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NSX DAILY UPDATES (28 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	50,610.00	3,769,293.18	87.12%
ETFs	2,087.00	557,404.78	12.88%
Total	52,697.00	4,326,697.96	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$3,769,293.18 worth of shares was traded on the NSX on Wednesday with about N$ 2,433,727 worth of shares belonging to Anglo-American plc and N$ 63,375 worth of shares belonging to SBN Holdings Ltd on the home front. ETFs worth N$ 557,404.78 were traded on Wednesday.

HEI Market Commentary

From the trading activity that took place:

Market participants continue to sell-off shares belonging to Anglo-American as precious metal prices get hammered on recession fears, resulting in a slight decrease of 2.2% in the company's stock value at closing
Market participants actively traded SBN Holdings Ltd shares on the domestic market, with no change in share price at closing.

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.30	36.30	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.85	14.85	0.00%
First Rand Namibia	FNB	47.51	47.51	0.00%
Standard Bank Namibia	SNO	6.50	6.50	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.90	3.90	0.00%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.75	0.00%
Mobile Telecommunication Company	MOC	7.09	7.08	-0.14%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	537.14	525.08	-2.25%
B2Gold Corporation	B2G	66.26	64.93	-2.01%
Oceana Group Limited	OCG	68.05	68.46	0.60%
Truworths	TRW	55.30	55.45	0.27%
Nedbank Group Limited	NBK	224.33	223.04	-0.58%
Standard Bank Group	SNB	173.50	174.00	0.29%
Shoprite Holdings	SRH	224.51	223.17	-0.60%
Firstrand Limited	FST	67.08	67.50	0.63%
Momentum Metropolitan Holdings	MMT	17.55	17.78	1.31%
Old Mutual Ltd	OMM	11.80	11.86	0.51%
Sanlam Limited	SLA	57.50	57.50	0.00%
Santam Limited	SNM	286.88	288.60	0.60%
Vukile Property Fund Limited	VKN	13.06	12.33	-5.59%
Investec Limited	IVD	101.67	102.94	1.25%
PSG Konsult Limited	KFS	12.55	12.57	0.16%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	330.10	332.89	0.85%
New Gold Palladium ETF	NGNPLD	231.59	222.13	-4.08%
New Gold Platinum ETF N	NGNPLT	163.69	163.86	0.10%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.24	19.35	0.57%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.65
EUR/NAD	20.35
GBP/NAD	23.57
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.26
AUD/USD	0.66
USD/JPY	144.35
Commodities @ 07:00
Gold	1,916.15
Silver	22.84
Platinum	923.95
Palladium	1,255.28
WTI	69.35
Brent	73.95

Table 5: Exchange Rates and Commodities

Local News

The cabinet is currently discussing Meatco's future, it's restructuring as well as possible partnerships with the private sector. No decisions have been made so far, agriculture, water, and land reform minister Calle Schlettwein told Namibia Media Holdings yesterday. (Sun Newspaper)

Xinfeng Investments, the Chinese company that mines Lithium near Uis, emerged victorious, but not unscathed, in its battle with mines minister Tom Alweendo. (New Era Newspaper)

Amid growing concerns over individuals facing the possibility of losing their homes due to loan defaults, the Bank of Namibia is contemplating the implementation of clear regulations on property repossessions. (The Namibian Newspaper)

Sub-Sahara News

Pick n Pay said on Wednesday it has reached an agreement to buy Western Cape-based meat group Tomis for R340 million, a move aimed at ensuring a higher-quality and more consistent red meat offering for customers. (News24)

Ghana has reached an agreement with banks to restructure 15 billion Ghana cedi ($1.36 billion) of locally issued U.S. dollar bonds and cocoa bills, three sources close to the negotiations have told Reuters. (CNBC Africa)

With nearly 80 percent of the world's users of risky forms of tobacco living in lower-middle-income countries (LMICs), the poor uptake of safe nicotine products in these countries remains a cause for concern. (AllAfrica News)

International News

The Wagner Group mercenaries who seized the Russian city of Rostov-on-Don on Saturday in a failed mutiny included at least three convicted criminals, a Reuters review of facial recognition software, court records, and social media showed. (Reuters News)

Asian stock markets are trading mixed on Thursday, following the broadly negative cues from global markets overnight, on renewed concerns over the outlook for interest rates following the hawkish remarks by US Fed Chair Jerome Powell, who reiterated the Fed is likely to continue raising interest rates in an effort to contain stubbornly elevated inflation. (RTT News)

Debris and possible human remains from the submersible that imploded on a visit to the Titanic have been hauled back to shore, as authorities investigate what led to the deadly deep-sea disaster. (Aljazeera News)

Report: South Africa and Namibia’s GDP Q1 2023

Background

According to the World Bank Global Economic Prospectus of June 2023, the global economy is set to moderate to 2.1% in 2023 from a growth of 3.1% recorded in 2022, before a slight upturn of 2.4% in 2024. The global economy remains in a precarious state amid the protracted effects of the overlapping negative shocks of the pandemic, the Russian and Ukraine conflict, and the sharp tightening of monetary policy to contain high inflation. Inflation pressures persist, and tight monetary policy is expected to weigh substantially on activity in 2023. Recent banking sector stress in advanced economies will also likely dampen activity through more restrictive credit conditions. More widespread bank turmoil and tighter monetary policy could lead to even weaker global growth.

