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Market Recap 5 January to 11 January 2022

Market Recap 5 January to 11 January 2022

In the local market this week, the NSX Local index was down 0.36% at 527.4, and the NSX Overall Index was up 2.05% at 1644.2. As at 11 January 2022, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10.2 billion, followed by FirstRand Namibia Limited with N$ 7.9 billion, Capricorn Group Limited with N$ 6.7 billion and Mobile Telecommunications Limited with N$ 6.7 billion. In terms of volume Letshego Holdings lead the market with N$ 0.2 million worth of shares traded, with Oryx Properties Limited in second place with N$ 0.1 million worth of shares traded. The local currency gained 2.49% against the US Dollar, to close at N$ 15.61 per USD, and gained 1.71% against the British Pound, to close at N$ 21.28 per GBP. It closed at N$ 21.28 against the Euro, a gain of 1.80%.

The Namibia Statistics Agency released the third quarter GDP figures for Namibia, and revealed that the economy grew by 2.4% during the third quarter, compared with a 12.3% contraction for the same period last year. They noted that the lockdown last year has resulted in a lower than usual baseline for the economy and most sectors. Nevertheless, the growth was led by the Mining and Quarrying sector, which grew by 41.9%, with the Hotels and Restaurants Sector growing by 19.5%. The Health (7.3%), Agriculture and Forestry (5.9%), Transport and Storage (5.6%) and the Real Estate and Professional Services Sectors (4.2%) also posted strong growth. Unfortunately, the Construction (-43.7%), Financial services (-10.9%) and Manufacturing Sectors (-2.6%) showed contractions. In terms of real GDP, the economy grew by N$ 0.77 billion year-on-year.

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