The NSX showed little movement in the Local index this week, remaining steady at 688 points, while the Overall Index declined significantly by 2.27% to close at 1809.8 points. FirstRand Namibia maintained its position as market leader as of November 17, with a market capitalization of N$12.5 billion. The banking sector continued to dominate the top tier, with Capricorn Group holding second place at N$10.4 billion. Namibia Breweries and Mobile Telecommunications rounded out the leading companies with market caps of N$6.0 billion and N$5.7 billion respectively.
Trading activity was subdued, with Capricorn Group leading volumes at N$2.4 million worth of shares traded and posting a marginal gain of 0.05% to close at N$20.11. Standard Bank Namibia Holdings followed with trades totalling N$1.3 million. The Namibian Dollar weakened significantly against major currencies, dropping 3.32% against the US Dollar to close at N$18.17, falling 0.92% against the British Pound to N$22.93, and declining 1.62% against the Euro to end at N$19.16.
Meanwhile, the World Bank has reported stronger than expected economic performance for Namibia, with 4.2% growth in 2023 primarily driven by the mining sector and oil exploration investments. However, the Bank projects growth to moderate to 3.1% in 2024 before rebounding to 3.8% in 2025-26. While the economy has recovered to pre-pandemic levels, key employment sectors such as construction and financial services continue to lag. The report anticipates a revival in non-mineral sectors, particularly tourism, and projects household consumption to strengthen, supported by monetary policy easing and declining inflation, which is expected to moderate to 4.6% in 2024.