The local market was quiet this week, with the NSX Local index flat at 598, and the NSX Overall Index down 1.41% at 1169. As at 27 August, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.6 billion, followed by FirstRand Namibia with N$ 9 billion, Capricorn Investment Group with N$ 8.3 billion, and Trustco Group with N$ 7.6 billion. In terms of volume Namibia Breweries lead the market with N$ 317 thousand worth of shares traded, with Trustco Group in second place with N$ 316 thousand worth of shares traded. The local currency gained 0.2% against the US Dollar, to close at N$ 15.34 per USD, and lost 0.75% against the British Pound, to close at N$ 18.84 per GBP. It closed at N$ 17.01 against the Euro, a gain of 0.29%.
Capricorn Investment Group released their Reviewed Consolidated Group Financial Results for the year ended 30 June 2019 and revealed that profit after tax for the year has increased by 8.6% to N$ 1.015 billion. While basic earning per share increased by only 0.5% to 181.6c per share, headline earnings per share increased by 14.9% to 181.5c per share. With these results, Capricorn Investment Group’s profits exceeded N$ 1 billion for the first time. Management indicated that this was achieved despite the difficult market conditions – and that they expect these difficult conditions to persist as a result of the widespread impact of the prolonged drought. The group indicated that they will enhance their engagement with customers to find ways to mitigate these risks, while continuing to create value and contribute to positive change.