Author: hei




NSX DAILY UPDATES (27 JULY 2023)

NSX Trades Traded Volume (No. Shares)Monetary Amount (N$)Trading Contribution (%)
Overall 21,363.00 2,679,116.80100.00%
ETFs -   -  0.00%
Total 21,363.00 2,679,116.80100.00%
Table 1: NSX Trades

NSX Activities

A total of N$ 2,679,116.80 worth of shares was traded on the NSX on Thursday with about N$ 189,721 worth of shares belonging to Shoprite Holdings and N$ 25,000 worth of shares belonging to FirstRand Namibia Ltd. No ETFs were traded on Thursday.

HEI Market Commentary

From the trading activity that took place:

  • Market participants bought shares belonging to Shoprite following the 52-week earnings release, resulting in the company's stock value experienced an increase of 0.6% at the closing.
  • FirstRand Namibia’s shares were traded by market participants, resulting in no change in share price at closing.         
NameNSX Local TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Namibian BreweriesNBS36.8036.800.00%
Nictus HoldingsNHL2.202.200.00%
CapricornCGP15.0014.99-0.07%
First Rand NamibiaFNB50.0050.000.00%
Standard Bank NamibiaSNO6.506.500.00%
Oryx LimitedORY11.3011.300.00%
Letshego  LHN3.953.950.00%
Namibia Asset ManagementNAM0.680.680.00%
StimulusSILP127.90127.900.00%
Paratus Namibia Holdings LtdPNH12.7512.750.00%
Mobile Telecommunication CompanyMOC7.087.080.00%
Alpha Namibia Industries Renewable Power LimitedANE8.998.990.00%
Table 2: Primary listed Trades

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NameSouth African Dual-Listed TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Anglo-American plcANM562.21557.00-0.93%
B2Gold CorporationB2G64.3164.12-0.30%
Oceana Group LimitedOCG68.3768.430.09%
TruworthsTRW66.0568.934.36%
Nedbank Group LimitedNBK231.40236.001.99%
Standard Bank GroupSNB188.22192.122.07%
Shoprite Holdings SRH252.36253.850.59%
Firstrand LimitedFST71.5872.331.05%
Momentum Metropolitan HoldingsMMT18.5418.831.56%
Old Mutual LtdOMM12.7012.851.18%
Sanlam LimitedSLA64.2265.942.68%
Santam LimitedSNM298.50297.65-0.28%
Vukile Property Fund LimitedVKN13.0213.171.15%
Investec LimitedIVD110.75113.752.71%
PSG Konsult LimitedKFS14.3114.501.33%
Table 3: Dual Listed Trades

Name ETFsPrice Previous Close 'N$Price End of Day 'N$Daily Change %
New Gold Issuer Ltd NMNGNGLD323.87320.82-0.94%
New Gold Palladium ETFNGNPLD213.69210.37-1.55%
New Gold Platinum ETF NNGNPLT163.49160.18-2.02%
Satrix S&P Namibia Bond ETF)SXNNAM19.4219.520.51%
Table 4: ETFs

Exchange Rates @ 07:00 
USD/NAD17.79
EUR/NAD19.53
GBP/NAD22.76
EUR/GBP0.85
EUR/USD1.09
GBP/USD1.27
AUD/USD0.66
USD/JPY139.02
Commodities @ 07:00 
Gold1,950.15
Silver24.35
Platinum947.80
Palladium1,232.28
WTI79.91
Brent83.56
Table 5: Exchange Rates and Commodities

Local News

Shaking in its boots, a Chinese construction company has approached the High Court seeking a reversal of N$33 million from the Namibia Revenue Agency (NamRA). (Sun Newspaper)

The Anti-Corruption Commission has come under renewed scrutiny after seemingly clearing two prominent public figures of maleficence recently. (New Era Newspaper)

Namibia is a free state, therefore, there is no need for Namibians to flee to the United Kingdom, international relations executive director Penda Naanda says. (The Namibian Newspaper)

Sub-Sahara News

Port of Rotterdam and Koninklijke Vopak have been asked to submit construction and funding plans for a R50-billion port and associated rail links to ship commodities including hydrogen and its derivatives from northwest South Africa, people familiar with the talks said. (News24)

Representatives from various African and Caribbean entities joined forces at a historic event this week in the capital of Barbados, Bridgetown, to demand reparations for slavery and its legacy in today’s society. (CNBC Africa)

"Global food systems are broken - and billions of people are paying the price," according to UN Secretary-General António Guterres. (AllAfrica News)

International News

The Bank of Japan made its yield curve control policy more flexible and loosened its defense of a long-term interest rate cap on Friday, in moves seen by investors as a prelude to an eventual shift away from massive monetary stimulus. (Reuters News)

