In the local financial landscape this week, the NSX Local index saw a modest gain of 0.23%, reaching 665, while the NSX Overall Index experienced a decline of 1.44%, settling at 1609.2. As of August 15, 2023, FirstRand Namibia emerged as the largest local entity on the exchange, boasting a market capitalization of N$ 12.9 billion. Close behind were Capricorn Group with N$ 7.8 billion, Namibia Breweries with N$ 7.7 billion, and Mobile Telecommunications with N$ 5.3 billion. The standout performers of the week were Standard Bank Namibia Holdings, which closed at N$ 6.99 per share, marking a noteworthy growth of 7.5%. Oryx Properties secured the second spot, closing at N$ 11.3 with a marginal growth of 0.1%. In terms of trading volume, Capricorn Group led the market with N$ 0.1 million worth of shares traded, followed by Mobile Telecommunications with N$ 0.1 million worth of shares traded. On the currency front, the local currency experienced a decline of 1.09% against the US Dollar, closing at N$ 19.13 per USD, and a loss of 0.75% against the British Pound, reaching N$ 24.30 per GBP. Against the Euro, it concluded at N$ 20.86, reflecting a decrease of 0.63%.
The Bank of Namibia has today declared its decision to maintain the Repo rate at 7.75 percent, aiming to bolster the domestic economy. This determination comes after a thorough assessment of global, regional, and domestic economic trends by their Monetary Policy Committee (MPC). In addition, the Namibia Statistics Agency has unveiled the latest inflation data for June 2023, indicating an annual inflation rate of 4.5%. This showcases a notable reduction in comparison to the corresponding period last year, which registered an inflation rate of 6.8%. However, it’s crucial to underline that this figure also marks a decline from the inflation rate of 5.3% noted in June 2023. The primary drivers behind the annual inflation rate for July 2023 were Food and non-alcoholic beverages, contributing 2.0 percentage points, followed by Alcoholic beverages and tobacco with 0.9 percentage points, and Housing, water, electricity, gas, and other fuels contributing 0.7 percentage points. Analyzing regional disparities, Zone 1 – encompassing Otjozondjupa, Kunene, Oshana, Omusati, Oshikoto, Ohangwena, Kavango East, Kavango West, and Zambezi – saw a decline in inflation to 4.7%, down from the previous month’s 5.2%. Similarly, Zone 2, covering Khomas, recorded an inflation rate of 4.6%, marking a decrease from the prior month’s 5.4%. Lastly, Zone 3, including Omaheke, Hardap, Karas, and Erongo, experienced a drop in inflation to 4.2%, compared to the previous month’s rate of 5.2%.
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