The Namibian Stock Exchange (NSX) showed positive movement this week, with the NSX Local index edging up 0.13% to 680.6 and the NSX Overall Index posting a more substantial gain of 2.84% to reach 1807.7. As of July 28, 2024, FirstRand Namibia maintained its position as the largest local company on the exchange with a market capitalization of N$ 12.5 billion, followed by Capricorn Group at N$ 10.1 billion, Namibia Breweries at N$ 6.1 billion, and Mobile Telecommunications at N$ 5.7 billion. Trustco Group Holdings emerged as the top performer for the week, with its share price climbing 12.5% to close at N$ 0.36. Capricorn Group followed with a more modest gain of 0.7%, closing at N$ 19.45 per share. In terms of trading volume, Capricorn Group led the market with N$ 1.2 million worth of shares traded, closely followed by Standard Bank Namibia Holdings at N$ 1.1 million. On the currency front, the Namibian Dollar strengthened against major currencies, gaining 0.09% against the US Dollar to close at N$ 18.26, 0.51% against the British Pound to end at N$ 23.49, and 0.29% against the Euro, finishing at N$ 19.82.
Based on the latest tourism update for Namibia in June 2024, the country’s tourism sector is showing mixed signals. While the national occupancy rate declined to 47.3%, a drop of 13 percentage points from May and 3.9 percentage points year-over-year, passenger arrivals paint a more optimistic picture. June 2024 saw the highest number of arrivals for any June on record, with a 9.5% increase compared to the previous year. This divergence between occupancy rates and arrivals suggests a complex landscape for the industry. Despite the lower-than-expected June figures, there are reasons for cautious optimism. The average national occupancy rate for the first half of 2024 stands at 48%, marking the highest first-half performance since 2017. European tourists continue to dominate, comprising 51.5% of visitors, though this represents a decrease from May.