Asian stocks ended on a muted note Friday as fresh U.S. labor market data spurred concerns that the Federal Reserve will keep interest rates higher for longer to rein inflation. (RTT News)

The situation in Niger “remains fluid” a day after mutinous soldiers detained toppled President Mohamed Bazoum and announced they had seized power in a coup because of the West African country’s deteriorating security situation. (Aljazeera News)

NSX DAILY UPDATES (26 JULY 2023)

NSX Trades Traded Volume (No. Shares)Monetary Amount (N$)Trading Contribution (%)
Overall 40,391.00 3,263,691.5636.28%
ETFs 17,660.00 5,733,319.0063.72%
Total 58,051.00 8,997,010.56100.00%
Table 1: NSX Trades

NSX Activities

A total of N$ 3,263,691.56 worth of shares was traded on the NSX on Wednesday with about N$ 369,653 worth of shares belonging to Anglo-American plc and N$ 73,600 worth of shares belonging to Namibia Breweries. ETFs worth N$ 5,733,319.00 were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

  • Market participants sold-off shares belonging to Anglo-American following the U.S Feds interest rate hike by 25bps, resulting in the company's stock value experiencing an increase of 3.4% at the closing.
  • FirstRand Namibia’s shares were traded by market participants, resulting in a decline of 1.4% change in share price at closing. 
NameNSX Local TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Namibian BreweriesNBS36.8036.800.00%
Nictus HoldingsNHL2.202.200.00%
CapricornCGP15.0015.000.00%
First Rand NamibiaFNB50.0050.000.00%
Standard Bank NamibiaSNO6.506.500.00%
Oryx LimitedORY11.1011.301.80%
Letshego  LHN3.863.952.33%
Namibia Asset ManagementNAM0.680.680.00%
StimulusSILP127.90127.900.00%
Paratus Namibia Holdings LtdPNH12.7512.750.00%
Mobile Telecommunication CompanyMOC7.087.080.00%
Alpha Namibia Industries Renewable Power LimitedANE8.998.990.00%
Table 2: Primary listed Trades

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NameSouth African Dual-Listed TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Anglo-American plcANM570.09562.21-1.38%
B2Gold CorporationB2G63.1764.311.80%
Oceana Group LimitedOCG69.4468.37-1.54%
TruworthsTRW63.2666.054.41%
Nedbank Group LimitedNBK229.63231.400.77%
Standard Bank GroupSNB187.08188.220.61%
Shoprite Holdings SRH251.06252.360.52%
Firstrand LimitedFST70.9671.580.87%
Momentum Metropolitan HoldingsMMT18.5618.54-0.11%
Old Mutual LtdOMM12.6012.700.79%
Sanlam LimitedSLA64.0064.220.34%
Santam LimitedSNM296.79298.500.58%
Vukile Property Fund LimitedVKN12.9213.020.77%
Investec LimitedIVD110.00110.750.68%
PSG Konsult LimitedKFS14.1214.311.35%
Table 3: Dual Listed Trades

Name ETFsPrice Previous Close 'N$Price End of Day 'N$Daily Change %
New Gold Issuer Ltd NMNGNGLD321.16323.870.84%
New Gold Palladium ETFNGNPLD217.86213.69-1.91%
New Gold Platinum ETF NNGNPLT163.89163.49-0.24%
Satrix S&P Namibia Bond ETF)SXNNAM19.4619.42-0.21%
Table 4: ETFs

Exchange Rates @ 07:00 
USD/NAD17.61
EUR/NAD19.54
GBP/NAD22.81
EUR/GBP0.85
EUR/USD1.10
GBP/USD1.29
AUD/USD0.67
USD/JPY140.10
Commodities @ 07:00 
Gold1,976.25
Silver25.14
Platinum976.05
Palladium1,256.50
WTI79.48
Brent83.17
Table 5: Exchange Rates and Commodities 

Local News

Road running enthusiasts are up for a treat as the Vivo Energy Windhoek Marathon takes centre stage in the capital on Saturday morning. (Sun Newspaper)

Namibia’s privately-owned domestic and regional airline FlyNamibia will join the independent South African-based airline, Airlink, to promote its flights and services to travel agents worldwide on the Global Distribution System (GDS). (New Era Newspaper)

Officials from the Ministry of Environment, Forestry, and Tourism in the Omusati region last week reportedly confiscated firewood belonging to six destitute single mothers who make a living by selling firewood. (The Namibian Newspaper)

Sub-Sahara News

Steinhoff's shareholders have voted to dissolve the company and delist it from the Johannesburg and Frankfurt stock exchanges. (News24)

