WEEKLY market review
20 February to 26 February 2019
The local market was active this week, with the NSX Local index down 0.1% at 617, and the NSX Overall Index up 2.55% at 1366. As at 26 February, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 11.6 billion, followed by Namibia Breweries with N$ 9.4 billion, Capricorn Investment Group with N$ 8.1 billion, and Trustco Group with N$ 7.7 billion. In terms of volume Trustco Group lead the market with N$ 10.8 million worth of shares traded, with Namibia Breweries in second place with N$ 2 million worth of shares traded. The local currency gained 1.31% against the US Dollar, to close at N$ 13.86 per USD, and lost 0.16% against the British Pound, to close at N$ 18.38 per GBP. It closed at N$ 15.79 against the Euro, a gain of 0.87%.
Bidvest Namibia released its trading update, and notified shareholders that headline earnings for continuing operations to be between 90% and 95% higher, or between 5.24 cents per share to 5.40 cents per share. When including discontinued operations (that of Bidvest Namibia Fisheries Holdings, which has been sold to Tunacor Fisheries Limited) headline earnings is expected to be more than 100% higher, between 5.75 cents per share and 5.85 cents per share. For earnings per share, the results for continuing operations is also expected to be more than 100% higher, between 5.33 cents per share and 5.43 cents per share, but combined continuing operations and discontinued operations earning per share is expected to be between 45% and 50% lower, or between 6.37 cents per share and 6.97 cents per share.
