The local market was active this week, with the NSX Local index down 1.9% at 595, and the NSX Overall Index down 1.18% at 1205. As at 13 August, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 9.5 billion, followed by FirstRand Namibia with N$ 9 billion, Trustco Group with N$ 8.3 billion, and Capricorn Investment Group with N$ 8.3 billion. Oryx Properties lead the market with growth of 0.84% to close at N$ 20.32 per share, with Capricorn Investment Group in second place with growth of 0.06%, to close at N$ 16.01 per share. In terms of volume Namibia Breweries lead the market with N$ 3.7 million worth of shares traded, with Capricorn Investment Group in second place with N$ 1 million worth of shares traded. The local currency lost 1.41% against the US Dollar, to close at N$ 15.14 per USD, and lost 0.5% against the British Pound, to close at N$ 18.26 per GBP. It closed at N$ 16.92 against the Euro, a loss of 1.2%.
The Bank of Namibia announced that they would cut the Repo rate by 0.25% to 6.5% effective on the 13th of August. In addition, it was announced that the Loan-To-Value regulations, first promulgated in 2017, would be relaxed going forward, with a first non-primary residence LTV now capped at 90%, and all subsequent residences capped at 80%. BoN has indicated that economic activity was still slow during the first six months of the year, with slowdowns in mining, construction, electricity and wholesale and retail trade, while sectors such as manufacturing, transport and communication improved. The economy is projected to remain weak for the rest of the year, with inflation expected to average around 4.3%.