The local market stayed was quiet this week, with the NSX Local index up 0.28% at 444, and the NSX Overall Index up 0.01% at 1366. As at 27 April, Capricorn Group was the largest local company on the exchange, with market capitalization of N$ 7 billion, followed by FirstRand Namibia with N$ 6.6 billion, Namibia Breweries with N$ 6.2 billion and Trustco Group with N$ 3.4 billion. Nictus Holdings Namibia lead the market this week with growth of 10% to close at N$ 1.75 per share, with Agra Ltd in second place at N$ 1.76 per share after growth of 1.73%. In terms of volume Trustco Group lead the market with N$ 221 thousand worth of shares traded, with Agra Ltd in second place with N$ 102 thousand worth of shares traded. The local currency lost 0.52% against the US Dollar, to close at N$ 14.37 per USD, and lost 0.25% against the British Pound, to close at N$ 19.98 per GBP. It closed at N$ 17.38 against the Euro, a loss of 0.99%.
The IMF has announced its latest growth projections for the world economy, indicating that economic growth worldwide is expected to be 6% in 2021, before slowing to 4.4% in 2022. This is the result of additional fiscal support in large economies, and is anticipating a vaccine-powered recovery in the last half of the year. There is still a high uncertainty surrounding the recovery, however, as its depends on whether new COVID-19 strains are susceptible to vaccines, and whether they prolong the pandemic. Per the projections, Sub-Saharan Africa can expect economic growth of 3.4% in 2021, and 4% in 2022, with South Africa projected to grow by 3.1% in 2021 and 2% in 2022.