WEEKLY market review17 October to 23 October 2018
The local market was subdued this week, with the NSX Local index down 0.02% at 625, and the NSX Overall Index down 2.31% to close at 1237. As at 23 October, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$11.7 billion, followed by Namibia Breweries with N$9.5 billion, Capricorn Investment Group with N$8.3 billion, and Trustco Group with N$6.8 billion. Trustco Group lead the market with growth of 12.74% to close at N$6.99 per share. In terms of volume, Namibia Breweries lead the market with N$1 million worth of shares traded, with FirstRand Namibia in second place with N$705 thousand worth of shares traded. The local currency lost 0.57% against the US Dollar, to close at N$14.25 per USD, and gained 1.02% against the British Pound, to close at N$18.49 per GBP. It closed at N$16.50 against the Euro, a loss of 0.62%.
The Bank of Namibia’s Monetary Policy Committee yesterday elected to keep the repo rate as is, at 6.75%. In their statements, they acknowledge that the domestic economy remained weak during the first eight months of 2018, with inflation remaining low, but increasing in recent months. Furthermore, they noted that private sector credit extension growth continued to be slow, while the stock of international reserves remains sufficient. They expect growth in the domestic economy to remain low for the rest of 2018.