225,070 2,694,655, ,722, Apr ,164, ,929, , May ,047,544 1,617,542, ,282, Jun ,107, ,232, , Jul ,482, ,744, ,807, Aug ,336,193 1,470,085, ,353, Sep ,993, ,504, ,017, Oct ,938, ,642, ,472, Nov ,216,892 4,331,791, ,417, Dec ,609, ,897, , TOTAL ,261 4,409,235,132 13,331,021, ,556, TOTAL , ,221,045 3,973,446, ,183, % CHANGE ANNUAL MARKET PERFORMANCE REPORT

4 2.2 Market Capitalisation and Index The market registered a positive return on index throughout all the four quarters in the year under review of 5.47%, 8.98%, 53.18% and 18.16% respectively. The year on year return on Index for year 2013 was % higher than 12.03% registered in The Malawi All Share Index (MASI) increased from points registered in January 2013 to points registered on 31 st December, The price gainers registered by 12 counters (BHL, FMB, ILLOVO, NBM, NBS, NICO, NITL, PCL, STANDARD Bank, Sunbird Tourism Ltd, TNM and OML) were the major drivers in the increase in the Malawi All Share Index, arising from the increase in both the Domestic and Foreign Share Indices which have registered positive return on indices of % and %, respectively. MARKET CAPITALISATION AND INDEX - 1 st JAN. 31 st DECEMBER 2013 Month Ending Mkt. Cap. MKm. Mkt. Cap US$m Mkt. Cap. MKm* Mkt. Cap US$m* MASI 1st QTR 4,519, , , nd QTR 4,690, , , , rd QTR 5,492, , , , th QTR 7,179, , , , ,179, , , , ,562, , , ,681, , , , % * Excludes non-malawi register Old Mutual plc shares FIG 1: MSE INDICES 1 st JANUARY 31 st DECEMBER 2013 ANNUAL MARKET PERFORMANCE REPORT

5 2.3 Market Liquidity The turnover velocity as measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP*) was 2.52% in 2013 compared to 1.57% recorded in The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.19% in the review period while in 2012 liquidity was at 0.11%. MARKET LIQUIDITY 1 st JANUARY 31 st DECEMBER 2013 MONTH Mkt. Cap/GDP Mkt. Cap/GDP* TVT/GDP TVT/Mkt. Cap* Shares Traded/Shares Ended % % % % In Issue* % 1st QTR nd QTR rd QTR th QTR * Excludes non-malawi register Old Mutual plc shares 2.4 Company Trading Performance Top 5 Gainers MSE CODE COUNTER NAME % GAIN NBM National Bank of Malawi STANDARDBANK Standard Bank OML Old Mutual plc ILLOVO Illovo Sugar Malawi Limited FMB FMB Bank counters registered a capital gain during the review period. Top 2 Decliners MSE CODE COUNTER NAME % LOSS MPICO MPICO REAL Real Insurance Counters registered a capital loss in year ANNUAL MARKET PERFORMANCE REPORT

6 Top 5 Traded Stocks by Volume MSE COUNTER NAME SHARES % OF TOTAL CODE TNM TNM 3,959,069, NICO NICO Holdings Ltd 315,304, FMB FMB Bank 26,606, MPICO MPICO Ltd 24,570, NBS NBS Bank 20,430, Top 5 Traded Stocks by Value MSE COUNTER NAME MK % OF TOTAL CODE TNM TNM 5,060,182, NICO NICO Holdings Ltd 3,464,332, PCL Press Corporation Ltd 1,687,549, NBM National Bank of Malawi 1,385,614, ILLOVO Illovo Sugar Malawi Limited 439,038, COMPANY TRADING SUMMARY FOR 1 st JAN. 31 st DECEMBER 2013 Company Opening Price Closing Price % Price Change Share Vol. Traded % Traded Value Traded MK BHL , ,562, FMB ,606, ,174, ILLOVO ,133, ,038, MPICO ,570, ,451, NBM ,746, ,385,614, NBS ,430, ,039, NICO ,304, ,464,332, NITL ,133, ,308, PCL ,609, ,687,549, REAL ,116, ,117, STANDARDBANK , ,051, SUNBIRD ,460, ,742, TNM ,959,069, ,060,182, OML , ,884, TOTAL 4,409,237, ,331,050, ANNUAL MARKET PERFORMANCE REPORT

7 3.0 ECONOMIC POSITION 3.1 The Malawi Kwacha depreciated by percent against the US Dollar from its trading position of MK337.00/US$ registered in January to MK /US$ traded in December, The import cover, however, registered an improvement from 0.86 months registered in January to 2.13 months registered in December, The Kwacha is premised to continue depreciating in the first quarter of 2014 and stabiles towards the second quarter once the tobacco auction season starts. The Kwacha moved during the twelve months period from 1 st January to 31 st December, 2013 as follows: - EXCHANGE RATES 1 st JANUARY 31 st DECEMBER 2013 CURRENCY 1 st Jan Sept st Dec Annual % Change MK/US Dollar MK/GBP MK/ZAR MK/EUR Import Cover (In Months) Source: National Bank of Malawi & Reserve Bank of Malawi 3.2 The year on year headline inflation eased by 12.4 points to 22.7% in November, 2013 from 35.1% in January, 2013 on account of an overall decrease in both food and non-food inflation between the months of April and October The urban and rural inflation rates for the month of November, 2013 were 31.6% and 18.2% respectively. KEY MACROECONOMIC INDICATORS Dec Jan Dec Jan Dec Inflation Rate (Nov) RBM Bank Rate Prime Rate TB YIELD 91 Days T-Bill Days T-Bill Days T-Bill Source: National Statistical Office and Reserve Bank of Malawi ANNUAL MARKET PERFORMANCE REPORT