WEEKLY market review
5 December to 11 December 2018
The local market was active this week, with the NSX Local index down 0.05% at 619, and the NSX Overall Index down 4.53% to close at 1234. As at 11 December, Trustco Group was the largest local company on the exchange, with market capitalization of N$ 12.65 billion, followed by FirstRand Namibia with N$ 11.6 billion, Namibia Breweries with N$ 9.5 billion, and Capricorn Investment Group with N$ 8 billion. Trustco Group lead the market this week, with growth of 17.83% to close at N$ 12.95 per share. In terms of volume Namibia Breweries with lead the market with N$ 21 million worth of shares traded, with Trustco Group in second place with N$ 8.5 million worth of shares traded. The local currency lost 3.49% against the US Dollar, to close at N$ 14.33 per USD, and lost 1.65% against the British Pound, to close at N$ 17.90 per GBP. It closed at N$ 16.28 against the Euro, a drop of 3.61%.
Nictus Holdings released their interim financial statements for the six months ended 30 September 2018, showing a drop in revenue of 6% to N$ 406.7 million and a 13% reduction in net profit to N$ 1.8 million compared to the six months ended September 2017. As a result, basic earnings per share was reduced from 3.89c per share to 3.39c per share. Management noted that while retail revenue had declined and made a loss for the first six months, results are improving, despite continued contraction in the motor industry. They also noted that while property revenues had declined slightly, their insurance and finance segment had performed within expectations.