The Federal Reserve on Wednesday approved a much-anticipated interest rate hike that takes benchmark borrowing costs to their highest level in more than 22 years. (CNBC Africa)

A group of soldiers in Niger said that President Mohamed Bazoum has been removed from power. They also said the nation's borders are closed and a curfew has been imposed "until further notice”. (AllAfrica News)

International News

Russia's defense minister accompanied North Korean leader Kim Jong Un to a defense exhibition that featured the North's banned ballistic missiles as the neighbors pledged to boost ties, North Korean state media reported on Thursday. (Reuters News)

Markets in Europe are expected to open on a weak note on Thursday amidst anxiety ahead of the monetary policy reviews by major central banks and the updates to corporate earnings. (RTT News)

Gig workers have welcomed a new law in India’s largest state Rajasthan to impose a tax on revenue earned by digital platforms that operate in the state, including global giants Uber and Amazon, even as industry groups have warned it will eventually hurt customers and derail business in the state. (Aljazeera News)

Uranium snapshot, June 2023

The Namibian uranium industry is distinctive because it operates in a region with a variety of uranium deposits and high levels of biodiversity and geomorphology cultural preservation value. Almost all Namibian uranium activities occur in the central western Erongo Region of the country, a region that is characterised by its aridity, vast desert landscapes, scenic beauty, high biodiversity and endemism, and heritage resources. The region makes important contributions to Namibia’s economy, and mining plays a major role in making this contribution. Namibia is one of the world's top producers of uranium ranking second only to Kazakhstan, (2022). The country produces around 10% of the world’s global uranium production mainly from its large uranium mines with Rossing Uranium and Swakop Uranium. Notwithstanding this, there are also a number of small uranium exploration projections currently ongoing.

The mining and export of uranium contribute significantly to GDP export earnings and employment. The sector contributed around 2% to GDP in 2022. Data from the NSA indicate that a notable increase in uranium export earnings was observed over the past 5 years. Uranium export earnings surged to N$3.5 billion for quarter 1 of 2023 from N$1.0 billion recorded in the same period in 2022. This could be attributed to a stronger uranium export volume and the depreciation of the domestic currency. The higher export volumes were triggered by a low base effect, as shipping vessels were unavailable during the corresponding quarter of 2022. On a quarterly basis, however, uranium export receipts declined by 28.4% to N$3.5 billion from N$ 4.9 billion recorded in quarter 4 of 2022, explained by the lower volumes exported. Additionally, the data from the Chamber of Mines Namibia indicates that the uranium sector employed about 5772 people in 2022 with only 42 % of permanent employees and the rest are contract-based or temporary casual workers. (Figure 1)

Furthermore, Production of uranium rose both year-on-year (between June 2022 and June 2023 and month-on-month (between May 2023 and June 2023). (Figure 2). This could be due to a recovery from water supply challenges experienced during the previous year. Uranium production rose both on a yearly and monthly basis by 24.2% and 9%, respectively. The international average spot price for uranium stood at U$50.00 per pound during the first quarter of 2023, similar to the level registered during the corresponding quarter in 2022. This suggests that the market conditions for uranium have not experienced any significant shifts that would impact its price and this could indicate the balance between the global supply and demand for uranium. (Figure 3)

Figure 1: Employment in the uranium and overall mining sector, (2003- 2023)

Source: Chamber of Mines Namibia and HEI Research

Figure 2: Uranium Production in tonnes, (June 2022-June 2023)

Source: NSA and HEI Research

Figure 2: Price of Uranium, (January 2019-June 2023)

Source: Cameco and HEI Research

NSX DAILY UPDATES (25 JULY 2023)

NSX Trades Traded Volume (No. Shares)Monetary Amount (N$)Trading Contribution (%)
Overall 571,088.00 34,980,774.4141.03%
ETFs 266,985.00 50,273,201.2458.97%
Total 838,073.00 85,253,975.65100.00%
Table 1: NSX Trades

NSX Activities

A total of N$ 34,980,774.41 worth of shares was traded on the NSX on Tuesday with about N$ 360,589 worth of shares belonging to Shoprite Holdings and N$ 22,781,750 worth of shares belonging to FirstRand Namibia Ltd. ETFs worth N$ 50,273,201.24 were traded on Tuesday

HEI Market Commentary

From the trading activity that took place:

