In the local market during the past week, the NSX Local Index experienced a notable upturn, closing with a 0.74% gain at 670.2 points, while the NSX Overall Index saw a more significant increase, rising by 5.18% to reach 1587.6 points. As of November 7, 2023, FirstRand Namibia took the lead as the largest local company listed on the exchange, boasting a market capitalization of N$13.4 billion. Following closely was Capricorn Group with N$8.6 billion, Namibia Breweries with N$6.6 billion, and Mobile Telecommunications with N$5.4 billion. During the week, Standard Bank Namibia Holdings emerged as the top performer in the market. The company’s shares closed at N$8, representing an impressive growth rate of 5.3%. In the second position, Mobile Telecommunications saw a more modest increase, closing at N$7.19 after a 0.1% growth. In terms of trading volume, FirstRand Namibia took the lead, with a substantial N$6.0 million worth of shares traded. Oryx Properties secured the second position with N$1.7 million worth of shares traded. There seems to be a renewed interest in Trustco Group’s shares. The local currency encountered some fluctuations in the exchange market. The Namibian Dollar depreciated by 5.22% against the US Dollar, closing at N$19.62 per USD. Additionally, it experienced a more significant loss of 6.44% against the British Pound, concluding at N$24.12 per GBP. In contrast, the local currency managed a modest gain of 0.40% against the Euro, ending at N$19.64 per EUR.
The Namibia Statistics Agency recently released the Trade Statistics Bulletin for September 2023. According to the report, Namibia’s trade balance in September 2023 showed a deficit of N$3.3 billion. This marked a notable change from the N$4.9 billion surplus in August 2023 and the N$2.6 billion deficit recorded in September 2022. In terms of export earnings, September 2023 witnessed a 5.3 percent increase from N$7.4 billion in August 2023 to N$7.8 billion. Conversely, the import bill for September saw a substantial decrease of 9.6 percent compared to the previous month, totaling N$12.3 billion. The significant monthly increase in exports of goods was primarily attributed to specific categories. Uranium, for instance, increased by N$1.3 billion. Additionally, there were increases in petroleum oils (N$167 million), telecommunications equipment (N$88 million), motor vehicles for the transport of goods (N$83 million), and inorganic chemical elements (N$81 million). On the import side, the notable monthly decrease in imports of goods was primarily due to specific categories. Notably, vessels decreased by N$435 million, while rotating electric plant and precious stones (diamonds) declined by N$400 million and N$282 million, respectively. Other notable decreases included motor vehicles for the transport of goods (N$125 million) and tubes and pipes of iron or steel (N$121 million). South Africa emerged as Namibia’s top export destination, accounting for 20.6 percent of exports, while also holding the first position with a 40.2 percent share of imports. Furthermore, the mode of transportation played a crucial role, with 34.9 percent of total exports leaving the country by air, while road transport represented 58.4 percent of all goods imported into Namibia.
