The local market was quite active this week, with the NSX Local index up 0.24% at 595, and the NSX Overall Index up 3.38% at 1239. As at 10 September, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.5 billion, followed by FirstRand Namibia with N$ 8.9 billion, Trustco Group with N$ 8.4 billion, and Capricorn Investment Group with N$ 8.3 billion. Oryx Properties lead the market this week with growth of 0.98% to close at N$ 20.60 per share, while Trustco Group took second place with growth of 0.72% to close at N$ 6.95 per share. In terms of volume FirstRand Namibia lead the market with N$ 51.6 million worth of shares traded, with Capricorn Investment Group in second place with N$ 16.7 million worth of shares traded. The local currency gained 2.87% against the US Dollar, to close at N$ 14.66 per USD, and gained 0.71% against the British Pound, to close at N$ 18.12 per GBP. It closed at N$ 16.20 against the Euro, a gain of 2.2%.
FirstRand Namibia released their consolidated group audited results for the year ended 30 June 2019 and revealed that revenue has increased by 7.8% to N$ 3.865 billion, while profit for the year has increased by 2.3% to N$ 1.085 billion. This has resulted in both basic and headline earnings per share increasing to 409.9c per share, up from 397.9c per share and 398.1c per share respectively. The group noted that the Namibian macroeconomic environment remains challenging, but that this recessionary cycle has shown that their people, business model and franchises are resilient in these tough times. They note that they remain quite positive about the future of Namibia and committed to their business operations here.