WEEKLY market review
30 January to 5 February 2019
The local market remained subdued this week, with the NSX Local index down 0.02% at 618, and the NSX Overall Index down 1.41% to close at 1334. As at 5 February, Trustco Group was the largest local company on the exchange, with market capitalization of N$ 11.8 billion, followed by FirstRand Namibia with N$ 11.6 billion, Namibia Breweries with N$ 9.4 billion, and Capricorn Investment Group with N$ 8.2 billion. Oryx Properties lead the market this week, closing at N$ 20.22 after growth of 0.05%. In terms of volume Trustco Group lead the market with N$ 11.7 million worth of shares traded, with Nimbus Infrastructure in second place with N$ 319 thousand worth of shares traded. The local currency gained 1.67% against the US Dollar, to close at N$ 13.37 per USD, and gained 2.48% against the British Pound, to close at N$ 17.33 per GBP. It closed at N$ 15.26 against the Euro, a gain of 1.86%.
The Bank of Namibia released the Money and Banking Statistics for December 2018, which showed that foreign reserves rose by 4.7% to stand at N$ 30.9 billion at the end of December. Private sector credit extension growth slowed, however, standing at 6.7% in December, having gone down by 0.6%. Credit extension to businesses slowed to 6.5% from 7.6% in November, while credit extension to households dropped to 6.9% from 7%. Overdraft credit growth decreased to 10%, having dropped by 3.7%, while other loans and advances grew by 21.6%. Installment sales, however, continued to contract by a further 0.2%, standing at a contraction of 7.7% in December 2018, while growth in mortgage loans slowed to 6.5% compared to 6.6% in November.