The local market was active this week, with the NSX Local index down 0.46% at 611, and the NSX Overall Index down 0.16% at 1384. As at 2 July, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10 billion, followed by FirstRand Namibia with N$ 9.4 billion, Capricorn Investment Group with N$ 8.2 billion, and Trustco Group with N$ 7.4 billion. In terms of volume Trustco Group lead the market with N$ 1.8 million worth of shares traded, with Namibia Breweries in second place with N$ 1.1 million worth of shares traded. The local currency gained 1.63% against the US Dollar, to close at N$ 14.13 per USD, and gained 2.41% against the British Pound, to close at N$ 17.79 per GBP. It closed at N$ 15.95 against the Euro, a gain of 2.29%.
Nictus Holdings Ltd released their audited financial results for the year ending 31 March 2019, revealing that revenue had dropped by 18.5% to NAD 677 million for the year, but profit had increased by 27.8% to NAD 7.1 million for the year. This saw earnings per share increase commensurately to 13.64c per share from 10.47c per share. The major decrease in revenue came from their Retail segment, while a reduction in both finance costs and operating and admin expenses allowed them to increase their profit margin. Management reiterated that the business environment remained stagnant, and that they expect it will take years for sustainable economic growth to be viable again.