Growth in Sub-Saharan Africa is projected to slow to 3.2% in 2023, a 0.4% downward revision from January forecasts as external headwinds, persistent inflation, higher borrowing costs, and increased insecurity weigh on activity. Recoveries from the pandemic remain incomplete in many Sub-Saharan African countries, with elevated costs of living tempering the growth of consumption. Over half of the 2023 downgrade is attributable to an abrupt slowdown in South Africa. Growth in South Africa decelerated sharply in early 2023, reflecting policy tightening and the impact of an intensifying energy crisis.

South Africa

Despite concerns over load shedding and the potential impact on inflation and economic growth, the South African economy managed to avoid a technical recession. The South African economy recorded a rebound of 0.4% in economic activity during quarter 1 of 2023. Stats SA report indicated that the manufacturing and finance industries were the main drivers for economic growth during the period under review. The manufacturing sector demonstrated a modest growth rate of 1.5%, followed by the construction and the transport, storage, and communication sector, both experiencing growth rates of 1.1% respectively.

However, certain sectors faced challenges despite the overall economic recovery. Load shedding, in particular, hindered growth, leading to a significant decline of 12.3% in the agriculture, forestry, and fishing sector. Further to this, the excessive rainfall received at the beginning of the season resulted in difficult conditions for field crops, causing disruptions and delays in planting, with some areas experiencing delays of over a month. Additionally, the livestock sector continues to face challenges stemming from foot and mouth disease, leading to a decrease in slaughtering activity. Another significant sector that recorded a decline was the electricity, gas, and water sector. This decline was attributed to Eskom's current inability to generate sufficient electricity to meet demand. (Figures 1 & 3).

Namibia

The Namibian economy recorded a growth of 5.0% in the first quarter of 2023, a slower growth when compared to the 7.3% growth rate that was recorded in the corresponding quarter of 2022. The quarter-on-quarter decline in economic performance was largely attributed to contractions in the financial services which declined by 4.9%. Poor performance in the sector was attributed to both banking services and the insurance services subsectors as a result of the deterioration in the stock of net claims on central government and the decline in the real total deposits and claims. Additionally, the manufacturing sector also recorded the second notable decline of 2.7% during the period under review. The decline in the manufacturing sector activities was a result of the reduction in real value added in subsectors of grain mill, beverages, and dairy products which came as a result of low volume sales of grain mill products as well as the volume produced in the beverages sub-sectors.

Furthermore, the 'agriculture and forestry, health sectors also experienced significant declines of 3.6 %, 2.6% respectively. Low growth in the agriculture and forestry sector was attributed to low growth in the crop farming subsector as a result of the adverse impact of inadequate, delayed, and erratic rainfall in the country. Poor performance in health could be attributed to a deceleration in real compensation for employees.

Additionally, sectors such as mining and quarrying and ‘electricity and water’ posted growths. The sectors contributed 3.7% and 0.5% to GDP during the period under review. Furthermore, activities also picked up in the sectors of administrative and support services, transport and storage, wholesale and retail trade, and hotels and restaurants (Figures 2 & 3).

Undoubtedly, Namibia's economic structure bears a striking resemblance to that of South Africa, particularly in terms of the sectors that make significant contributions to both countries' Gross Domestic Product (GDP). Namibia and South Africa exhibit similarities in their economic structures, particularly in the significance of the mining and quarrying sectors, which contribute substantially to their exports and employment. Both countries possess abundant mineral resources like diamonds, gold, and uranium. Furthermore, agriculture holds importance for both economies, though South Africa has a more prominent agricultural industry due to a larger share of cultivable land. Additionally, Namibia's coastal location enables a strong focus on the fishing sector, contributing significantly to its GDP and export revenue. Namibia has also experienced double-digit growth in the manufacturing sector and hence, diversifying its economy away from the dependence on raw materials from the primary sector. In contrast, South Africa's economy is more diversified, with a well-developed industrial sector and a prominent financial and services industry. Overall, these similarities and differences shape the economic landscapes of Namibia and South Africa (Figures 4&5).

Figure 1: South Africa’s Key Industry growth rates- Q1 2023 compared with Q1 2022

Source: StatsSA & HEI Research

Figure 2: Namibia’s GDP, Quarter 1 2022 Vs. Quarter 1 2023

Source: NSA & HEI Research

Figure 3: South Africa’s Q1 GDP Vs Namibia’s Q1 GDP % change quarter-on-quarter

Source: StatsSA, NSA & HEI Research

Figure 4: South Africa’s historic quarterly GDP for the top 3 sectors at current prices (millions R)

Source: StatsSA & HEI Research

Figure 5: Namibia’s Historic quarterly GDP for the top 3 sectors at current prices (millions N$)

Source: NSA & HEI Research

Outlook

In anticipation of the potential recovery of the South African economy, several factors support this outlook. Firstly, the strengthening of the rand is contributing to positive sentiment, partially attributed to the reduction of power outages during the winter season, which aligns with historical production trends of the state-owned power utility, Eskom. Moreover, measures implemented by the government, such as load curtailment, expanding the diesel rebate to the food value chain, and the introduction of the Agro-Energy Fund; the fund is targeting to assist about 836 farmers with R2.5 billion. These initiatives are expected to facilitate the recovery of the agricultural sector in South Africa. Additionally, the decrease in the frequency of power outages is seen as encouraging news for the overall economy.

