The Namibian Stock Exchange (NSX) demonstrated resilience this week, with the Local index climbing 0.33% to 690.6 points and the Overall Index advancing 0.44% to reach 1853.1 points. As of December 1, 2024, FirstRand Namibia maintains its position as the market’s most substantial local entity, boasting a market capitalization of N$12.5 billion, followed closely by Capricorn Group at N$10.6 billion, with Namibia Breweries and Mobile Telecommunications rounding out the top four. Trustco Group Holdings emerged as the week’s standout performer, experiencing a 3.0% share price increase to close at N$0.34, with Capricorn Group following with a 1.7% gain to N$20.5. Trading volume was dominated by Standard Bank Namibia Holdings, which saw N$37.0 million in shares exchanged, significantly outpacing Capricorn Group’s N$1.1 million. On the currency front, the Namibian Dollar showed mixed performance, gaining 0.65% against the US Dollar to close at N$18.00, while experiencing losses of 0.75% against the British Pound and 0.90% against the Euro, settling at N$22.87 and N$19.05 respectively.
Windhoek’s construction market has shown remarkable resilience in October 2024, with building plan approvals surging significantly compared to previous months. The residential sector emerged as a particular bright spot, with building plan approvals increasing 59.1% year-on-year and the value of approved residential units jumping an impressive 104.9%. This substantial growth indicates renewed confidence in the local property development landscape. Property additions have similarly performed strongly, with year-to-date volumes growing 4.7% and values increasing by 19.6%. The total number of building plans approved reached 1,640, valued at N$1.76 billion, representing a modest 0.7% increase in approvals and a more substantial 31.9% rise in total value compared to the same period in 2023. This financial performance suggests underlying strength in the construction sector despite broader economic challenges. The month of October specifically witnessed a significant uptick in activity, with 217 building plans approved compared to just 131 in the previous month. While the value of these approvals experienced a decline, the increased volume of approvals—particularly in residential developments—signals potential for continued growth and investment in Windhoek’s real estate and construction markets.
