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Market Recap 8 September to 14 September 2021

Market Recap 8 September to 14 September 2021

The local market was quiet this week, with the NSX Local index up 0.3% at 466, and the NSX Overall Index down 1.17% at 1490. As at 14 September, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 8 billion, followed by Namibia Breweries with N$ 7 billion, Capricorn Group with N$ 6.6 billion and Standard Bank Namibia with N$ 3.4 billion. Letshego Holdings lead the market this week with growth of 17.65% to close at N$ 2.00 per share, with Trustco Group in second place, closing at N$ 1.65 per share after growth of 6.45%. In terms of volume Trustco Group lead the market with N$ 130 000 worth of shares traded, with Agra Ltd in second place with N$ 89 thousand worth of shares traded. The local currency lost 0.12% against the US Dollar, to close at N$ 14.32 per USD, and lost 0.25% against the British Pound, to close at N$ 19.77 per GBP. It closed at N$ 16.90 against the Euro, a gain of 0.19%.

 

 

Oryx Properties have announced their consolidated results for the year ending 30 June 2021, and revealed that their comprehensive loss for the year reduced to N$ 32.1 million from N$ 88.4 million the prior year. Net rental income increased by only 1% from 2020, to N$227.5 million, with rent concessions due to COVID-19 amounting to N$ 27.2 million for the year, with total concession since the start of the pandemic now at N$ 44.7 million. Oryx also recorded a fair value adjustment of negative N$ 95 million, as retail and residential valuation of its properties contracted by 3% and 7% respectively. Oryx is focused on strengthening their balance sheet via retention of tenants and cash preservation via prudent capital management and spending, as well as in-depth management of their debtors book, in order to ensure the long-term sustainability of the group.

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