However, the South African economy faces risks that could impede growth in the second quarter and throughout 2023. These risks include insufficient and unreliable electricity supply, potential sharp increases in government debt interest rates, remaining on the Financial Action Task Force (FATF) greylist for an extended period, slow and unequal domestic growth, and the potential impact of the tightening of monetary policy to address high inflation. Moreover, the sluggish global economic outlook affecting Namibia's commodity demand and export revenue, uncertainties surrounding the Chinese economy and its effect on the demand for metal commodities, currency volatility leading to higher costs of key imports, concerns about being greylisted by the Financial Action Task Force (FATF), water supply interruptions impacting coastal mines, and below-average rainfall across the country paint are factors that could hinder growth for the Namibian economy in 2023, putting pressure on Namibian consumers and producers.

NSX DAILY UPDATES (27 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	198,774.00	10,831,806.98	100.00%
ETFs	-	-	0.00%
Total	198,774.00	10,831,806.98	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$10,831,806.98 worth of shares was traded on the NSX on Tuesday with about N$3,729,020 worth of shares belonging to Anglo-American plc and N$42,327 worth of shares belonging to Mobile Telecommunications Limited on the home front. No ETFs were traded on Tuesday.

HEI Market Commentary

From the trading activity that took place:

Market participants continue to sell-off shares belonging to Anglo-American as precious metal prices decline, thus resulting in a slight decrease of 0.1% in the company's stock value at closing
Market participants actively traded FirstRand Namibia shares on the domestic market, resulting an increase in share price at closing by 3.0%

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.30	36.30	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.85	14.85	0.00%
First Rand Namibia	FNB	47.51	47.51	0.00%
Standard Bank Namibia	SNO	6.50	6.50	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.90	3.90	0.00%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.75	0.00%
Mobile Telecommunication Company	MOC	7.09	7.09	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	537.70	537.14	-0.10%
B2Gold Corporation	B2G	66.89	66.26	-0.94%
Oceana Group Limited	OCG	69.06	68.05	-1.46%
Truworths	TRW	55.00	55.30	0.55%
Nedbank Group Limited	NBK	223.96	224.33	0.17%
Standard Bank Group	SNB	172.74	173.50	0.44%
Shoprite Holdings	SRH	224.64	224.51	-0.06%
Firstrand Limited	FST	66.87	67.08	0.31%
Momentum Metropolitan Holdings	MMT	17.54	17.55	0.06%
Old Mutual Ltd	OMM	11.81	11.80	-0.08%
Sanlam Limited	SLA	57.60	57.50	-0.17%
Santam Limited	SNM	286.73	286.88	0.05%
Vukile Property Fund Limited	VKN	13.10	13.06	-0.31%
Investec Limited	IVD	102.05	101.67	-0.37%
PSG Konsult Limited	KFS	12.82	12.55	-2.11%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	334.09	330.10	-1.19%
New Gold Palladium ETF	NGNPLD	237.07	231.59	-2.31%
New Gold Platinum ETF N	NGNPLT	166.65	163.69	-1.78%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.13	19.24	0.58%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.56
EUR/NAD	20.32
GBP/NAD	23.63
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.66
USD/JPY	143.89
Commodities @ 07:00
Gold	1,923.95
Silver	22.91
Platinum	925.90
Palladium	1,281.28
WTI	68.12
Brent	72.97

Table 5: Exchange Rates and Commodities

Local News

The Affirmative Repositioning (AR) movement says the government should not be made to pay for a 24% stake in Hyphen Hydrogen Energy, which has been tasked to develop the Southern Corridor Development Initiative. (Sun Newspaper)

Namibia Chamber of Commerce and Industry president Bisey /Uirab yesterday said there is a trend emerging of developed countries that favor and actively promote protectionism and regionalism. (New Era Newspaper)

Namibia Breweries Limited (NBL), which was recently taken over by Heineken International BV, will be letting go of 31 fixed-term employees on Friday. (The Namibian Newspaper)

Sub-Sahara News

Naspers stable gains R260bn in a single day as investors welcome simpler structure. (News24)

Germany and South Africa on Tuesday agreed to cooperate on green hydrogen projects in the latest bid by Europe to tap into Africa’s huge renewable resource potential to meet 2050 net-zero targets. (CNBC Africa)

There may be survivors trapped underground in an unused mining shaft in Welkom, in the Free State, where at least 31 illegal miners - believed to be Basotho nationals - were killed during a methane explosion in May 2023 (AllAfrica News)

