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Market Recap 9 Sep to 15 Sep 2020

Market Recap 9 Sep to 15 Sep 2020

The local market was quieted down this week, with the NSX Local index up 0.02% at 454, and the NSX Overall Index up 4.27% at 1102. As at 15 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$ 5.1 billion. Namibia Breweries lead the market this week with growth of 0.03% to close at N$ 30.01 per share. In terms of volume Capricorn Group lead the market with N$ 337 thousand worth of shares traded, with Namibia Breweries in second place with N$ 138 thousand worth of shares traded. The local currency gained 2.98% against the US Dollar, to close at N$ 16.43 per USD, and gained 3.69% against the British Pound, to close at N$ 21.17 per GBP. It closed at N$ 19.46 against the Euro, a gain of 2.41%.

Namibia Breweries released its trading statement last week, and noted that its operating profit will be between 25% and 35% lower than the prior period. The group notes that this decrease is mainly the result of the ban on alcohol sales in both Namibia and South Africa as both governments were trying to prevent the spread of COVID-19. As such, profit after tax for the company is expected to decrease by between 65% and 75%, with both headline and basic earning also decreasing by the same percentage. The results for the full year ending 30 June 2020 are expected to be published on or about 17 September 2020.

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