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Market Recap for 17 July to 23 July 2019

Market Recap for 17 July to 23 July 2019

The local market was quiet this week, with the NSX Local index flat at 611, and the NSX Overall Index down 0.21% at 1346. As at 23 July, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10 billion, followed by FirstRand Namibia with N$ 9.3 billion, Trustco Group with N$ 8.7 billion, and Capricorn Investment Group with N$ 8.3 billion. In terms of volume Capricorn Investment Group lead the market with N$ 1.6 million worth of shares traded, with Trustco Group in second place with N$ 422 thousand worth of shares traded. The local currency gained 0.07% against the US Dollar, to close at N$ 13.94 per USD, and lost 0.17% against the British Pound, to close at N$ 17.34 per GBP. It closed at N$ 15.54 against the Euro, a gain of 0.60%.

Trustco Group announced that it received a letter from the National Minerals Agency of Sierra Leone on 19 July 2019, confirming that a large scale mining licence has been approved for Meya Mining. As such, it announced that Meya Mining will now focus on transitioning from exploration to commercial production, with the initial depletion target being 360 000 tonne per annum or 200 000 carats per annum. In addition, Meya Mining will continue with its estimated 16 remaining exploration phases in its resource development programme to define the mining resource in full.

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