International News

The U.S. Supreme Court on Tuesday rebuffed a legal theory favored by many conservatives that could hand sweeping power to state legislatures to establish rules for presidential and congressional elections and draft electoral maps giving huge advantages to the party already in control. (Reuters News)

Asian stock markets are trading mostly lower on Wednesday, following the broadly negative cues from global markets overnight, as some traders continued to cash in on recent strength in the markets by booking profits. (RTT News)

Clashes have broken out between demonstrators and police following public outrage over the shooting death of a 17-year-old in the Paris suburb of Nanterre after the youth allegedly failed to comply with a police order to stop his car. (Aljazeera News)

NSX DAILY UPDATES (26 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	399,688.00	15,644,361.40	100.00%
ETFs	-	-	0.00%
Total	399,688.00	15,644,361.40	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$15,644,361.40 worth of shares was traded on the NSX on Monday with about N$ 719,023 worth of shares belonging to Anglo-American plc and N$ 1,900,400 worth of shares belonging FirstRand Namibia Ltd on the home front. No ETFs were traded on Monday

HEI Market Commentary

From the trading activity that took place:

Market participants continues to sell-off shares belonging to Anglo-American as precious metal prices decline, thus resulting in a slight decrease of 0.1% in the company's stock value at closing
Market participants actively traded FirstRand Namibia shares on the domestic market, resulting an increase in share price at closing by 3.0%

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.02	36.30	0.78%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.80	14.85	0.34%
First Rand Namibia	FNB	46.13	47.51	2.99%
Standard Bank Namibia	SNO	6.99	6.50	-7.01%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.90	3.90	0.00%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.75	0.00%
Mobile Telecommunication Company	MOC	7.08	7.09	0.14%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	538.06	537.70	-0.07%
B2Gold Corporation	B2G	68.48	66.89	-2.32%
Oceana Group Limited	OCG	68.48	69.06	0.85%
Truworths	TRW	54.08	55.00	1.70%
Nedbank Group Limited	NBK	224.19	223.96	-0.10%
Standard Bank Group	SNB	173.28	172.74	-0.31%
Shoprite Holdings	SRH	225.60	224.64	-0.43%
Firstrand Limited	FST	66.53	66.87	0.51%
Momentum Metropolitan Holdings	MMT	17.80	17.54	-1.46%
Old Mutual Ltd	OMM	11.85	11.81	-0.34%
Sanlam Limited	SLA	57.88	57.60	-0.48%
Santam Limited	SNM	287.00	286.73	-0.09%
Vukile Property Fund Limited	VKN	13.12	13.10	-0.15%
Investec Limited	IVD	103.69	102.05	-1.58%
PSG Konsult Limited	KFS	12.68	12.82	1.10%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	335.64	334.09	-0.46%
New Gold Palladium ETF	NGNPLD	232.25	237.07	2.08%
New Gold Platinum ETF N	NGNPLT	166.87	166.65	-0.13%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.02	19.13	0.58%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.57
EUR/NAD	20.27
GBP/NAD	23.64
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.67
USD/JPY	143.65
Commodities @ 07:00
Gold	1,934.45
Silver	23.02
Platinum	939.40
Palladium	1,316.00
WTI	70.07
Brent	75.00

Table 5: Exchange Rates and Commodities

Local News

The Anti-Corruption Commission (ACC) wants the vice-chancellor of the Namibia University of Science and Technology (NUST), Dr. Erold Naomab, probed for corruption, maladministration, and mismanagement. (Sun Newspaper)

The Oshikoto Regional Council has spent N$40 million on infrastructure development for the 2022/23 financial year. (New Era Newspaper)

First Lady Monica Geingos says there is an urgent need for the private sector to provide employees with essential benefits while labour experts have urged employers to pay salaries relative to the current economic situation. (The Namibian Newspaper)

Sub-Sahara News

Travelers are benefiting from lower airfares over the winter period as local airlines accuse each other of uncompetitive pricing – with one operator wanting the competition watchdog to investigate whether some ticket prices are below the cost of operating flights. (News24)

Zimbabwe’s annual inflation rose to 175.8% in June from 86.5% in May, data showed on Monday, exacerbating a pricing crisis ahead of crucial elections. (CNBC Africa)

International News

Russian President Vladimir Putin paid tribute to pilots killed fighting an aborted mutiny, confirming their deaths for the first time while thanking Russians for showing patriotic solidarity in the face of the Wagner militia group's march on Moscow. (Reuters News)

Asian stocks ended mixed on Tuesday as Chinese growth concerns persisted and investors waited for further direction from Federal Reserve Chair Jerome Powell, who will testify before Congress on Wednesday. (RTT News)

Ukrainian President Volodymyr Zelenskyy has visited Ukrainian forces fighting on the front line that runs through the eastern Donetsk region and the south of the country, decorating troops on a day in which he said his forces had “advanced in all directions”. (Aljazeera News)

