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Market Recap – 15 May to 21 May 2019

Market Recap – 15 May to 21 May 2019

The local market was active this week, with the NSX Local index down 0.19% at 631, and the NSX Overall Index down 2.55% at 1322. As at 21 May, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 10.8 billion, followed by Namibia Breweries with N$ 10 billion, Capricorn Investment Group with N$ 8.3 billion, and Trustco Group with N$ 7.8 billion. In terms of volume Capricorn Investment Group lead the market with N$ 3.5 million worth of shares traded, with FirstRand Namibia in second place with N$ 1.1 million worth of shares traded. The local currency lost 0.98% against the US Dollar, to close at N$ 14.38 per USD, and gained 0.54% against the British Pound, to close at N$ 18.28 per GBP. It closed at N$ 16.06 against the Euro, a loss of 0.55%.

Bidvest Namibia announced that following a general meeting, the required majority of Bidvest Namibia’s shareholders have voted to approve the delisting. As such, Bidvest Namibia will delist effective 11 June 2019, or at dates approved by the NSX and the Bank of Namibia. The board of directors have also received a statement from Bidvest Group that states that the acceptance date has now occurred in terms of the circular released on 25 April 2019, and that the offer as presented has now become unconditional and effective. Bidvest furthermore withdrew their cautionary announcement regarding this transaction.

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