  • Market participants subscribed to shares belonging to Shoprite following the NENS publications of the company’s operational update for the 52 weeks to 2 July 2023 resulting in the company's stock value experiencing an increase of 3.4% at the closing.
  • FirstRand Namibia’s shares were traded by market participants, resulting in an increase of 4.2% change in share price at closing. 
NameNSX Local TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Namibian BreweriesNBS36.8036.800.00%
Nictus HoldingsNHL2.202.200.00%
CapricornCGP15.0015.000.00%
First Rand NamibiaFNB48.0050.004.17%
Standard Bank NamibiaSNO6.506.500.00%
Oryx LimitedORY11.1011.100.00%
Letshego  LHN3.863.860.00%
Namibia Asset ManagementNAM0.680.680.00%
StimulusSILP127.90127.900.00%
Paratus Namibia Holdings LtdPNH12.7512.750.00%
Mobile Telecommunication CompanyMOC7.087.080.00%
Alpha Namibia Industries Renewable Power LimitedANE8.998.990.00%
Table 2: Primary listed Trades

­­

NameSouth African Dual-Listed TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Anglo-American plcANM545.03570.094.60%
B2Gold CorporationB2G64.9163.17-2.68%
Oceana Group LimitedOCG68.2269.441.79%
TruworthsTRW62.6463.260.99%
Nedbank Group LimitedNBK228.88229.630.33%
Standard Bank GroupSNB187.00187.080.04%
Shoprite Holdings SRH242.86251.063.38%
Firstrand LimitedFST70.9870.96-0.03%
Momentum Metropolitan HoldingsMMT18.3618.561.09%
Old Mutual LtdOMM12.6012.600.00%
Sanlam LimitedSLA63.6364.000.58%
Santam LimitedSNM291.20296.791.92%
Vukile Property Fund LimitedVKN12.7612.921.25%
Investec LimitedIVD112.31110.00-2.06%
PSG Konsult LimitedKFS13.8814.121.73%
Table 3: Dual Listed Trades

Name ETFsPrice Previous Close 'N$Price End of Day 'N$Daily Change %
New Gold Issuer Ltd NMNGNGLD324.34321.16-0.98%
New Gold Palladium ETFNGNPLD221.75217.86-1.75%
New Gold Platinum ETF NNGNPLT165.10163.89-0.73%
Satrix S&P Namibia Bond ETF)SXNNAM19.3719.460.46%
Table 4: ETFs

Exchange Rates @ 07:00 
USD/NAD17.56
EUR/NAD19.43
GBP/NAD22.65
EUR/GBP0.85
EUR/USD1.10
GBP/USD1.28
AUD/USD0.67
USD/JPY140.96
Commodities @ 07:00 
Gold1,968.15
Silver24.80
Platinum976.80
Palladium1,279.53
WTI79.22
Brent82.83
Table 5: Exchange Rates and Commodities

Local News

The Anti-Corruption Commission (ACC) claims the National Petroleum Corporation of Namibia’s (Namcor) board was so hell-bent on suspending managing director Immanuel ‘Imms’ Mulungu (Sun Newspaper)

Okahandja has set the wheels in motion to restore its status as the ‘Garden Town’ after it was announced the town’s municipality has set aside N$25 million for the commissioning of a new dumpsite. (New Era Newspaper)

A report by the Ministry of Works and Transport has revealed that poor contract management, cash-flow problems, and a lack of technical capacity from contractors are among the reasons why more than 43 government capital projects have been abandoned. (The Namibian Newspaper)

Sub-Sahara News

A court has slammed controversial multimillionaire Paul de Robillard for selling off millions of rands worth of assets, including two yachts, while a company owned by his family trust was in a tax dispute with SARS.. (News24)

Nigeria’s central bank raised its main lending rate by a smaller-than-expected 25 basis points NGCBIR=ECI on Tuesday, saying it preferred a moderate increase to anchor inflation expectations while continuing to support investment. (CNBC Africa)

The Department of Health in South Africa has initiated contact tracing after a third imported cholera case was detected in Durban, (AllAfrica News)

International News

After years of pandemic isolation, North Korea has invited its friends back this week, hosting senior Chinese and Russian delegations for 70th-anniversary commemorations of the Korean War and the struggle against the United States and its allies. (Reuters News)

Markets in Europe are expected to open on a firm note on Wednesday amidst expectations of a softening in the monetary policy outlook. (RTT News)

Elon Musk’s aspirations for X, the social media site formerly known as Twitter, have hit a stumbling block in Indonesia after the site X.com was blocked under the country’s curbs on online pornography and gambling. (Aljazeera News)

World Economic Outlook Update, 25 July 2023

Global growth remains weak by historical standards. According to the recent World Economic Outlook published today, global growth is expected to slow from 3.5% in 2022 to 3.0% both in 2023 and 2024. The forecast for 2023 is slightly higher than predicted in the World Economic Outlook (WEO) for April 2023. The rise in central bank policy rates in order to combat inflation continues to have an impact on economic activity.