NSX Weekly Market Report: 19-23 June 2023

NSX DAILY UPDATES (23 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	233,558.00	23,190,035.40	100.00%
ETFs	-	-	0.00%
Total	233,558.00	23,190,035.40	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 23,190,035.40worth of shares was traded on the NSX on Friday with about N$6,337,856 worth of shares belonging to Anglo-American plc and N$ 1,845,200 worth of shares belonging FirstRand Namibia Ltd on the home front. No ETFs were traded on Friday

HEI Market Commentary

From the trading activity that took place:

Market participants continue to sell-off shares belonging to Anglo-American as precious metal prices decline, thus resulting in a slight decrease of 1.3% in the company's stock value at closing
Market participants actively traded FirstRand Namibia shares on the domestic market, resulting in an increase in share price at closing by 3.0%

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.02	36.02	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.50	14.80	2.07%
First Rand Namibia	FNB	44.79	46.13	2.99%
Standard Bank Namibia	SNO	0.68	0.68	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.90	3.90	0.00%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.75	0.00%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	545.21	538.06	-1.31%
B2Gold Corporation	B2G	64.82	68.48	5.65%
Oceana Group Limited	OCG	67.07	68.48	2.10%
Truworths	TRW	55.61	54.08	-2.75%
Nedbank Group Limited	NBK	227.49	224.19	-1.45%
Standard Bank Group	SNB	175.50	173.28	-1.26%
Shoprite Holdings	SRH	227.10	225.60	-0.66%
Firstrand Limited	FST	67.67	66.53	-1.68%
Momentum Metropolitan Holdings	MMT	17.88	17.80	-0.45%
Old Mutual Ltd	OMM	11.95	11.85	-0.84%
Sanlam Limited	SLA	59.71	57.88	-3.06%
Santam Limited	SNM	290.42	287.00	-1.18%
Vukile Property Fund Limited	VKN	13.38	13.12	-1.94%
Investec Limited	IVD	104.62	103.69	-0.89%
PSG Konsult Limited	KFS	12.84	12.68	-1.25%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	329.82	335.64	1.76%
New Gold Palladium ETF	NGNPLD	234.29	232.25	-0.87%
New Gold Platinum ETF N	NGNPLT	166.22	166.87	0.39%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.09	19.02	-0.37%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.72
EUR/NAD	20.43
GBP/NAD	23.85
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.66
USD/JPY	143.40
Commodities @ 07:00
Gold	1,936.25
Silver	22.76
Platinum	936.80
Palladium	1,289.50
WTI	69.41
Brent	74.24

Table 5: Exchange Rates and Commodities

Local News

Meatco sold 590 tons more beef and increased its revenue by N$113 million compared to the previous year. (Sun Newspaper)

Andrada Mining Limited, which is operating the Uis tin mine, has been criticized for not having all the requisite permissions and blasting equipment, as well as using the wrong explosives by the Ministry of Mines and Energy. (New Era Newspaper)

Political experts and opposition members of parliament (MPs) have expressed concern about Cabinet ministers rushing to table critical bills in parliament for amendment – seemingly to avoid Namibia being greylisted by the Financial Action Task Force (FATF). (The Namibian Newspaper)

Sub-Sahara News

President Cyril Ramaphosa said in February he expected much more energy capacity by the end of 2024. He is going to need to push that time line out (News24)

Zambia has struck a deal to restructure $6.3 billion in debt owed to other governments, including China, marking a long-awaited breakthrough for indebted nations around the world that have faced lengthy negotiations with creditors. (CNBC Africa)

The debt profiles, especially of countries in the global south, are rising, with many are now adjudged high-risk countries, keeping investors far from them. (AllAfrica News)

International News

Russia sought to restore calm on Monday after an aborted mutiny by Wagner Group mercenaries over the weekend, while Western allies assessed how President Vladimir Putin might reassert authority and what it could mean for the war in Ukraine. (Reuters News)

Asian stocks retreated on Monday as investors exercised caution ahead of China's interest-rate decision and Fed Chair Jerome Powell's testimonies. (RTT News)

Australia, one of the biggest non-NATO contributors to Ukraine, is to send an additional 70 military vehicles to Ukraine as part of its latest military assistance package for the country. (Aljazeera News)

Hospitality Statistics: National Occupancy Rates for Namibia May 2023

The National occupancy rates declined to 50.8% for May 2023 from 51.8 % recorded in April 2023, (figure 1). The central part of the country recorded the highest occupancy rate of 54.8% for May 2023 followed by the Nothern part recording 52.1% and the coastal part of the country recorded the lowest occupancy rate of 44.2%. According to the Hospitality Association of Namibia, Europe continues to shine as Namibia's main source market with over 55% of visitors coming from greater Europe, (just under 31% from German-speaking Europe and 24% from other European countries, 8% of them from France.

