The NSX Local index experienced a slight dip of 0.04%, closing at 686.5 points, while the NSX Overall Index saw a more significant decline of 4.22%, closing at 1504.1 points. FirstRand Namibia emerged as the leading local company by market capitalization, boasting a substantial N$ 13.4 billion. It was followed closely by Capricorn Group with N$ 8.6 billion, Namibia Breweries with N$ 7.6 billion, and Mobile Telecommunications with N$ 5.4 billion. During this week’s trading, Trustco Group Holdings took the spotlight, exhibiting impressive growth of 20.0% and closing at N$ 0.60 per share. In terms of trading volume, FirstRand Namibia dominated the market with N$ 5.7 million worth of shares changing hands, while Capricorn Group secured the second position with N$ 0.6 million worth of shares traded. However, it’s worth noting that the local currency faced some challenges, depreciating by 1.25% against the US Dollar, closing at N$ 19.02 per USD. Similarly, it experienced a 1.09% loss against the British Pound, closing at N$ 23.13 per GBP, and a 1.37% decrease against the Euro, concluding at N$ 20.14.
Namibia’s private sector credit growth remained subdued in August, with credit extension rising a marginal N$ 29.4 million during that month. This brought the total outstanding private sector credit to N$ 111.6 billion on a normalized basis. On an annual basis, private sector credit expanded by just 2.27% in August, slowing from 2.67% growth in the previous month. Over the past 12 months, Namibian banks have extended N$ 2.48 billion in new credit – a 41.6% decline compared to the N$ 4.25 billion issued over the same period last year. Individuals accounted for most of the new credit, taking up N$ 3.39 billion over the past year. Credit issued to individuals ticked up 0.4% month-on-month in August, driven by increased uptake of mortgage loans. However, growth in personal loans and credit card debt continued to taper off. Meanwhile, corporates reduced their borrowings, with credit to businesses contracting 0.5% month-on-month and 2.0% versus a year ago. The corporate sector particularly drew down less on overdraft facilities, which declined 4.8% over the month.
Leave a Reply