Malawi’s stock market stunned Africa in 2025, delivering record-breaking gains fueled by inflation, banks, and thin market liquidity.
The Malawi Stock Exchange (MSE) emerged as Africa’s top-performing equity market in 2025, posting a remarkable 247.63% annual gain, more than triple the returns of markets such as Ghana, Zambia, Nigeria, and Kenya. The surge was largely driven by price revaluations in a narrow group of heavyweight stocks, rather than broad-based investor participation.
Financial institutions and holding companies dominated the rally. National Investment Trust climbed nearly 800% year-on-year, despite very low trading volumes, showing how thin liquidity amplified price movements. Key banking stocks, including National Bank of Malawi, NBS Bank, and FDH Bank, also recorded strong gains, supported by rising nominal earnings.
Holding firms like FMB Capital Holdings and NICO Holdings saw sharp re-ratings, while selective non-financial stocks such as Press Corporation and Sunbird Tourism added to index performance.
High inflation and sustained pressure on the kwacha pushed investors toward equities as a store of value, lifting prices despite limited real economic growth.
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