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%.
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.