The local market was reasonably active this week, with the NSX Local index down 0.26% at 626, and the NSX Overall Index up 3.65% at 1374. As at 11 June, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 10.4 billion, followed by Namibia Breweries with N$ 10 billion, Trustco Group with N$ 8.7 billion, and Capricorn Investment Group with N$ 8.3 billion. Trustco Group lead the market this week with growth of 3.49% to close at N$ 8.90 per share, with Letshego Holdings Namibia in second place with growth of 0.82% to close at N$ 3.70 per share. In terms of volume Trustco Group lead the market with N$ 4.2 million worth of shares traded, with Capricorn Investment Group in second place with N$ 661 thousand worth of shares traded. The local currency gained 0.14% against the US Dollar, to close at N$ 14.66 per USD, and lost 0.11% against the British Pound, to close at N$ 18.66 per GBP. It closed at N$ 16.61 against the Euro, a loss of 0.55%.
The Monetary Policy Committee of the Bank of Namibia announced that the repo rate would be left unchanged at 6.75%. This was done on the back of economic news that the domestic economy slowed during the first four months of 2019 compared to last year, specifically in mining, agriculture, construction and wholesale and retail trade, with the economy forecasted to remain weak during 2019. Growth in private sector credit extension increased, however, with an average growth of 6.4% during the first four months of the year, and ending at 7% at the end of April. As at end of May, the country’s international reserves stood at N$ 34.1 billion, enough to cover 5.6 months of imports.