Growth in Sub-Saharan Africa is projected to decline to 3.5% in 2023 before picking up to 4.1% in 2024. Growth in Nigeria in 2023 and 2024 is projected to gradually decline, in line with April projections, reflecting security issues in the oil sector. In South Africa, growth is expected to decline to 0.3% in 2023, with the decline reflecting power shortages, although the forecast has been revised upward by 0.2% since the April 2023 WEO, on account of resilience in services activity in the first quarter. (Figure 1)

Additionally, global headline inflation is expected to fall from 8.7% in 2022 to 6.8% in 2023 and 5.2% in 2024. In 2023, roughly three-quarters of the world's economies are expected to have lower annual average headline inflation. Monetary policy tightening is expected to gradually dampen inflation, but falling international commodity prices are a key driver of the disinflation forecast for 2023. Differences in the rate of disinflation across countries reflect factors such as different exposures to commodity price and currency movements, as well as varying degrees of economic overheating.

Main forces shaping the Global Outlook:

  • The fight against inflation continues. Inflation is easing in most countries but remains high, with divergences across economies and inflation measures
  • Acute stress in the banking sector has receded, but credit availability is tight. Thanks to the authorities’ swift reaction, the March 2023 banking scare remained contained and limited to problematic regional banks in the United States and Credit Suisse in Switzerland
  • Following a reopening boost, China’s recovery is losing steam. Manufacturing activity and consumption of services in China rebounded at the beginning of the year when Chinese authorities abandoned their strict lockdown policies; net exports contributed strongly to sequential growth in February and March as supply chains normalized and firms swiftly put backlogs of orders into production    

Figure 1: Overview of the World Economic Outlook Projections (percentage change)

Source: IMF|July 2023

NSX DAILY UPDATES (24 JULY 2023)

NSX Trades Traded Volume (No. Shares)Monetary Amount (N$)Trading Contribution (%)
Overall 507,029.00 22,373,134.63100.00%
ETFs -   -  0.00%
Total 507,029.00 22,373,134.63100.00%
Table 1: NSX Trades

NSX Activities

A total of N$ 22,373,134.63 worth of shares was traded on the NSX on Monday with about N$1,376,673 worth of shares belonging to Anglo-American plc and N$ 4,822,830 worth of shares belonging to Capricorn Group Limited. No ETFs were traded on Monday

HEI Market Commentary

From the trading activity that took place:

  • Market participants offloaded shares of Anglo-American following an astonishing 71% plunge in the affiliate company's interim earnings for the six months ending in June. As a consequence, the company's stock value experienced a slight decline of 1.0% at the closing.
  • Capricorn Group’s shares were traded by market participants, resulting in an increase of 2.04% change in share price at closing.
NameNSX Local TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Namibian BreweriesNBS36.8036.800.00%
Nictus HoldingsNHL2.202.200.00%
CapricornCGP14.7015.002.04%
First Rand NamibiaFNB50.0048.00-4.00%
Standard Bank NamibiaSNO6.506.500.00%
Oryx LimitedORY11.1011.100.00%
Letshego  LHN3.863.860.00%
Namibia Asset ManagementNAM0.680.680.00%
StimulusSILP127.90127.900.00%
Paratus Namibia Holdings LtdPNH12.7512.750.00%
Mobile Telecommunication CompanyMOC7.087.080.00%
Alpha Namibia Industries Renewable Power LimitedANE8.998.990.00%
Table 2: Primary listed Trades

­­

NameSouth African Dual-Listed TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Anglo-American plcANM550.70545.03-1.03%
B2Gold CorporationB2G64.7764.910.22%
Oceana Group LimitedOCG68.8468.22-0.90%
TruworthsTRW61.3562.642.10%
Nedbank Group LimitedNBK226.34228.881.12%
Standard Bank GroupSNB185.10187.001.03%
Shoprite Holdings SRH242.77242.860.04%
Firstrand LimitedFST70.4270.980.80%
Momentum Metropolitan HoldingsMMT18.3018.360.33%
Old Mutual LtdOMM12.5512.600.40%
Sanlam LimitedSLA63.3263.630.49%
Santam LimitedSNM295.51291.20-1.46%
Vukile Property Fund LimitedVKN12.7012.760.47%
Investec LimitedIVD113.01112.31-0.62%
PSG Konsult LimitedKFS13.6913.881.39%
Table 3: Dual Listed Trades

