In the local market this week, the NSX Local index declined by 0.44% to reach 678.1, while the NSX Overall Index increased by 0.94% to reach 1624.8. As of November 28, 2023, FirstRand Namibia held the position as the largest local company on the exchange, boasting a market capitalization of N$ 13.4 billion. Following closely were Capricorn Group with N$ 8.8 billion, Namibia Breweries with N$ 6.6 billion, and Mobile Telecommunications with N$ 5.6 billion in market capitalization. Mobile Telecommunications demonstrated significant market performance this week, closing at N$ 7.51 per share with a growth of 0.13%. Oryx Properties secured the second position, closing at N$ 12.48 after a similar growth of 0.08%. In terms of trading volume, FirstRand Namibia led the market with N$ 2.5 million worth of shares traded, followed by Oryx Properties with N$ 0.1 million worth of shares traded. The local currency showed a 0.15% gain against the US Dollar, closing at N$ 18.59 per USD. Conversely, it experienced a 1.11% decline against the British Pound, closing at N$ 23.60 per GBP. Against the Euro, the local currency closed at N$ 20.43, marking a 0.59% decrease.
Private sector credit extension (PSCE) fell 0.33% month-on-month in September 2023 to N$111.3 billion on a normalized basis, bringing the annual growth rate to 1.59%, down from 2.27% in August. Over the past year, N$1.74 billion of net credit was extended, 54.2% less than the N$3.81 billion issued in the prior 12-month period. Breaking down September’s monthly change, credit to individuals declined 0.7%, although it rose 4.3% year-on-year. The largest monthly decrease was seen in personal loans and credit cards, down 4.7% month-on-month and slowing substantially from 14.9% annual growth in August to 7.8% in September. Mortgage lending was flat, edging up just 0.1% over the month but still up 3.2% over last year. Corporate credit uptake increased marginally by 0.2% month-on-month but contracted 2.1% from last September. Instalment credit to businesses rose 2.7% month-on-month. However, corporate mortgage loans extended losses, falling 1.0% month-on-month and 4.9% annually amidst the fifth straight month of declines, evidencing persistent weakness in credit demand.
