The local market was active this week, with the NSX Local index down 1.87% at 573, and the NSX Overall Index down 18.35% at 739. As at 24 March, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 8.95 billion, followed by Namibia Breweries with N$ 8.9 billion, Capricorn Investment Group with N$ 7.9 billion, and Standard Bank Holdings Namibia with N$ 4.4 billion. Standard Bank Holdings Namibia lead the market with growth of 0.24% to close at N$ 8.45 per share, with FirstRand Namibia in second place with growth of 0.03% to close at N$ 33.39 per share. In terms of volume Paratus Namibia lead the market with N$ 541 thousand worth of shares traded, with Standard Bank Holdings Namibia in second place with N$ 310 thousand worth of shares traded. The local currency lost 5.82% against the US Dollar, to close at N$ 17.61 per USD, and lost 3.24% against the British Pound, to close at N$ 20.71 per GBP. It closed at N$ 19.00 against the Euro, a loss of 3.82%.
Trustco Group Holdings announced that it had sold 1.3% of Trustco Resources to Riskowitz Value Fund for US$ 4.55 million (N$ 79.26 million), with Riskowitz Value Fund retaining an option to purchase an additional 3.7% for US$ 12.95 million (N$ 255.5 million) within six months. Trustco Resources is the holding company of Trustco’s Namibian and Sierra Leonean mining operations, with both operations having secured a large-scale mining licence. Meya Mining, the Sierra Leonean mine, holds exceptional geo-economic potential based on its exploration results signed off by SRK Consulting Canada, the Competent Person. The mine is currently transitioning into commercial production. The sale of shares is to be used to enable upgrades of mine infrastructure, plant and equipment in Namibia and Sierra Leone, to accelerate development of mining operations and transition into commercial production, as well as unlocking further equity and debt opportunities. The book value of the net assets of this transaction was N$ 1.08 billion as of 30 September 2019.