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Market Recap 2 Sep to 8 Sep 2020

Market Recap 2 Sep to 8 Sep 2020

The local market was active this week, with the NSX Local index up 1.05 at 454, and the NSX Overall Index down 3.32% at 1041. As at 8 September, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.7 billion, followed by Namibia Breweries with N$ 6.2 billion, FirstRand Namibia with N$ 6.17 billion, and Trustco Group with N$ 5.5 billion. Trustco Group lead the market this week with growth of 4.86% to close at N$ 3.45 per share, with Namibia Breweries in second place, closing at N$ 30.01 per share after growth of 3.3%. In terms of volume Capricorn Group lead the market with N$ 2.1 million worth of shares traded, with FirstRand Namibia in second place with N$ 1 million worth of shares traded. The local currency lost 1.88% against the US Dollar, to close at N$ 16.94 per USD, and gained 1.17% against the British Pound, to close at N$ 21.98 per GBP. It closed at N$ 19.94 against the Euro, a loss of 0.73%.

 

Market Recap local NSX index NSX Overall

 

Capricorn Group released its trading statement last week, and noted that its financial results will be significantly different from the prior period. The group notes three factors – the disposal of Cavmont Bank, materially higher impairment charges due to COVID-19, as well as the 275 reduction in the Repo rate this year – as the main causes of the difference. As a result, the market was informed that profit after tax for the group for continuing operations is expected to decrease by between 0% and 5%, and will decrease by between 10% and 20% if discontinued operations are taken into account. As such, both headline and basic earning will also decrease by between 10% and 20% for the full year ending 30 June 2020. The results are expected to be published on or about 17 September 2020.

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