Additionally, Leisure tourism activities remain Namibia’s primary driver of tourism and it accounted for 89.2% of visitors during the month under review. Leisure tourism activities may not be favorable to an economy and may bring about negative implications. The implications may include; popular leisure destinations may face issues of overcrowding, particularly during peak seasons. This can put a strain on Namibia’s infrastructure and public facilities, leading to congestion, increased pressure on natural resources, and degradation of the tourist experience, Overemphasis on leisure tourism activities may lead to negligence or underdevelopment of other tourism segments such as business travel, educational tourism, medical tourism, or adventure tourism, hence it is critical for Namibia to diversify the tourism portfolio. This can help mitigate risks and ensure a more balanced tourism industry.

The domestic market accounted for only 22.5% of national occupancy during the month under review, with the remaining percentage of national occupancy rates going to the international market. This indicates that the tourism sector is heavily reliant on international tourists, and thus there is a need to create an environment that encourages residents to engage in tourism-related experiences and activities within their own country. Measures to promote domestic tourism may include; Launching targeted marketing campaigns that highlight the benefits of domestic tourism, Introducing incentives such as tax breaks, subsidies, or discounts for domestic travelers, and engaging with tourism industry stakeholders, including hotels, restaurants, tour operators, and transportation providers to develop attractive packages and offers specifically targeting domestic tourists, encouraging the development of community-based tourism initiatives where local communities are involved in providing authentic and immersive experiences to domestic tourists, Promote travel during off-peak seasons or weekdays by offering special promotions, discounts, or packages, etc.

A consistent upward trend in occupancy rates in Namibia confirms the country's robust tourism recovery. While June is typically a quiet month prior to the tourism high season, we believe the trend of tourism growth will continue in the short to medium term.

Figure 1: National Occupancy rates vs. HKIA arrivals rooms and beds occupancy rates, Namibia (May 2022- May 2023)

Source: H.A.N & HEI REASEARCH

NSX DAILY UPDATES (22 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	401,413.00	18,915,201.39	96.98%
ETFs	1,775.00	588,590.00	3.02%
Total	403,188.00	19,503,791.39	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 18,915,201.39 worth of shares was traded on the NSX on Thursday with about N$ 13,557,425 worth of shares belonging to Anglo-American plc and N$ 1,035,567 worth of shares belonging to Letshego Holdings Ltd on the home front. ETFs worth N$ 588,590.00 were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

Market participants sold off shares belonging to Anglo-American as precious metal prices decline continuously, thus resulting in a slight decrease of 0.5% in the company's stock value at closing
Market participants actively traded Letshego Holdings shares on the domestic market, resulting in no change in share price at closing
New Gold Issuer Ltd NM ETF was offloaded as investor demand in gold declined amid weak performance of commodity prices

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.02	36.02	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.50	14.50	0.00%
First Rand Namibia	FNB	44.79	44.79	0.00%
Standard Bank Namibia	SNO	6.99	6.99	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.90	3.90	0.00%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.75	0.00%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	548.09	545.21	-0.53%
B2Gold Corporation	B2G	64.66	64.82	0.25%
Oceana Group Limited	OCG	68.60	67.07	-2.23%
Truworths	TRW	55.71	55.61	-0.18%
Nedbank Group Limited	NBK	229.95	227.49	-1.07%
Standard Bank Group	SNB	177.10	175.50	-0.90%
Shoprite Holdings	SRH	224.11	227.10	1.33%
Firstrand Limited	FST	68.31	67.67	-0.94%
Momentum Metropolitan Holdings	MMT	18.29	17.88	-2.24%
Old Mutual Ltd	OMM	12.14	11.95	-1.57%
Sanlam Limited	SLA	60.26	59.71	-0.91%
Santam Limited	SNM	288.00	290.42	0.84%
Vukile Property Fund Limited	VKN	13.50	13.38	-0.89%
Investec Limited	IVD	106.99	104.62	-2.22%
PSG Konsult Limited	KFS	12.76	12.84	0.63%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	330.02	329.82	-0.06%
New Gold Palladium ETF	NGNPLD	243.91	234.29	-3.94%
New Gold Platinum ETF N	NGNPLT	168.56	166.22	-1.39%
Satrix S&P Namibia Bond ETF)	SXNNAM	18.83	19.09	1.38%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.54
EUR/NAD	20.30
GBP/NAD	23.60
EUR/GBP	0.86
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.67
USD/JPY	142.87
Commodities @ 07:00
Gold	1,922.75
Silver	22.19
Platinum	922.50
Palladium	1,276.75
WTI	69.19
Brent	73.89

Table 5: Exchange Rates and Commodities

Local News

The government is developing new legislation to tackle the high import volumes of dairy, poultry, and pork into the country, as well as to avail breathing space and protection to enable those industries to grow. (Sun Newspaper)

The Department of Agriculture and land reform returned at least N$98 million to the State purse, money which could have been used to address other pressing public needs. (New Era Newspaper)

The Namibian economy between January and March this year expanded by 5% – growing the quarterly productivity base to N$36,8 billion. (The Namibian Newspaper)

Sub-Sahara News

The suspension is related to a R500 million emergency security contract awarded to Fidelity Services to investigate coal theft last year, News24 understands. (News24)

Nigeria’s naira currency hit a record low against the dollar after the spot market closed on Wednesday, and forwards contracts also hit new lows on Thursday, Refinitiv data showed. (CNBC Africa)

