The local market was quiet this week, with the NSX Local index down 0.56% at 466, and the NSX Overall Index down 4.55% at 1051. As at 29 September, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.8 billion, followed by Namibia Breweries with N$ 6.7 billion, FirstRand Namibia with N$ 6.2 billion, and Trustco Group with N$ 5.1 billion. Paratus Namibia lead the market this week with growth of 0.46% to close at N$ 11 per share, with Capricorn Group in second place, closing at N$ 13.05 per share after growth of 0.23%. In terms of volume Paratus Namibia lead the market with N$ 18.3 million worth of shares traded, with Namibia Breweries in second place with N$ 16.3 million worth of shares traded. The local currency lost 0.48% against the US Dollar, to close at N$ 16.87 per USD, and lost 1.50% against the British Pound, to close at N$ 21.70 per GBP. It closed at N$ 19.81 against the Euro, a loss of 0.8%.
Capricorn Group announced that the Global Credit Rating Company has reviewed its ratings for both Capricorn as well as Bank Windhoek. Capricorn´s Namibian long and short-term issuer ratings were affirmed at AA-(NA) and A1+(NA), and given a Stable outlook, with Bank Windhoek´s Namibian long and short-term issuer ratings affirmed as well at AA(NA)and A1+(NA), also with a Stable outlook. However, Bank Windhoek’s South African national scale long-term issuer rating has been adjusted upwards to A(ZA), from A-(ZA), now with a Stable outlook as well. The stable outlook is based on Capricorn’s strong market position, and assets that are expected to hold up well under difficult operating conditions. GCR also considers Capricorn’s revenue streams to be diversified enough to blunt the impact that Covid-19 pandemic will have on its earnings, and will support capital generation.