MARKET PERFORMANCE

A. Trade Performance Analysis
The market transacted a total of 19.20 million shares at a total consideration of MK8.22 billion (US$4.74 million) in 3,248 trades in the month of April 2026. In the previous month of March 2026, the market transacted a total of 16.38 million shares at a total consideration of MK9.34 billion (US$5.39 million) in 3,259 trades. This reflects a 17.17% increase in terms of share volume traded and a -12.00% (-12.00% in US Dollar terms) decrease in share value traded. Of the shares traded, 1.52 million NBS shares traded as negotiated deals at a total consideration of MK951.70 million.

Daily average share trades exhibited similar trends where the market registered an average daily volume of 959.82 thousand shares compared to 819.19 thousand shares traded in March 2026, reflecting an increase of 17.17%. The average daily turnover for April 2026 was MK410.90 million (US$236.96 thousand) compared to MK466.93 million (US$269.28 thousand) in March 2026, reflecting a decrease of -12.00% (-12.00% in US$ terms).

B. Market Capitalization And Index
The market registered a negative return on index as reflected in the downward movement of the Malawi All Share Index (MASI) from 575,320.68 points registered in March 2026 to 524,387.05 points registered in April 2026, giving a month-on-month return on index of –8.85% (-8.85% in US$ terms). The price gains registered by OMU (13.98%), BHL (0.33%), ICON (0.13%), MPICO (0.05%), PCL (0.010%), ILLOVO (0.005%) and SUNBIRD (0.001%) were not enough to offset share price losses registered by FMBCH (-33.24%), NBS (-10.46%), TNM (-3.12%), NBM (-2.57%), FDH (-1.53%), NICO (-1.50%), STANDARD (-1.35%), AIRTEL (-0.61%), and NITL (-0.08%) resulting into a downward movement of the Malawi All Share Index. The Domestic and Foreign Share Indices fell by -2.32% from 403,989.25 to 394,615.70 points and –32.26% from 135,842.57 to 92,021.47 points, respectively.

Equity market capitalization decreased in both Malawi Kwacha and US Dollar terms from MK31.37 trillion (US$18.09 billion) to MK28.59 trillion (US$16.49 billion) due to share price losses.

C. Market Liquidity
The turnover velocity measured by the ratio of Total Value of Trades to Market Capitalisation (TVT/MCAP*), an indicator of the liquidity of assets traded on the market, in April 2026 was recorded at 0.029%, marginally lower than 0.030% registered in March 2026. The ratio of Total Value of Trades to Gross Domestic Product (TVT/GDP) recorded a liquidity level of 0.027% in April 2026 while during the previous month, March 2026, liquidity was at 0.031%. Market capitalization as a percentage of GDP was at 94.86% in April 2026 and 104.07% in March 2026.