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Market Recap –  December to 10 December 2019

Market Recap – December to 10 December 2019

The local market was quiet this week, with the NSX Local index up 0.03% at 614, and the NSX Overall Index up 2.13% at 1298.

 

As at 10 December, Namibia Breweries was the largest local company on the exchange, with market capitalization of N$ 10 billion, followed by FirstRand Namibia with N$ 9 billion, Trustco Group with N$ 8 billion, and Capricorn Investment Group with N$ 7.9 billion.

 

In terms of volume Trustco Group lead the market with N$ 430 thousand worth of shares traded, with Agra Ltd in second place with N$ 221 thousand worth of shares traded.

 

The local currency lost 1.03% against the US Dollar, to close at N$ 14.79 per USD, and lost 2.1% against the British Pound, to close at N$ 19.42 per GBP.

 

It closed at N$ 16.41 against the Euro, a loss of 1.12%.

 

 
 

The Bank of Namibia held their Monetary Policy Committee meeting last week, and announced that it had decided to keep the Repo rate unchanged at 6.50%.

 

They noted that domestic economic activity continued to slow during the first ten months of 2019, especially in sectors such as mining, manufacturing, construction, wholesale and retail trade and agriculture.

 

BoN notes that the domestic economy is projected to remain weak in 2019, but international reserves remain high, and is estimated to cover 4.3 months, sufficient to protect the peg of the Namibia Dollar to the South African Rand.

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