hei – Page 61

Inflation Report, March 2023

Executive summary

The annual inflation rate for March 2023 increased to 7.2%, up from 4.5% recorded for the same period last year. (Figure 1)
The drivers of an increase in the annual inflation rate were the food & non-alcoholic beverages, alcoholic beverages & tobacco, and miscellaneous goods & services categories. (Figure 2)
On a monthly basis, Namibia recorded an inflation rate of 0.6% in March 2023 compared to 0.4% recorded in February 2023

Analysis

Food and non-alcoholic beverages category which accounts for 16.5% of the NCPI basket annual inflation increased to 14.6% during the month of March 2023 compared to 4.6% recorded during March 2022. The increase in the food and non-alcoholic beverages component was mainly driven by an increase in the price levels of fruit, bread & cereal, and sugar, jam, honey, syrups, chocolate & confectionery accounting for 29.1%, 20.8%, and 14% respectively
The alcoholic beverages and tobacco category which accounts for 12.6% of the NCPI basket annual inflation increased to 6.9% from 4.1% recorded during the same period last year. This was mainly influenced by an increase in the price of white spirits alcoholic beverages and an increase in the price level of cigarettes as a result of an increase in sin tax
The annual inflation rate for the miscellaneous goods and services category which accounts for 5.4% of the consumer basket increased by 7.3% during the month of March 2023 compared to 1.1% recorded during March 2022. The miscellaneous goods and services were driven by the high demand for insurance.

Figure 1: Annual Inflation Rate (March 2022 – March 2023)

Figure 2: Sub-Categorical analysis (%) change Year on Year and Month on Month

Figure 3: % changes of the main commodities that drove the annual inflation rate, (March 2023 compared with March 2022)

Outlook

We project that the prices for paraffin will remain elevated, especially for households that are not linked to the grid because the winter season is approaching. The season requires a high use of energy and hence this will lead to an increase in the demand for energy

Global food prices were set to stabilize for the year 2023 due to increased global supply and record production in India. Namibia’s largest grain-processing company Namib Mills confirmed a decrease in pasta polana, king pasta, rice, and polana instant noodles from 17 April 2023.
Rice will see a decrease in the price of between 5% and 6%, pasta polana and king pasta between 9% and 11%, and polana instant noodles will go down by 15%
As such we anticipate food prices to moderate for the month of April 2023.

Posted on April 14, 2023
Inflation
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NSX DAILY UPDATE (13 MARCH 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	31,573.00	1,024,065.10	73.69%
ETFs	1,064.00	365,696.80	26.31%
Total	32,637.00	1,389,761.90	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 1,024,065.10 worth of shares was traded on the NSX on Thursday with about N$ 191,286 worth of shares belonging to Old Mutual Ltd and N$ 142,028 worth of Namibia Breweries on the home front. ETFs worth N$ 365,696.80 were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

Old Mutual’s shares were traded by market participants on the overall bourse, resulting in no change in share price at closing
The shares owned by Namibia Breweries were traded on the domestic stock exchange, resulting in no change in share price at the end of the trading day.
New Gold Issuer Ltd NM was sold off by market participants.

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	32.01	32.01	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.85	13.86	0.07%
First Rand Namibia	FNB	37.05	37.05	0.00%
Standard Bank Namibia	SNO	8.45	8.45	0.00%
Oryx Limited	ORY	11.50	11.50	0.00%
Letshego	LHN	3.75	3.75	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	12.80	12.80	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	611.71	609.91	-0.29%
B2Gold Corporation	B2G	77.66	78.42	0.98%
Oceana Group Limited	OCG	71.17	69.00	-3.05%
Mediclinic International Plc	MEP	114.60	112.86	-1.52%
Truworths	TRW	54.60	54.98	0.70%
Nedbank Group Limited	NBK	215.74	214.63	-0.51%
Standard Bank Group	SNB	172.99	8.45	-95.12%
Shoprite Holdings	SRH	222.53	222.22	-0.14%
FirstRand Limited	FST	64.55	64.05	-0.77%
Momentum Metropolitan Holdings	MMT	18.38	18.25	-0.71%
Old Mutual Ltd	OMM	11.27	11.27	0.00%
Sanlam Limited	SLA	56.55	56.40	-0.27%
Santam Limited	SNM	286.01	280.40	-1.96%
Vukile Property Fund Limited	VKN	12.85	12.95	0.78%
Investec Limited	IVD	100.10	98.59	-1.51%
PSG Konsult Limited	KFS	12.15	12.21	0.49%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	344.09	343.05	-0.30%
New Gold Palladium ETF	NGNPLD	258.49	256.73	-0.68%
New Gold Platinum ETF N	NGNPLT	179.58	182.11	1.41%
New Funds S&P NAM Bond	NFNAMA	18.45	18.71	1.41%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.02
EUR/NAD	19.95
GBP/NAD	22.59
EUR/GBP	0.88
EUR/USD	1.10
GBP/USD	1.25
AUD/USD	0.67
USD/JPY	132.49
Commodities @ 07:00
Gold	2,056.40
Silver	26.08
Platinum	1,068.15
Palladium	1,509.28
WTI	82..52
Brent	86.36

