The local market was quiet this week, with the NSX Local index down 0.32% at 436, and the NSX Overall Index down 1.42% at 1239. As at 2 February Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.7 billion, followed by Namibia Breweries with N$ 6.3 billion, FirstRand Namibia with N$ 6.2 billion and Trustco Group with N$ 4.8 billion. Trustco Group lead the market this week with growth of 0.33% to close at N$ 3.01 per share. In terms of volume Namibia Breweries lead the market with N$ 1 million worth of shares traded, with Trustco Group in second place with N$ 70 thousand worth of shares traded. The local currency gained 0.66% against the US Dollar, to close at N$ 14.96 per USD, and gained 1.16% against the British Pound, to close at N$ 20.44 per GBP. It closed at N$ 18.01 against the Euro, a gain of 1.62%.
Trustco Group released its reviewed results for the 18 month period ending 30 September 2020, and revealed that not only had its revenue decreased by 57% to N$ 618 million, profit after tax also decreased by 160% to a N$ 305 million loss, with headline earnings similarly decreasing by 146% to a N$ 254 million loss. As a result, earnings per share decreased by 131% and headline earnings decreased by 130% to a 19.95 and 19.06 loss per share respectively. Net cash used in operating activities, however, increased by 229% to NAD 192 million. The group stated that no dividends had been declared, and that the audited annual financial statements would be released on or before 28 February 2021.
