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Market Recap – 2 October to 8 October 2019

Market Recap – 2 October to 8 October 2019

The local market was Quiet this week, with the NSX Local index down 0.05% at 620, and the NSX Overall Index down 0.68% at 1235. As at 8 October, Trustco Group was the largest local company on the exchange, with market capitalization of N$ 11.5 billion, followed by Namibia Breweries with N$ 10 billion, FirstRand Namibia with N$ 8.9 billion, and Capricorn Investment Group with N$ 8.3 billion. Namibia Breweries lead the market this week with growth of 2.55% to close at N$ 48.34 per share, with Agra Ltd in second place with growth of 0.62% to close at N$ 1.63 per share. In terms of volume Namibia Breweries lead the market with N$ 1.1 million worth of shares traded, with Trustco Group in second place with N$ 554 thousand worth of shares traded. The local currency gained 0.27% against the US Dollar, to close at N$ 15.28 per USD, and gained 1.01% against the British Pound, to close at N$ 18.67 per GBP. It closed at N$ 16.74 against the Euro, a gain of 0.04%.

The Bank of Namibia released their Quarterly Bulletin, and revealed that Namibia’s external balance sheet recorded a lower net liability position – down to N$ 2.7 billion from N$ 10.7 billion just a year before. During the past year, foreign assets grew faster than foreign liabilities. The rise in foreign assets was due to an increase in direct investment abroad – mainly by Namibian companies in the financial sector abroad. Foreign liabilities declined during the quarter as direct investment reduced as a result of the repayment of loans by companies in the mining sector. Mining and quarrying still represents the majority of direct investment at 53.8% with financial services the runner-up with 26.6%. In terms of countries investing in Namibia, China leads the pack with 38.8% of direct investment, while South Africa the runner-up with 33.7%.

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