Table 5: Exchange Rates and Commodities

Local News

Canadian mining company B2Gold yesterday informed its Namibian employees of looming retrenchments, as its Otjikoto mine outside Otjiwarongo enters its last nine years of commercial viability. (Sun Newspaper)

The Development Bank of Namibia’s (DBN’s) Sustainable Finance Framework is aligned with the four core components of the International Capital Market Association’s (ICMA) Green Bond Principles 2021, Social Bond Principles 2021, Sustainability Bond Guidelines 2021, as well as the Loan Market Association’s (LMA) Green Loan Principles 2023 and Social Loan Principles 2023. (New Era Newspaper)

At the end of December last year, over 1,3 million Namibians had about N$25,000 or less in their bank accounts, and inflation is to blame, analysts say (The Namibian Newspaper)

Sub-Sahara News

South Africa attracted R1.51 trillion of new investment pledges over the past five years, 26% more than a target set in 2018, President Cyril Ramaphosa said. (News24)

Emerging market currencies extended gains for a third straight session on Thursday as the dollar hit a two-month low after data showing cooling U.S. inflation raised bets of a pause in the U.S. Federal Reserve’s rate hike cycle. (CNBC Africa)

In a report presented to the United Nations Security Council on Wednesday, UN Secretary-General Antonio Guterres urged Mali's ruling junta to "accelerate" the pace of the handover, in order to return power to elected civilians by early 2024 as promised. (All Africa News)

International News

Taiwan President Tsai Ing-wen on Friday thanked fighter pilots who scrambled against China's air force during its drills around the island and pledged to keep strengthening the armed forces, as Beijing's military activities around the island ebbed. (Reuters)

Employment in the U.S. increased roughly in line with economist estimates in the month of March, according to a closely watched report released by the Labor Department on Friday. (RTT News)

North Korea has announced the successful test of its first solid-fuel intercontinental ballistic missile (ICBM), a key goal of leader Kim Jong Un’s plan to develop more advanced and powerful weaponry. (Aljazeera News)

NSX DAILY UPDATE (12 APRIL 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	1,617,035.00	88,720,000.37	96.62%
ETFs	17,295.00	3,105,016.32	3.38%
Total	1,634,330.00	91,825,016.68	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 88,720,000.37 worth of shares was traded on the NSX on Wednesday with about N$ 9,228,911 worth of shares belonging to Anglo-American plc and N$ 125,896 worth of FirstRand Namibia on the home front. ETFs worth N$ 3,105,016.32 were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s shares were sold off by market participants on the overall bourse, resulting in the share price decline of 0.4% at closing
The shares owned by FirstRand Namibia were traded on the domestic stock exchange, resulting in an increase of 0.2% in share price at the end of the trading day.
New Gold Platinum ETF N were subscribed by market participants.

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	32.01	32.01	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.85	13.85	0.00%
First Rand Namibia	FNB	36.99	37.05	0.16%
Standard Bank Namibia	SNO	8.45	8.45	0.00%
Oryx Limited	ORY	11.50	11.50	0.00%
Letshego	LHN	3.75	3.75	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	12.81	12.80	-0.08%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	9.00	8.99	-0.11%

