In the local market this week, the NSX Local index was up 0.11% at 470.2, and the NSX Overall Index was up 2.62% at 1518.2. As at 26 July 2022, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 8.3 billion, followed by FirstRand Namibia Limited with N$ 8.2 billion, Capricorn Group Limited with N$ 5.7 billion and Mobile Telecommunications Limited with N$ 5.6 billion. Agra Ltd lead the market this week, closing at N$ 2.4 per share after growth of 4.3%, with SBN Holdings Ltd second, closing at N$ 11 after growth of 2.4%. In terms of volume Namibia Breweries lead the market with N$ 1.2 million worth of shares traded, with Letshego Holdings Namibia in second place with N$ 1.1 million worth of shares traded. The local currency gained 0.90% against the US Dollar, to close at N$ 16.92 per USD, and gained 0.64% against the British Pound, to close at N$ 20.34 per GBP. It closed at N$ 20.34 against the Euro, a gain of 1.98%.
The International Monetary Fund released their World Economic Outlook Update, revealing that global growth is now projected to only reach 3.2%, 0.4% down from projections in April 2022. This is the result of a 1.4% downward revision of growth for the United States to 2.3%, as well as a 1.1% downward revision for China, to 3.3%. Global inflation has been revised up due to food and energy prices as well as lingering supply-demand imbalances, and is anticipated to reach 6.6 percent in advanced economies and 9.5 percent in emerging market and developing economies this year. In 2023, disinflationary monetary policy is expected to bite, with global output growing by just 2.9 percent. However, South Africa’s growth has been adjusted upwards by 0.4%, to 2.3% growth expected in 2022.