In the local market this week, the NSX Local index was down 0.02% at 502.4, and the NSX Overall Index was down 1.96% at 1663.4. As at 22 November 2022, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.5 billion, followed by FirstRand Namibia with N$ 8.3 billion, Capricorn Group with N$ 6.7 billion and Mobile Telecommunications with N$ 5.3 billion. In terms of volume Capricorn Group lead the market with N$ 1.0 million worth of shares traded, with Oryx Properties in second place with N$ 0.9 million worth of shares traded. The local currency gained 0.29% against the US Dollar, to close at N$ 17.26 per USD, and remained stable against the British Pound, to close at N$ 20.53 per GBP. It closed at N$ 17.80 against the Euro, a gain of 0.63%.
Namibia Asset Management released their reviewed financial results for the year ended 30 September 2022, revealing that their operating profit declined by 15% to NAD 15 million, while comprehensive income declined by 21.5% to NAD 11 million. Despite this, their board declared an ordinary dividend of 6c per share. Management noted that their current challenges are likely to persist, with a possibility of a recession on the horizon. They remain optimistic about the long-term prospects of their client portfolios, and will take advantage of all opportunities in the wake of a sell-off in the global markets. Both basic and headline earnings per share declined by 21.5% to 6.92c per share, with Net Asset Value per share declining by 6.2% to 19.08c per share.
