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Market Recap 24 July to 30 July 2019

Market Recap 24 July to 30 July 2019

The local market was active this week, with the NSX Local index down 0.64% at 607, and the NSX Overall Index down 4.03% at 1299. As at 30 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 billion, Trustco Group with N$ 8.5 billion, and Capricorn Investment Group with N$ 8.3 billion. Oryx Properties lead the market this week, with growth of 3.28% to close at N$ 20.14 per share. In terms of volume FirstRand Namibia lead the market with N$ 2.8 million worth of shares traded, with Namibia Breweries in second place with N$ 1.3 million worth of shares traded. The local currency lost 1.97% against the US Dollar, to close at N$ 14.21 per USD, and gained 0.46% against the British Pound, to close at N$ 17.25 per GBP. It closed at N$ 15.85 against the Euro, a loss of 2.01%.

The IMF in its latest economic update forecast global growth to slow to 3.2% in 2019, before picking up to 3.5% in 2020. They said global growth remains subdued due to the escalating trade war between the United States and China, as well the interruption of global technology supply chains due to US sanctions. While global growth is expected to tick upwards in 2020, this growth will be limited to emerging markets and developing economies, as advanced economies are expected to drop from its 2.2% 2018 growth to 1.9% in 2019, and 1.7% in 2020. In Sub-Saharan Africa growth of 3.1% in 2018 will be followed by expected growth of 3.4% in 2019 and 3.6% in 2020.

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