Name ETFsPrice Previous Close 'N$Price End of Day 'N$Daily Change %
New Gold Issuer Ltd NMNGNGLD327.82324.34-1.06%
New Gold Palladium ETFNGNPLD222.97221.75-0.55%
New Gold Platinum ETF NNGNPLT165.73165.10-0.38%
Satrix S&P Namibia Bond ETF)SXNNAM19.3419.370.16%
Table 4: ETFs

Exchange Rates @ 07:00 
USD/NAD17.65
EUR/NAD19.55
GBP/NAD22.67
EUR/GBP0.86
EUR/USD1.10
GBP/USD1.28
AUD/USD0.67
USD/JPY141.45
Commodities @ 07:00 
Gold1,964.15
Silver24.70
Platinum973.60
Palladium1,282.28
WTI78.94
Brent82.63
Table 5: Exchange Rates and Commodities 

Local News

Education minister Anna Nghipondoka says the growing backlog of classrooms at public schools across the country poses a major challenge to the ministry (Sun Newspaper)

Excessive amounts of money at the Guardian Fund, a national investment vehicle comprising unclaimed inheritance, is being invested at an inadequate rate of return of as low as 5.5% by some fund managers. (New Era Newspaper)

This comes after the Electricity Control Board (ECB) announced ta­riff increases for the Erongo Regional Electricity Distributor (Erongored) with 9%, the Central-Northern Regional Electricity Distributor (Cenored) with 7,6%, NamPower Distribution with 9,2%, the Northern Regional Electricity Distributor (Nored) with 9,8%, the Omaheke Regional Council with 3,3%, and the Cenored-Okahandja joint venture with 7,3%. (The Namibian Newspaper)

Sub-Sahara News

Anglo American Platinum interim earnings have plunged an astounding 71% for the six months to end June, dropping to R7.9 billion, compared with R26.7 billion in the first half of 2022. (News24)

Russia and nations taking part in this week’s Russia-Africa summit will discuss Moscow’s grain and fertilizers exports, Oleg Ozerov, ambassador at large at the Russian foreign ministry, told the state RIA news agency in remarks published on Tuesday. (CNBC Africa)

At least 16 people have died and close to 30 injured when a four-storey building collapsed onto a smaller one in Cameroon's largest city, Douala. (AllAfrica News)

International News

Billionaire Elon Musk's decision to rebrand Twitter as X could be complicated legally: companies including Meta and Microsoft already have intellectual property rights to the same letter. (Reuters News)

European stocks traded lower on Monday after data showed the Chinese economy grew just 0.8 percent in the June quarter, down from 2.2 percent in the first three months of 2023. (RTT News)

Markets in Europe are expected to open on a weak note on Tuesday amidst anxiety ahead of the next round of corporate earnings. (Aljazeera News)

Building Plans Approved Report, Windhoek: May 2023

Executive summary

  • The City of Windhoek approved a total of 176 building plans valued at N$ 97,971,355 in May 2023. See figure 1
  • Out of 176 building plans approved, 128 were additions plans, 30 were house plans, 12 were wall plans, 5 were commercial plans, and 1 pool plan
  • The number of approved building plans increased by 22% when compared to those approved in April 2023. See Figure 2
  • During the month under review, a total number of 37 buildings were completed for Windhoek at the value of N$ 82,895,186
  • Total buildings completed declined by 31% when compared to the buildings completed in April 2023

Analysis

  • On an annual basis, the number of building plans approved for Windhoek increased by 15%. This could be ascribed to slower construction works
  • For the month under review, the highest number of building plans approved were from Windhoek suburbs with a total of 33 plans (19 addition plans, 8 house plans, 4 commercial plans, and 2 wall plans) valued at N$ 25,695,525
  • Khomasdal had the second-highest number of building plans approved with a total of 23 plans valued at N$ 7,107,000
  • Klein Windhoek had the third-highest number of building plans approved with a total of 14 plans valued at N$ 6,750,000

Figure 1: Monthly Building Plans Approved Vs. Buildings Completed, Windhoek (May 2022 – May 2023)

Source: CoW & HEI RESEARCH

                                                                                                                                                                                                                       Figure 2: Building Plans Approved Monthly % Growth Rates, Windhoek (May 2022 - May 2023)

Source: CoW & HEI RESEARCH

Outlook

We anticipate construction activities to maintain modest growth in the short to medium.