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	614.07	611.71	-0.38%
B2Gold Corporation	B2G	77.13	77.66	0.69%
Oceana Group Limited	OCG	69.82	71.17	1.93%
Mediclinic International Plc	MEP	113.43	114.60	1.03%
Truworths	TRW	54.57	54.60	0.05%
Nedbank Group Limited	NBK	223.70	215.74	-3.56%
Standard Bank Group	SNB	170.76	172.99	1.31%
Shoprite Holdings	SRH	220.36	222.53	0.98%
FirstRand Limited	FST	62.85	64.55	2.70%
Momentum Metropolitan Holdings	MMT	18.37	18.38	0.05%
Old Mutual Ltd	OMM	11.81	11.27	-4.57%
Sanlam Limited	SLA	56.33	56.55	0.39%
Santam Limited	SNM	285.64	286.01	0.13%
Vukile Property Fund Limited	VKN	12.80	12.85	0.39%
Investec Limited	IVD	99.72	100.10	0.38%
PSG Konsult Limited	KFS	12.50	12.15	-2.80%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	342.70	344.09	0.41%
New Gold Palladium ETF	NGNPLD	258.93	258.49	-0.17%
New Gold Platinum ETF N	NGNPLT	176.44	179.58	1.78%
New Funds S&P NAM Bond	NFNAMA	18.50	18.45	-0.27%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.40
EUR/NAD	20.22
GBP/NAD	22.98
EUR/GBP	0.87
EUR/USD	1.09
GBP/USD	1.24
AUD/USD	0.67
USD/JPY	133.27
Commodities @ 07:00
Gold	2,030.60
Silver	25.53
Platinum	1,025.65
Palladium	1,446.53
WTI	82.95
Brent	86.94

Table 5: Exchange Rates and Commodities

Local News

Namibia will soon demand to sell a bigger share of the diamonds produced by its joint venture with De Beers, mines minister Tom Alweendo said last week. The move could spark tougher negotiations when the sales deal expires in 2026. (Sun Newspaper)

Meatco CEO, Mwilima Mushokabanji, said the corporation needs about N$80 million to operate the soon-to-be-opened Rundu abattoir. (New Era Newspaper)

The Ministry of Agriculture, Water and Land Reform has reportedly started an initiative to excavate new earth dams as catchment areas in regions usually affected by floods, to lessen the aggression of any drought in the future (The Namibian Newspaper)

Sub-Sahara News

South Africa is entering peak electricity demand season with many key power plant units offline - including one at Koeberg. (News24)

Inflation cooled in March as the Federal Reserve’s interest rate increases showed more impact, the Labor Department reported Wednesday. (CNBC Africa)

ZANU PF Makoni West aspiring candidate, Moses Ruwona, has been locked up on allegations of fraud and money laundering. (All Africa News)

International News

The abortion pill mifepristone will remain available in the United States for now but with significant restrictions including a requirement for in-person doctor visits to obtain the drug, a federal appeals court ruled late on Wednesday. (Reuters)

European stocks may struggle for direction on Thursday amid signs that the U.S. economy is slowing. Trading volumes are likely to remain thin heading into Easter weekend. (RTT News)

North Korea has launched what could be a “new type” of a ballistic missile that landed in the waters between the Korean Peninsula and Japan, prompting Tokyo to lodge a “strong protest” after fears the weapon might land in or near its northern island of Hokkaido led to an evacuation order. (Aljazeera News)

NSX DAILY UPDATE (11 APRIL 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	403,707.00	12,743,456.19	100.00%
ETFs	-	-	0.00%
Total	403,707.00	12,743,456.19	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 12,743,456.19worth of shares was traded on the NSX on Tuesday with about N$ 845,783 worth of shares belonging Oceana Group Limited and N$ 1,771,801 worth of Capricorn Group on the home front. No ETFs were traded on Tuesday.

HEI Market Commentary

From the trading activity that took place:

Oceana Group’s shares were sold off by market participants on the overall bourse, resulting in the share price decline to 1.7% at closing
The shares owned by Capricorn Group were traded on the domestic stock exchange, resulting in no change in share price at the end of the trading day.

