WEEKLY market review
6 February to 12 February 2019
The local market remained subdued this week, with the NSX Local index down 0.11% at 618, and the NSX Overall Index down 2.11% to close at 1334. As of 12 February, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 11.6 billion, followed by Trustco Group with N$ 11 billion, Namibia Breweries with N$ 9.4 billion, and Capricorn Investment Group with N$ 8.2 billion. In terms of volume Trustco Group lead the market with N$ 4.8 million worth of shares traded, with Oryx Properties in second place with N$ 102 thousand worth of shares traded. The local currency lost 2.99% against the US Dollar, to close at N$ 13.77 per USD, and lost 2.54% against the British Pound, to close at N$ 17.75 per GBP. It closed at N$ 15.61 against the Euro, a loss of 2.25%.
Oryx Properties announced a renounceable rights Issue to unit holders of 15.7 million rights issue units, or 1 rights issue unit per 5 linked unit holders. Though this, Oryx plans to raise N$ 305 million, with which they aim to reduce their current gearing level of 43% down to 33% by settling debt, as well as preparing their balance sheet for investment opportunities in the Namibian property market. The reduction in finance charges will be distributed to unit holders, while the remaining capital raised will be applied to projects such as the development of the first phase of the Elisenheim convenience centre, construction of an industrial warehouse on an existing property, solar power installations and acquiring residential developments.
