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Market Recap 28 August to 3 September 2019

Market Recap 28 August to 3 September 2019

The local market was active this week, with the NSX Local index down 0.07% at 595, and the NSX Overall Index up 2.7% at 1197. As at 3 September, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.5 billion, followed by FirstRand Namibia with N$ 9 billion, Trustco Group with N$ 8.4 billion, and Capricorn Investment Group with N$ 8.3 billion. Trustco Group lead the market this week with growth of 9.7% to close at N$ 6.90 per share, while FirstRand Namibia took second place with growth of 0.03% to close at N$33.40 per share. In terms of volume Trustco Group lead the market with N$ 1.2 million worth of shares traded, with Nimbus Infrastructure in second place with N$ 226 thousand worth of shares traded. The local currency gained 1.31% against the US Dollar, to close at N$ 15.11 per USD, and gained 2.87% against the British Pound, to close at N$ 18.27 per GBP. It closed at N$ 16.58 against the Euro, a gain of 2.36%.

Letshego Holdings Namibia released their unaudited condensed consolidated interim results for the six months ended 30 June 2019 and revealed that total revenue increased by 4%, compared to a 17% increase at the corresponding time last year. Profit after tax increased by 2% to NAD 235 million, with earnings and headline earnings per share correspondingly increasing by 2% to 47c per share. Management indicated that while they expect economic conditions to remain challenging over the medium term, they will continue to expand their products within their inclusive finance agenda, and will continue to play their part in supporting economic recovery and resilience in Namibia.

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