The local market was active this week, with the NSX Local index up 0.15% at 596, and the NSX Overall Index down 9.34% at 1073.
As at 10 March, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.7 billion, followed by FirstRand Namibia with N$ 8.9 billion, Capricorn Investment Group with N$ 8 billion, and Standard Bank Holdings Namibia with N$ 4.7 billion.
Capricorn Investment Group lead the market this week, with growth of 1.11% to close at N$ 15.45 per share, while FirstRand Namibia was second, closing at N$ 33.39 per share after growth of 0.18%. In terms of volume Capricorn Investment Group again lead the market with N$ 1.4 million worth of shares traded, with Namibia Breweries in second place with N$ 348 thousand worth of shares traded.
The local currency lost 2.49% against the US Dollar, to close at N$ 15.96 per USD, and lost 3.31% against the British Pound, to close at N$ 20.61 per GBP. It closed at N$ 18.06 against the Euro, a loss of 3.79%.
FirstRand Namibia released their unaudited interim group results for the period ended 31 December 2019, and revealed that revenue for the period increased by 6% to N$ 2.089 billion, while profit after tax increased 13.4% to N$ 619 million.
This resulted in earnings per share increasing by 13.4% to 236.9c per share, with headline earnings increasing 13.2% to 236.1c per share.
As a result, the group declared an interim dividend of 104c per share on 12 February 2020, with the ex-dividend date set on 30 March 2020, and dividend payment date on 17 April 2020.
The group noted that Namibia still faces structural challenges, and it believes domestic economic activity will remain under pressure. Nevertheless, they remain optimistic that the group’s strategies to deliver ongoing growth and superior returns is appropriate, and that FirstRand Namibia’s momentum will continue.