Market report: Local shares edge higher

Namibian shares ended slightly higher on yesterday, with the NSX Local Index gaining 0.02% to 858 points.

The broader NSX Overall Index also rose 0.05% to
2 364 points.

Banking and beverage shares provided most of the support.

FirstRand Namibia rose 0.04% to N$56.09, while Namibia Breweries gained 0.03% to N$32.25.

Trading was concentrated in SBN Holdings, with shares worth N$6.53 million changing hands.

Namibia Breweries followed with N$1.72 million in trades.

Despite the small daily movement, the local market has performed better over the past year.

The NSX Local Index is up 13.56%, while the Overall Index has gained 24.31%.

Capricorn Group recorded the biggest annual gain among local shares, rising 32.23% to N$28.81, followed by SBN Holdings, up 24.55% to N$13.95.

At the other end, Letshego Namibia fell 15.61% over the past year to N$5.57.

WHAT HAPPENED OUTSIDE NAMIBIA?

Global markets were mixed.

The JSE All Share Index fell 0.41%, while the US Dow Jones dropped 1.21% and the S&P 500 fell 0.45%.

London’s FTSE 100 gained 0.28%.

Gold continued its strong run, rising 0.98% to

US$4 305 an ounce, while platinum gained 1.66% to US$1 785 an ounce. Brent crude, however, fell 0.76% to US$105 a barrel.

The Namibia dollar weakened to N$16.34 against the US dollar.

– This report was compiled by Shania Lazarus from the PSG Wealth 17 September Market Report.

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