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Market Recap 24 March to 30 March 2021

Market Recap 24 March to 30 March 2021

The local market was quite active this week, with the NSX Local index down 0.16% at 447, and the NSX Overall Index up 4.28% at 1351. As at 30 March, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 6.8 billion, followed by Namibia Breweries with N$ 6.44 billion, FirstRand Namibia with N$ 6.43 billion and Standard Bank Namibia with N$ 4.2 billion. Trustco Group lead the market this week with growth of 6.38% to close at N$ 2.50 per share, with Paratus Namibia in second place at N$ 12.00 per share after growth of 1.27%. In terms of volume Namibia Breweries lead the market with N$ 4.6 million worth of shares traded, with Paratus Nambia in second place with N$ 1.4 million worth of shares traded. The local currency dropped 0.19% against the US Dollar, to close at N$ 14.91 per USD, and dropped 0.1% against the British Pound, to close at N$ 20.49 per GBP. It closed at N$ 17.47 against the Euro, a gain of 0.94%.

 

Market Recap 30 March 2021 local NSX index Namibia Breweries FirstRand Standard Bank Trustco Paratus

 

Standard Bank Namibia released their consolidated financial results for the year ended 31 December 2020, revealing a 11.9% decline in net interest income, which is now N$ 1.17 billion, as a result of a 275 basis point decline in the repo rate. Net profit after tax also declined by 31.3% to N$ 613 million, with basic and headline earnings per share also declining to 81 cents per share from 122 cents the year before. Standard bank notes that Non-interest Revenue only declined by 5.6% to N$ 1.19 billion, while operating expenses only increased by 1%, with staff costs actually declining by 7.3%, but IFRS 9 forward-looking credit impairment increasing by 6.2% due to COVID-19. The board declared a dividend of 14c per share, down from 27c last year, with the date of payment set at 7 May 2021.

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