The local market was active this week, with the NSX Local index down 5.59% at 450, and the NSX Overall Index down 3.68% at 1053. As at 1 September, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.7 billion, followed by FirstRand Namibia with N$ 6.2 billion, Namibia Breweries with N$ 6 billion, and Trustco Group with N$ 5.3 billion. FirstRand Namibia lead the market this week with growth of 0.17% to close at N$ 23.05 per share, with Stimulus Investments in second place, closing at N$ 129.91 per share after growth of 0.09%. In terms of volume Namibia Breweries lead the market with N$ 36.2 million worth of shares traded, with Stimulus Investments in second place with N$ 2 million worth of shares traded. The local currency gained 1.26% against the US Dollar, to close at N$ 16.62 per USD, and lost 0.45% against the British Pound, to close at N$ 22.24 per GBP. It closed at N$ 19.80 against the Euro, a gain of 0.62%.
The Bank of Namibia released its Money and Banking Statistics for July 2020, and revealed that growth in private sector credit extension decreased during the month, standing at 2.3%, a 0.5% decrease from the previous month. The lower growth was due to decreased borrowings from households during the month, with household debt increasing by 4.9% for the month, down from 8.1% in June, and corporates contracting by 1.1%, up from 3.6% contraction in June. Overdraft credit contracted by 1.4%, down from the 0.8% growth during June, while Instalment credit contracted by 8.5%, with mortgage loans increasing to 2.2%, up by 0.4% from the previous month.