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Market Recap 2 Feb 2021

Market Recap 2 Feb 2021

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%.

 

Market Recap 2021 local NSX Local

 

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.

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