NSX DAILY UPDATES (21 JULY 2023)

NSX Trades Traded Volume (No. Shares)Monetary Amount (N$)Trading Contribution (%)
Overall 364,476.00 22,306,720.80100.00%
ETFs -   -  0.00%
Total 364,476.00 22,306,720.80100.00%
Table 1: NSX Trades

NSX Activities

A total of N$ 22,306,720.80 worth of shares was traded on the NSX on Friday with about N$ 397,842 worth of shares belonging to Anglo-American plc and N$ 2,275 worth of shares belonging to SBN Holdings Ltd.  No ETFs were traded on Friday

HEI Market Commentary

From the trading activity that took place:

  • Market participants traded shares belonging to Anglo-American resulting in a slight decline of 0.2%  in the company's stock value at the closing.
  • SBN Holdings’ shares were traded by market participants, resulting in no change in share price at closing.
NameNSX Local TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Namibian BreweriesNBS36.8036.800.00%
Nictus HoldingsNHL2.202.200.00%
CapricornCGP14.7014.700.00%
First Rand NamibiaFNB50.0050.000.00%
Standard Bank NamibiaSNO6.506.500.00%
Oryx LimitedORY11.1011.100.00%
Letshego  LHN3.853.850.00%
Namibia Asset ManagementNAM0.680.680.00%
StimulusSILP127.90127.900.00%
Paratus Namibia Holdings LtdPNH12.7512.750.00%
Mobile Telecommunication CompanyMOC7.507.500.00%
Alpha Namibia Industries Renewable Power LimitedANE8.998.990.00%
Table 2: Primary listed Trades

­­

NameSouth African Dual-Listed TickerPrice Previous Close 'N$Price End of Day 'N$Daily Change %
Anglo-American plcANM551.53550.70-0.15%
B2Gold CorporationB2G67.1464.77-3.53%
Oceana Group LimitedOCG67.8168.841.52%
TruworthsTRW59.8561.352.51%
Nedbank Group LimitedNBK226.38226.34-0.02%
Standard Bank GroupSNB185.28185.10-0.10%
Shoprite Holdings SRH238.67242.771.72%
Firstrand LimitedFST70.4570.42-0.04%
Momentum Metropolitan HoldingsMMT18.5018.30-1.08%
Old Mutual LtdOMM12.6012.55-0.40%
Sanlam LimitedSLA63.9363.32-0.95%
Santam LimitedSNM295.92295.51-0.14%
Vukile Property Fund LimitedVKN12.4812.701.76%
Investec LimitedIVD113.38113.01-0.33%
PSG Konsult LimitedKFS13.8413.69-1.08%
Table 3: Dual Listed Trades

Name ETFsPrice Previous Close 'N$Price End of Day 'N$Daily Change %
New Gold Issuer Ltd NMNGNGLD329.07327.82-0.38%
New Gold Palladium ETFNGNPLD222.56222.970.18%
New Gold Platinum ETF NNGNPLT165.76165.73-0.02%
Satrix S&P Namibia Bond ETF)SXNNAM19.3119.340.16%
Table 4: ETFs

Exchange Rates @ 07:00 
USD/NAD17.99
EUR/NAD20.02
GBP/NAD23.15
EUR/GBP0.86
EUR/USD1.11
GBP/USD1.28
AUD/USD0.67
USD/JPY141.53
Commodities @ 07:00 
Gold1,961.15
Silver24.73
Platinum970.40
Palladium1,282.03
WTI76.81
Brent80.61
Table 5: Exchange Rates and Commodities 

Local News

The fisheries ministry previously said there are no plans to reverse the controversial 2015 amendments to the fisheries law - which are believed to have birthed the Fishrot scandal. (Sun Newspaper)

Namibia Revenue Agency commissioner Sam Shivute expressed his disappointment with how little the fishing sector is contributing to the country’s total revenue. (New Era Newspaper)

TransNamib’s financial troubles continue as the company has failed to keep up with medical aid contributions, water supply at its head office has been cut off, and refuse has not been collected. (The Namibian Newspaper)

Sub-Sahara News

United African Stokvel amassed over 100,000 followers on Facebook who pumped millions of rands into its saving schemes. Now its leadership isn't answering phones and its website is offline. (News24)

Oil prices are set to rise in the second half of the year as supply struggles to meet demand, according to the Secretary General of the International Energy Forum. (CNBC Africa)

A four-story building collapsed onto a smaller structure in Cameroon's most populous city Douala, with at least 12 people losing their lives.(AllAfrica News)

International News

Russia's defense ministry accused Ukraine of a "terrorist" drone attack on Moscow on Monday after the city's mayor said that two buildings were hit and media reported that debris was found not far from the defense ministry's buildings. (Reuters News)

European stocks traded lower on Monday after data showed the Chinese economy grew just 0.8 percent in the June quarter, down from 2.2 percent in the first three months of 2023. (RTT News)

Spain appears headed for a hung parliament after national elections on Sunday left parties on the right and left without a clear path towards forging a new government. (Aljazeera News)

Hospitality Statistics: National Occupancy Rates for Namibia June 2023

The National occupancy rates increased to 51.2% for June 2023 from 50.8 % recorded in May 2023 (Figure 1).  The central part of the country continues to record the highest occupancy rate of 58.4% for June 2023 followed by the coastal part of the country recording 50.7% and the Southern part recording the lowest occupancy rate of 44.10%.

