In the local market this week, the NSX Local index was up 0.19% at 514.5, and the NSX Overall Index was up 1.62% at 1620.5. As at 1 February 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, Mobile Telecommunications Limited with N$ 6.7 billion and Capricorn Group Limited with N$ 5.7 billion. Oryx Properties Limited lead the market this week, closing at N$ 8.56 per share after growth of 3.8%, with FirstRand Namibia Limited second, closing at N$ 29.50 after growth of 0.03%.
In terms of volume Letshego Holdings Namibia lead the market with N$ 4.0 million worth of shares traded, with FirstRand Namibia Limited in second place with N$ 0.9 million worth of shares traded. The local currency lost 0.32% against the US Dollar, to close at N$ 15.27 per USD, and lost 0.49% against the British Pound, to close at N$ 20.65 per GBP. It closed at N$ 20.65 against the Euro, a loss of 0.06%.
Trustco Group Holdings Ltd released its audited results for the 11 month period ending 31 August 2021, and revealed that revenue decreased by 49% to NAD 313 million for the period. Its loss after tax increased by 188% to a loss of NAD 988 million, with its headline loss per share increasing by 156% to 48.81 cents and basic loss per share increasing by 178% to a loss per share of 55.55 cents. Trustco’s Group Managing Director, Dr Quinton van Rooyen noted, “This has been one of the most challenging years for our investee companies, specifically due to the COVID-19 pandemic, and the associated macroeconomic situation they found themselves in. We say this not in mitigation, but to record this fact into the historical record.“ Dr van Rooyen expanded on that, noting, “In the upcoming year, the group will reach even more records. We expect to have 30 years of consecutive unmodified audit reports – a record for the group. For the first time, the group plans to monetise one of its major foreign investments, maintaining only a minority interest in its mining activities in Sierra Leone. The value of that transaction, amounting to USD 150 million, will be more than the group’s current market capitalisation – another record!”
“With Trustco’s complete combination of motivated staff, exceptional assets, substantial reserves and the experience of its management team to withstand the harshest of economic cycles, a return to growth is not only inevitable – it is expected! With only a little bit of optimism, in both our region and our country, and soon our many investors interest in Trustco and its investee companies will once again reflect its intrinsic value. To our stakeholders and employees – thank you as well! Your pain is our pain! Only with you supporting and vigorously enabling these changes can Trustco remain the beacon for sustainable wealth creation in Africa. The only thing that has ever changed the world, is a small group of thoughtful people taking action,” he concluded.
