The local market was quiet this week, with the NSX Local index down 0.06% at 465, and the NSX Overall Index up 0.79% at 1083. As at 6 October, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.7 billion, followed by Namibia Breweries with N$ 6.7 billion, FirstRand Namibia with N$ 6.2 billion, and Trustco Group with N$ 5.1 billion. FristRand Namibia lead the market this week with growth of 0.09% to close at N$ 23.06 per share. In terms of volume FirstRand Namibia again lead the market with N$ 2.8 million worth of shares traded, with Namibia Breweries in second place with N$ 1.2 million worth of shares traded. The local currency gained 0.88% against the US Dollar, to close at N$ 16.72 per USD, and gained 0.74% against the British Pound, to close at N$ 21.54 per GBP. It closed at N$ 19.62 against the Euro, a gain of 0.96%.
The Bank of Namibia released its Money and Banking Statistics for August 2020, and revealed that growth in private sector credit extension increased during the month, standing at 2.6%, a 0.3% increase from the previous month. The slow growth was due to decreased borrowings from households during the month, with household debt increasing by 4.3% for the month, down from 4.9% in July, and corporates growing by 0.4%, up from 1.1% contraction in July. Overdraft credit grew by 6%, up from the 1.4% contraction during June, while Instalment credit contracted by 8.3%, with mortgage loans decreasing to 1.7%, down by 0.5% from the previous month.