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Market Recap – Weekly market review – 31 July to 6 August 2019

Market Recap – Weekly market review – 31 July to 6 August 2019

The local market was active this week, with the NSX Local index down 0.1% at 606, and the NSX Overall Index down 4.84% at 1216. As at 6 August, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10 billion, followed by FirstRand Namibia with N$ 9 billion, Trustco Group with N$ 8.5 billion, and Capricorn Investment Group with N$ 8.3 billion. In terms of volume Capricorn Investment Group lead the market with N$ 1.4 million worth of shares traded, with Trustco Group in second place with N$ 0.3 million worth of shares traded. The local currency lost 5.13% against the US Dollar, to close at N$ 14.94 per USD, and lost 5.27% against the British Pound, to close at N$ 18.17 per GBP. It closed at N$ 16.74 against the Euro, a loss of 5.61%.

Private Sector Credit Extension was 7.8% in June 2019, dropping from the 8.3% experienced in May 2019. Over the last 12 months, approximately N$ 6.9 billion credit was extended to the private sector, with N$ 4 billion extended to individuals and N$ 2.9 billion to corporates. Individuals in particular showed rapid growth in short-term debt uptake, compared to mortgages and instalment sales which contracted. Corporate overdraft facilities decreased, while corporate mortgages increased, with instalment sales still contracting and remaining depressed. From the data it appears that tough economic conditions will continue to persist, with businesses facing headwinds with slow economic growth and lower consumer spending.

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