According to the Hospitality Association of Namibia, the months of June 2019 and 2023 ended at nearly the same level of 51% occupancy across the country, with the average occupancy for the first six months of this year at 44,68%, just 2,5% lower than the 47,23% occupancy in the first half of 2019. On a quarterly basis, national occupancy improved during quarter 1 of 2023 recording 38.1% from 22.8% that was recorded during the quarter of 2022 (Figure 2).

Namibia’s occupancy rates continue to be driven by leisure activity travelers. During the month under review, occupancy rates for leisure activities took up 80.1% of the national occupancy rates, a decline from 89.6% that was recorded for May 2023. This could be driven by low demand as a result of an increase in the prices for package holidays between May and June 2023(NSA, NCPI June 2023). Additionally, the business category took up 17.1% of national occupancy for June 2023 an increase from the 10.6% that was recorded in May 2023. This implies an increase in the demand for business-related activities which suggests a vibrant and growing business environment. 

The domestic market accounted for only 30.1% of national occupancy during the month under review, an improvement from 22% that was recorded in May 2023 and the remaining percentage is from international tourists, with high demand for occupancy from Germany, Switzerland and Australia accounting for 24.06% of international occupancy demand.

We expect the tourism sector's positive trend to continue upward in the short to medium term. However, there is a need for data on the full tourism spectrum such as (travel agencies and tour operators, adventure tourism, car rental, aviation, and the catering sector) all of which will contribute to Namibia's tourism industry's full impact and value.

Figure 1: National Occupancy Rates, Namibia (June 2022- June 2023)

Source: H.A.N & HEI RESEARCH

Figure 2: National Occupancy Rates, Namibia (Q1 2022 vs Q1 2023)

Source: H.A.N & HEI RESEARCH

VEHICLE SALES, JUNE 2023

Executive summary

  • Vehicle sales increased to 1320 vehicles for June 2023, from the 982 vehicles sold in May 2023. This represents a monthly increase of 34%. (Figure 1)
  • Sales of passenger, light commercial, medium commercial, and heavy vehicles, extra heavy, and buses increased by 14.9%, 60.6%, 22.7% 57.1%, 12.8%, and 100% month on month respectively
  • Out of 5113 vehicles sold during the first six months of 2023, 2650 were passenger vehicles, 2490 were Light commercial vehicles, 150 were medium vehicles, 88 were heavy commercial vehicles, 65 were extra heavy commercial vehicles and 8 were buses

Analysis

  • The monthly increase in vehicle sales between June and May 2023 was mainly driven by high sales of light commercial vehicles. This could be ascribed to improved economic activity which drives the need for these vehicles for the transport of goods, materials, personnel, and equipment.  
  • On an annual basis, new vehicle sales in the first half of the year increased by 24%. This could indicate greater consumer spending and confidence, implying that individuals and businesses now have the financial capacity and willingness to invest in purchasing new vehicles, stimulating economic activity.
  • Passenger vehicle sales increased to 580 vehicles from 505 vehicles sold in May 2023. This could have been influenced by a no increase in interest rates for the month of June.
  • Light commercial vehicle sales increased to 657 in June 2023, up from 409 in May 2023. This indicates that the performance of the commercial services sector has improved.

Table 1: Monthly vehicle sales by type

MarketMay-23Jun-23Monthly unit changeMonthly % change
Passenger vehicles5055807514.9
Light commercial vehicles40965724860.6
Medium commercial vehicles2227522.7
Heavy commercial vehicle711457.1
Extra heavy commercial vehicle394450.1
Bus0111.0

Figure 1: Monthly Vehicle Sales (June 2023 vs. May 2023)

Source: Lightstone Auto & HEI RESEARCH

Figure 2: Year on Year, Vehicle Sales % Growth (May 2022- May 2023)

Source: Lightstone (Pty) Ltd & HEI RESEARCH

Outlook

The demand for new vehicle sales by individuals and businesses is still influenced by interest rates, enticing auto finance alternatives, and consumer confidence. Despite high interest rates and eroded consumer income caused by inflation and stagnating wages, demand for new vehicles has remained resilient. In the short to medium term, we believe that the demand for new vehicles will continue to rise, albeit at a slow pace.


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