Zanzibar has secured EUR 400 million (about 1.04tri/-) loan to fund the development of Pemba airport and several key roads din the Isles. (AllAfrica News)

International News

A deep-sea submersible carrying five people on a voyage to the century-old wreck of the Titanic was found in pieces from a "catastrophic implosion" that killed everyone aboard, the U.S. Coast Guard said on Thursday, ending a multinational five-day search for the vessel. (Reuters News)

Final inflation data from Eurozone is the only major economic report due on Friday. At 3.00 am ET, the Czech Statistical Office releases producer prices for May. (RTT News)

United States President Joe Biden has defended calling Chinese President Xi Jinping a “dictator”, just days after their countries hailed modest progress in cooling tensions. (Aljazeera News)

NSX DAILY UPDATES (21 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	2,872,141.00	47,418,176.38	100.00%
ETFs	-	-	0.00%
Total	2,872,141.00	47,418,176.38	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 47,418,176.38 worth of shares was traded on the NSX on Wednesday with about N$ 2,653,438 worth of shares belonging to Anglo-American plc and N$ 1,072,315 worth of shares belonging to Namibia Breweries on the home front. No ETFs were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

Market participants sold-off shares belonging to Anglo-American as precious metal prices decline drastically, thus resulting in a slight decrease of 2.4% in the company's stock value at closing
Market participants actively traded Namibia Breweries shares on the domestic market, resulting in no change in share price at closing

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.02	36.02	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.02	14.50	3.42%
First Rand Namibia	FNB	43.49	44.79	2.99%
Standard Bank Namibia	SNO	6.99	6.99	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.89	3.90	0.26%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.80	12.75	-0.39%
Mobile Telecommunication Company	MOC	7.09	7.08	-0.14%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	561.62	548.09	-2.41%
B2Gold Corporation	B2G	65.48	64.66	-1.25%
Oceana Group Limited	OCG	72.00	68.60	-4.72%
Truworths	TRW	55.79	55.71	-0.14%
Nedbank Group Limited	NBK	230.32	229.95	-0.16%
Standard Bank Group	SNB	177.00	177.10	0.06%
Shoprite Holdings	SRH	224.96	224.11	-0.38%
Firstrand Limited	FST	69.01	68.31	-1.01%
Momentum Metropolitan Holdings	MMT	18.73	18.29	-2.35%
Old Mutual Ltd	OMM	12.20	12.14	-0.49%
Sanlam Limited	SLA	60.71	60.26	-0.74%
Santam Limited	SNM	293.00	288.00	-1.71%
Vukile Property Fund Limited	VKN	13.48	13.50	0.15%
Investec Limited	IVD	109.49	106.99	-2.28%
PSG Konsult Limited	KFS	12.61	12.76	1.19%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	330.87	330.02	-0.26%
New Gold Palladium ETF	NGNPLD	242.63	243.91	0.53%
New Gold Platinum ETF N	NGNPLT	169.48	168.56	-0.54%
Satrix S&P Namibia Bond ETF)	SXNNAM	18.87	18.83	-0.21%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.37
EUR/NAD	20.19
GBP/NAD	23.44
EUR/GBP	0.86
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.67
USD/JPY	141.77
Commodities @ 07:00
Gold	1,938.85
Silver	22.54
Platinum	941.25
Palladium	1.334.03
WTI	72.14
Brent	76.69

Table 5: Exchange Rates and Commodities

Local News

While Savanna Beef Processors (SBP) has just announced that it will offer cattle producers a third chance to buy further shares, a purchase agreement for a building site has also now been completed. (Sun Newspaper)

Namibian Police Commissioner Andreas Nelumbu and the safety ministry are trying to reach an amicable solution after he sued his employer for accusing him of having a hand in the missing guns and ammunition from the police warehouse last year. (New Era Newspaper)

The government is facing criticism for its handling of the ownership of the highly anticipated green hydrogen project (The Namibian Newspaper)

Sub-Sahara News

An arrest warrant has been issued for Markus Jooste in Germany – while a Dutch court effectively killed off Steinhoff in its current form on Wednesday. (News24)

South Africa’s central bank will for the first time modify the model that partly influences its interest rate decisions, it said on its website on Tuesday. (CNBC Africa)

Nigeria should seize the opportunity to raise its diplomatic game and lead the continent from the front. (AllAfrica News)

International News

The Biden administration will make it easier for Indians to live and work in the United States, using this week's state visit by Prime Minister Narendra Modi to help some skilled workers enter or remain in the country, according to three people familiar with the matter. (Reuters News)

European stocks are seen opening largely unchanged on Thursday, as investors await Chair Jerome Powell's second day of testimony on Capitol Hill and the Bank of England's interest-rate decision later in the day. (RTT News)

Rescue crews looking for the submersible vessel that went missing in the northern Atlantic Ocean are moving assets and focusing their search on an area where undersea noises have been detected, a US Coast Guard official has said.. (Aljazeera News)

