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MARKET RECAP – 24 April to 30 April 2019

MARKET RECAP – 24 April to 30 April 2019

The local market was active this week, with the NSX Local index down 0.94% at 629, and the NSX Overall Index down 2.18% at 1372. As at 30 April, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 10.7 billion, followed by Namibia Breweries with N$ 10 billion, Capricorn Investment Group with N$ 8.3 billion, and Trustco Group with N$ 8.2 billion.Letshego Holdings lead the market this week with growth of 0.26% to close at N$ 3.82 per share, with Capricorn Investment Group in second place, closing at N$ 16.01 per share after growth of 0.06%. In terms of volume Capricorn Investment Group lead the market with N$ 6.4 million worth of shares traded, with Namibia Breweries in second place with N$ 2.9 million worth of shares traded. The local currency lost 0.21% against the US Dollar, to close at N$ 14.33 per USD, and lost 0.97% against the British Pound, to close at N$ 18.68 per GBP. It closed at N$ 16.07 against the Euro, a loss of 0.09%.
Bidvest Group previously announced that they intend to make an offer to acquire all outstanding shares in Bidvest Namibia not owned by them by way of a take-over scheme, subject to conditions. They offered a cash-only price of N$ 10.50 per share of Bidvest Namibia. The offer is conditional to a De-Listing resolution being passed by a majority of Bidvest Namibia’s minority shareholders. Bidvest Namibia announced this week that a circular has been released relating to this offer, with this circular having been posted to Bidvest shareholders on 25 April 2019. A General Meeting has been called for 17 May 2019 to vote on the De-Listing resolution. Furthermore, E&Y released a fair and reasonable opinion on the circular, stating that a valuation of the shares are in the range of N$ 8.95 to N$9.45 per share.

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