The local market was active this week, with the NSX Local index down 0.03% at 627, and the NSX Overall Index up 2.78% at 1326. As at 4 June, FirstRand Namibia was the largest local company on the exchange, with market capitalization of N$ 10.5 billion, followed by Namibia Breweries with N$ 10 billion, Trustco Group with N$ 8.4 billion, and Capricorn Investment Group with N$ 8.3 billion. Trustco Group lead the market this week with growth of 6.44% to close at N$ 8.60 per share, with Agra Ltd is second place with growth of 1.87% to close at N$ 1.63 per share. In terms of volume Capricorn Investment Group lead the market with N$ 9.4 million worth of shares traded, with Namibia Breweries in second place with N$ 2 million worth of shares traded. The local currency gained 0.22% against the US Dollar, to close at N$ 14.68 per USD, and lost 0.16% against the British Pound, to close at N$ 18.65 per GBP. It closed at N$ 16.52 against the Euro, a loss of 0.61%.
Statistics South Africa released the first quarter GDP figures for South Africa this week, revealing that our southern neighbour had its economy contract by 3.2% during the first quarter of the year, with the contraction being almost double what economists expected. The greatest contractions were in the manufacturing industry, which fell by 8.8%, mining and quarrying, which fell by 10.8% and agriculture, forestry and fishing, which fell by 13.2%. Statistician-General Maluleke indicated that rolling blackouts by Eskom contributed significantly contributed to declines in these sectors. As a result, South Africa is currently as risk of re-entering a technical recession, close of the heels on the one experienced last year.