NSX DAILY UPDATES (20 JUNE 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	2,754,969.00	79,164,735.01	95.47%
ETFs	17,121.00	3,753,196.74	4.53%
Total	2,772,090.00	82,917,931.75	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 79,164,735.01 worth of shares was traded on the NSX on Tuesday with about N$ 21,146,437 worth of shares belonging to Anglo-American plc and N$ 4,233,211 worth of shares belonging to FirstRand Namibia Ltd on the home front. ETFs worth N$ 3,753,196.74 were traded on Tuesday

HEI Market Commentary

From the trading activity that took place:

Market participants sold-off shares belonging to Anglo-American as commodity prices are affected by China’s latest economic news of cutting rates, thus resulting in a slight decrease of 3.2% in the company's stock value at closing
Market participants actively traded FirstRand Namibia shares on the domestic market, resulting in an increase of 6.07% in share price at closing

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.00	36.02	0.06%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.00	14.02	0.14%
First Rand Namibia	FNB	41.00	43.49	6.07%
Standard Bank Namibia	SNO	7.00	6.99	-0.14%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.75	3.89	3.73%
Namibia Asset Management	NAM	0.68	0.68	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.75	12.80	0.39%
Mobile Telecommunication Company	MOC	7.08	7.09	0.14%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Table 2: Primary listed Trades

Name	*South African Dual-Listed Ticker*	*Price Previous Close 'N$*	*Price End of Day 'N$*	*Daily Change %*
Anglo-American plc	ANM	580.19	561.62	-3.20%
B2Gold Corporation	B2G	65.81	65.48	-0.50%
Oceana Group Limited	OCG	74.06	72.00	-2.78%
Truworths	TRW	56.35	55.79	-0.99%
Nedbank Group Limited	NBK	231.61	230.32	-0.56%
Standard Bank Group	SNB	173.78	177.00	1.85%
Shoprite Holdings	SRH	228.21	224.96	-1.42%
Firstrand Limited	FST	69.45	69.01	-0.63%
Momentum Metropolitan Holdings	MMT	18.89	18.73	-0.85%
Old Mutual Ltd	OMM	12.24	12.20	-0.33%
Sanlam Limited	SLA	60.79	60.71	-0.13%
Santam Limited	SNM	294.00	293.00	-0.34%
Vukile Property Fund Limited	VKN	13.70	13.48	-1.61%
Investec Limited	IVD	107.84	109.49	1.53%
PSG Konsult Limited	KFS	12.80	12.61	-1.48%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	330.80	330.87	0.02%
New Gold Palladium ETF	NGNPLD	247.16	242.63	-1.83%
New Gold Platinum ETF N	NGNPLT	171.60	169.48	-1.24%
Satrix S&P Namibia Bond ETF)	SXNNAM	18.89	18.87	-0.11%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.39
EUR/NAD	20.07
GBP/NAD	23.46
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.67
USD/JPY	141.57
Commodities @ 07:00
Gold	1,946.55
Silver	23.14
Platinum	962.40
Palladium	1.380.00
WTI	71.41
Brent	76.09

Table 5: Exchange Rates and Commodities

Local News

Government representatives have explained why free equity in the Hyphen project is a danger to Namibia. (Sun Newspaper)

There is a glimmer of hope for the unemployed, as approximately 15 000 jobs in the public sector are anticipated to become available this year. These employment opportunities will arise from the security cluster, which encompasses the National Defence Force (NDF), National Correctional Services (NCS), and the Namibian Police. (New Era Newspaper)

Stateless and undocumented people living in the Kavango East and Kavango West regions have called on the government to speed up registering them, accusing the Rundu regional office of delaying the process. (The Namibian Newspaper)

Sub-Sahara News

A new $1 billion (R18 billion) fund dedicated to financing green hydrogen projects in South Africa has been launched. (News24)

Ghana aims to exempt loans from the African Export & Import Bank (Afreximbank) from being restructured, finance minister Ken Ofori-Atta said, as the country seeks new terms on $20 billion in external debt and recovery from a deep economic crisis. (CNBC Africa)

Ambassador Bankole Adeoye, African Union Commissioner for Political Affairs, Peace, and Security, met on Monday with Field Marshal Berhanu Jula, Chief of General Staff of the Ethiopian National Defense Forces (ENDF), and discussed the AU-led Pretoria Permanent Cessation of Hostilities Agreement.. (AllAfrica News)

International News

A deepening sense of caution descends over Asian markets as the trading week reaches its mid-point, as investors give a lukewarm reaction to China's interest rate cut and await key remarks from Federal Reserve Chair Jerome Powell later on Wednesday. (Reuters News)

Asian stocks ended mixed on Wednesday after overnight data showed U.S. consumer price inflation slowed in May, reinforcing expectations the Federal Reserve would skip a rate hike later in the day. (RTT News)

The administration of President Joe Biden is preparing to host a state dinner for Indian Prime Minister Narendra Modi this week, paying little mind to critics who say the United States is turning a blind eye to human rights violations in India under Modi’s right-wing government. (Aljazeera News)

Author: hei