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Market Recap 30 Sep to 6 Oct 2020

Market Recap 30 Sep to 6 Oct 2020

 

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%.

 

Market Recap NSX Local index

 

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.

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