The NSX showed little movement this week, with the Local index remaining unchanged at 687.6 points, while the Overall Index declined 0.57% to close at 1867.4 points. FirstRand Namibia maintained its position as the market leader as of November 3, with a market capitalization of N$12.5 billion. The banking sector continued to dominate the top tier, with Capricorn Group holding second place at N$10.4 billion. Namibia Breweries and Mobile Telecommunications rounded out the leading companies with market caps of N$6.0 billion and N$5.7 billion respectively. Trading activity was subdued, with Capricorn Group posting a marginal gain of 0.1% to close at N$20.05, while FirstRand Namibia edged up 0.04% to N$46.5. FirstRand dominated trading volumes with N$8.0 million worth of shares changing hands, followed by Capricorn Group with trades totaling N$3.5 million. On the currency front, the Namibian Dollar strengthened against major currencies, gaining 0.40% against the US Dollar to close at N$17.58 and advancing 0.44% against the British Pound to N$22.77. However, it weakened against the Euro, dropping 0.42% to end at N$19.13.
Private sector credit extension (PSCE) in Namibia showed moderate growth in September 2024, expanding by 0.57% month-on-month to reach N$114.62 billion. The annual growth rate stood at 3.03%, with credit extension to the private sector reaching N$3.37 billion over the past twelve months—nearly double the amount from the same period a year earlier. Individual borrowers led the expansion, accounting for N$1.90 billion of the total credit uptake, while corporate borrowing contributed N$1.47 billion. Breaking down the credit categories, instalment credit showed particularly strong performance with 14.72% year-on-year growth, while mortgage loans grew more modestly at 0.86%. Notably, overdrafts increased by 6.01% month-on-month but showed an annual decline of 7.75%. Corporate credit demand, though gradually increasing with positive growth across most categories, remains relatively subdued, while individual credit lines maintained steady growth across all categories.
