MSE in historic rally in Q3, report shows

Malawi’s Economy Surges Ahead: MSE Sees Record Growth in Q3, Fuelling New Opportunities for Business and Investment

Post was last updated: October 7, 2025

Key Business Points

  • Malawi Stock Exchange (MSE) performance surged in Q3, with the Malawi All Share Index (Masi) jumping 75% between July and September, making it one of the strongest rallies in recent times.
  • Banks led the charge, with share prices soaring well above inflation, driven by strong company results, higher dividends, and high demand for quality shares, offering opportunities for zinthu zofunika (good business) for investors.
  • Investors sought to hedge against inflation and currency weakness, driving demand for stocks and pushing prices up quickly, although some gains may reflect kuganiza kwa njira za kuwonongeka (speculative buying).

The Malawi Stock Exchange (MSE) has delivered a strong performance in the third quarter, with the Malawi All Share Index (Masi) surging by 75% between July and September. This rally is attributed to the strong performance of listed companies, particularly in the financial sector, which has seen tsogolo la Chip_mbale (a bright future) for investors. The Domestic Share Index rose by 77%, while the Foreign Share Index rebounded by 64% after a decline in the second quarter.

According to stock market investor Benedicto Bena Nkhoma, the MSE’s performance reflects the realities of the specific companies’ performance and future prospects. Mipango ya boma (government plans) and chitetezo cha pasi (inflation rate) have also played a role in shaping the market. The five listed banks, including National Bank of Malawi plc (NBM), FDH Bank plc, and NBS Bank plc, have been at the forefront of the rally, with share prices increasing significantly.

The most dramatic move came from National Investment Trust Limited (Nitl), which saw its share price rise by 328% over the quarter. Stockbrokers Malawi Limited equity investment analyst Kondwani Makwakwa attributed the momentum to both fundamentals and hedging behavior, as investors sought to protect their money from inflasi (inflation) and nkhandwe za dola (currency weakness).

While the rally is a positive development for the Malawi business community, Makwakwa cautioned that not all gains were fundamental, and some may reflect speculative buying. The rally comes against a backdrop of high inflation and foreign exchange shortage, highlighting the need for mipango yolimbikitsa (prudent planning) and kufiska kwa mawonekedwe (risk management) for investors.

As the Malawi economy continues to evolve, it is essential for wafukoza (entrepreneurs) and investors to stay informed about market trends and developments. The MSE’s strong performance in Q3 presents opportunities for kufalitsa (growth) and kutengeneza (development) for businesses and individuals alike. By understanding the factors driving the market and making informed investment decisions, Malawians can capitalize on the nzeru za msika (market opportunities) and contribute to the country’s economic growth.

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Vanessa Banda
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