The Namibian stock market experienced mixed performance this week, with the NSX Local index inching up 0.06% to 674.2, while the broader NSX Overall Index dipped 2.73% to 1504.7. As of March 19, 2024, FirstRand Namibia maintained its position as the largest local company on the exchange, boasting a market capitalization of N$ 13.3 billion, trailed by Capricorn Group at N$ 9.1 billion, Namibia Breweries at N$ 6.2 billion, and Mobile Telecommunications at N$ 5.9 billion. Trustco Group Holdings emerged as the week’s top performer, closing at N$ 0.40 per share after a 2.6% gain, while Standard Bank Namibia Holdings followed closely, closing at N$ 8.55 after a 0.6% increase. In terms of trading volume, FirstRand Namibia led the market with N$ 1.73 million worth of shares traded, with Standard Bank Namibia Holdings taking the second spot with N$ 1.72 million worth of shares changing hands. On the currency front, the local Namibian dollar lost ground against major international currencies. It shed 1.28% against the US Dollar, closing at N$ 18.90 per USD, and declined 0.71% against both the British Pound and the Euro, closing at N$ 24.04 per GBP and N$ 20.53 per EUR, respectively.
Namibia’s trade deficit widened to N$1.8 billion in January 2024, a deterioration from the N$885 million deficit recorded in December 2023, but an improvement compared to the N$3.0 billion deficit observed in January 2023. Export earnings increased by 9.4 percent to N$12.0 billion from N$10.9 billion in the previous month. Simultaneously, the import bill rose by 16.3 percent to N$13.8 billion from N$11.8 billion in December 2023, contributing to the worsened trade deficit. The monthly export growth was driven by a N$3.1 billion increase in uranium exports, a N$189 million rise in ‘Civil engineering and contractors’ and equipment’ exports, a N$181 million increase in ‘Ores and concentrates of base metals’ exports, a N$172 million surge in ‘Nickel ores and concentrates’ exports, and a N$164 million uptick in fish exports. On the import side, the primary contributors were a N$2.9 billion increase in ‘Copper ores and concentrates’ imports, a N$282 million rise in inorganic chemical elements imports, a N$185 million increase in motor cars for the transportation of persons imports, a N$118 million rise in ‘Civil engineering and contractors equipment’ imports, and a N$113 million surge in ‘Nickel ores and concentrates’ imports. China emerged as Namibia’s main export destination, accounting for 29.0 percent of total exports, while South Africa occupied the top position as the country’s primary source of imports, with a 25.4 percent share.
