The Malawi Stock Exchange topped African equity markets in 2025, delivering a 247.63% annual gain, more than three times the return of the continent’s second-best performer.
- •The surge placed Malawi far ahead of second placed Ghana at 79.27%, Zambia at 67.86%, and a group of larger, more liquid markets including Nigeria at 51.19% and Kenya at 51.10%, according to year-end market data.
- •The rally was driven by an aggressive repricing of a narrow group of heavyweight counters rather than broad-based participation.
- • Data from the Dec 31, 2025 trading report shows that financial institutions, investment trusts, and holding companies dominated turnover, market capitalisation, and price performance, amplifying index gains in one of Africa’s smallest equity markets.
National Investment Trust was the single biggest driver. Its share price closed 2025 at MK 3,938.51, up nearly 800% year on year, despite trading just 2,693 shares on the final session. The counter ended the year with a market capitalisation of MK 531.7Bn, underscoring how limited liquidity magnified price moves.
Banks were central to the rally with the National Bank of Malawi, one of the exchange’s largest stocks, closing at MK 11,995.63, with a market value of MK 5.60 trillion, supported by strong nominal earnings of MK 102.3Bn and a dividend yield of 1.05%. NBS Bank ended the year at MK 913.76, after rising more than 420% YoY, while FDH Bank closed at MK 599.89, with a market capitalisation exceeding MK 4.1 trillion.
Holding companies also saw sharp re-ratings. FMB Capital Holdings closed at MK 3,197.86, translating into a market value of MK 7.86 trillion, despite relatively light trading volumes of 6,713 shares on the final day. NICO Holdings, another major driver, ended the year at MK 1,736.51, supported by earnings of MK 72.0Bn and a market capitalisation of MK 1.81 trillion.
Beyond financials, selective non-bank stocks contributed to headline performance. Press Corporation rose nearly 250% over the year to MK 8,728.43, while Sunbird Tourism closed at MK 977.50, more than quadrupling year on year. In contrast, not all large counters participated. Standard Bank Malawi ended 2025 lower at MK 4,248.41, while Icon Properties also declined, highlighting the uneven nature of the rally.
Total market capitalisation closed the year at approximately MK 53.6 trillion, with daily trading volumes remaining thin across most counters. In such conditions, incremental demand led to sharp price resets rather than gradual appreciation. Even modest trading activity had an outsized impact on index levels.
High inflation and sustained pressure on the Malawi kwacha pushed domestic investors toward equities as a store of nominal value. As a result, share prices rose rapidly in kwacha terms, even as real economic growth remained constrained.
