The local market was active this week, with the NSX Local index up 0.55% at 455, and the NSX Overall Index up 5.96% at 1415. As at 27 July, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 7.7 billion, followed by Namibia Breweries with N$ 6.8 billion, Capricorn Group with N$ 6.7 billion and Standard Bank Namibia with N$ 3.4 billion. Namibia Breweries lead the market this week with growth of 3.09% to close at N$ 33.00 per share, with Letshego Namibia in second place at N$ 1.75 per share after growth of 0.57%. In terms of volume Namibia Breweries lead the market with N$ 22.5 million worth of shares traded, with FirstRand Namibia in second place with N$ 21.8 million worth of shares traded. The local currency gained 0.84% against the US Dollar, to close at N$ 14.61 per USD, and gained 2.21% against the British Pound, to close at N$ 19.90 per GBP. It closed at N$ 17.21 against the Euro, a gain of 0.8%.
The International Monetary fund released its World Economic Update for July 20201, revealing that vaccine access will be the main dividing line for economic recovery worldwide. They project that the worldwide economy will grow by 6% this year, and 4.9% next year, but this growth is markedly split between areas with sufficient vaccine access and rollout, and those without. Advanced economies are expected to grow by 5.6%, with Emerging and Developing Asia projected to grow by 7.5%. India’s projections have been adjusted downwards by 3% due to the third wave the country experienced during the second quarter. Sub-Saharan Africa is only projected to grow by 3.4%, with Nigeria expected to grow by 2.5% and South Africa by 4%. They note that growth would be weaker than projected if the issues experienced with procuring and distributing vaccines in emerging market and developing economies result in lower vaccination levels than expected, as it could result in new variants spreading with higher risks of breakthroughs in vaccinated populations.