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Market Recap 22 to 28 March 2023

Market Recap 22 to 28 March 2023

The NSX Local and NSX Overall indexes experienced gains in the local market this week, with the former up by 4.10% and the latter up by 1.31%, closing at 546.3 and 1580.5, respectively. As of 28 March 2023, Namibia Breweries emerged as the leading local company on the exchange with a market capitalization of N$ 9.5 billion, followed closely by FirstRand Namibia with N$ 9.4 billion, Capricorn Group with N$ 7.2 billion, and Mobile Telecommunications with N$ 5.3 billion. Standard Bank Namibia Holdings led the market this week with impressive growth of 62.5%, closing at N$ 8.45 per share, while Trustco Group Holdings came in second with a closing of N$ 0.56 per share after growth of 36.6%. In terms of trading volume, FirstRand Namibia took the top spot with N$ 2.9 million worth of shares traded, followed by Namibia Breweries with N$ 1.5 million worth of shares traded. On the currency front, the local currency performed well, gaining 2.19% against the US Dollar to close at N$ 18.14 per USD, and 1.19% against the British Pound to close at N$ 22.38 per GBP. Against the Euro, the currency closed at N$ 19.67, representing a gain of 1.50%.

Namibia’s latest inflation figures for February 2023 have been released by the Namibia Statistics Agency. Annual inflation has increased to 7.2%, compared to 4.5% in the same period last year, but is lower than January 2023’s 6.9%. The surge in the price index is attributed to the rise in prices of Food and non-alcoholic beverages, accounting for 2.6% of the increase, as well as Transport, accounting for 1.5% of the increase. Inflation in Zone 1 (Otjozondjupa, Kunene, Oshana, Omusati, Oshikoto, Ohangwena, Kavango East, Kavango West and Zambezi) increased to 7.6%, compared to 7.4% last month, while Zone 2 (Khomas) recorded inflation of 6.7%, up from 6.5% last month. In Zone 3 (Omaheke, Hardap, Karas and Erongo), inflation rose to 7.3% compared to 7.1% last month.

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