The local market was quite active this week, with the NSX Local index down 0.28% at 609, and the NSX Overall Index down 2.31% at 1338. As at 9 July, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10 billion, followed by FirstRand Namibia with N$ 9.3 billion, Trustco Group with N$ 9.1 billion, and Capricorn Investment Group with N$ 8.3 billion. Stimulus Investments lead the market this week with growth of 5.45% to close at N$ 127.90 per share, with Capricorn Investment Group second with growth of 0.25% to close at N$ 16.04 per share. In terms of volume Stimulus Investments once again lead the market with N$ 5.1 million worth of shares traded, with Oryx Properties in second place with N$ 4.2 million worth of shares traded. The local currency lost 0.42% against the US Dollar, to close at N$ 14.19 per USD, and gained 0.67% against the British Pound, to close at N$ 17.67 per GBP. It closed at N$ 15.90 against the Euro, a gain of 0.3%.
Nimbus Infrastructure has announced that it has subscribed to a rights offer by its subsidiary, Paratus Namibia, to the amounts of N$ 25 691 825.94 for 24 398 shares, a premium of N$ 1 048.03 over the N$ 5 par value of the ordinary shares. Due to Paratus Group subscribing for 23 084 shares under the same terms and conditions as Nimbus, Nimbus’ shareholding in Paratus Namibia will remain unchanged at 51.4%, with Paratus Namibia raising N$ 49 999 970.46 from shareholders. This fundraising is to enable Paratus Namibia to fund its capital expenditure budget that is earmarked for the ‘Fiber to the x’ roll out and investment in LTE wireless network assets, and the board is confident that the return on these investments will exceed their required rate of return.