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Market Recap 2 February to 8 February 2022

Market Recap 2 February to 8 February 2022

In the local market this week, the NSX Local index was flat at 514.5, and the NSX Overall Index was up 1.72% at 1658.8. As at 8 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$ 6.4 billion and Capricorn Group Limited with N$ 5.7 billion. Trustco Group Holdings Limited lead the market this week, closing at N$ 1.35 per share after growth of 15.4%, with Agra Ltd second, closing at N$ 1.93 after growth of 4.3%. In terms of volume FirstRand Namibia Limited lead the market with N$ 1.2 million worth of shares traded, with Mobile Telecommunications Limited in second place with N$ 0.7 million worth of shares traded. The local currency lost 1.18% against the US Dollar, to close at N$ 15.45 per USD, and lost 1.36% against the British Pound, to close at N$ 20.93 per GBP. It closed at N$ 20.93 against the Euro, a loss of 2.54%.

Capricorn Group Limited released their trading statement this week, and revealed that profit after tax for the six months ending 31 December 2021 would increase by between 20% and 25%, with headline earnings and earnings per share were expected to increase by between 30% and 35% and 35% and 40% Respectively. The group noted that during the six month reporting period, it had benefitted from an improved operating environment and more relaxed COVID-19 restrictions. This decreased the group’s impairment charges and improved its non-interest income. The disposal of the group’s Zambian operations resulted in those losses not recurring in this period as well, boosting profitability.

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