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	32.01	32.01	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.85	13.85	0.00%
First Rand Namibia	FNB	37.00	36.99	-0.03%
Standard Bank Namibia	SNO	8.45	8.45	0.00%
Oryx Limited	ORY	11.49	11.50	0.09%
Letshego	LHN	3.75	3.75	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	12.81	12.81	0.00%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	9.00	9.00	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	594.74	614.07	3.25%
B2Gold Corporation	B2G	75.03	77.13	2.80%
Oceana Group Limited	OCG	71.00	69.82	-1.66%
Mediclinic International Plc	MEP	113.10	113.43	0.29%
Truworths	TRW	54.16	54.57	0.76%
Nedbank Group Limited	NBK	221.35	223.70	1.06%
Standard Bank Group	SNB	170.24	170.76	0.31%
Shoprite Holdings	SRH	225.76	220.36	-2.39%
FirstRand Limited	FST	62.12	62.85	1.18%
Momentum Metropolitan Holdings	MMT	18.19	18.37	0.99%
Old Mutual Ltd	OMM	11.89	11.81	-0.67%
Sanlam Limited	SLA	56.17	56.33	0.28%
Santam Limited	SNM	289.55	285.64	-1.35%
Vukile Property Fund Limited	VKN	12.73	12.80	0.55%
Investec Limited	IVD	98.54	99.72	1.20%
PSG Konsult Limited	KFS	12.03	12.50	3.91%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	341.73	342.70	0.28%
New Gold Palladium ETF	NGNPLD	253.24	258.93	2.25%
New Gold Platinum ETF N	NGNPLT	176.51	176.44	-0.04%
New Funds S&P NAM Bond	NFNAMA	18.55	18.50	-0.27%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	18.36
EUR/NAD	20.06
GBP/NAD	22.84
EUR/GBP	0.87
EUR/USD	1.09
GBP/USD	1.24
AUD/USD	0.66
USD/JPY	133.77
Commodities @ 07:00
Gold	2,035.05
Silver	2556
Platinum	1,011.65
Palladium	1,451.53
WTI	81.60
Brent	85.69

Table 5: Exchange Rates and Commodities

Local News

The International Monetary Fund (IMF) forecasts economic growth of 2.8% for Namibia in its latest World Economic Outlook, released today. (Sun Newspaper)

Namibia has secured about N$161 billion worth of investment opportunities as of March 2023 with the potential to create more jobs. This was the uplifting news from CEO of the Namibia Investment Promotion and Development Board, Nangula Uaandja, who made the announcement last week. (New Era Newspaper)

First Lady Monica Geingos’ One Economy Foundation is building a N$40 million centre at the government-owned Katutura Youth Complex in Windhoek (The Namibian Newspaper)

Sub-Sahara News

The collapse of seven pylons on the N4 in Pretoria on Sunday night has shut down a Ford plant, causing an output loss of 720 vehicles a day. (News24)

The International Monetary Fund on Tuesday trimmed its 2023 global growth outlook slightly as higher interest rates cool activity but warned that a severe flare-up of financial system turmoil could slash output to near recessionary levels. (CNBC Africa)

Researchers from the Belgian University of Louvain found that 45% of the forest destruction in Côte d'Ivoire between 2000 and 2019 was the result of unregulated cocoa production. The tropical forest covering 2.5 million hectares was destroyed for cocoa plantations, Radio France Internationale reports. (All Africa News)

International News

Four army personnel were killed in a firing incident at a military station in the Indian border state of Punjab early on Wednesday, officials said, adding that a search for the shooters was in progress.. (Reuters)

European stocks may open flat to slightly lower on Wednesday after weak U.S. data provided further evidence of a cooling economy (RTT News)

Scrolling through Twitter during the past few weeks, Sarah Hurst, an independent journalist in the United Kingdom, began noticing changes in the way the platform displayed certain government and media accounts. (Aljazeera News)

Trade Statistics Report: February 2023

Posted on April 5, 2023
Trade
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NSX DAILY UPDATE (04 APRIL 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	10,329.00	795,934.48	100.00%
ETFs	-	-	0.00%
Total	10,329.00	795,934.48	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 795,934.48 worth of shares was traded on the NSX on Tuesday with about N$ 366,846 worth of shares belonging to Investec Limited and N$ 69,250 worth of Capricorn Group on the home front. No ETFs were traded on Tuesday.

HEI Market Commentary

From the trading activity that took place:

Investec Limited’s shares were subscribed by market participants on the overall bourse, crossing over to the N$100 price range as the share price soars to 3.4% at closing
The shares owned by Capricorn Group were traded on the domestic stock exchange, resulting in an increase of 0.1% in share price at the end of the trading day.

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	32.00	32.01	0.03%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.83	13.85	0.14%
First Rand Namibia	FNB	37.00	37.00	0.00%
Standard Bank Namibia	SNO	8.45	8.45	0.00%
Oryx Limited	ORY	11.49	11.49	0.00%
Letshego	LHN	3.75	3.75	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	12.81	12.81	0.00%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	9.00	9.00	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	592.82	591.00	-0.31%
B2Gold Corporation	B2G	70.76	71.68	1.30%
Oceana Group Limited	OCG	69.44	70.11	0.96%
Mediclinic International Plc	MEP	109.67	111.63	1.79%
Truworths	TRW	55.07	55.80	1.33%
Nedbank Group Limited	NBK	219.33	224.46	2.34%
Standard Bank Group	SNB	174.87	171.45	-1.96%
Shoprite Holdings	SRH	222.63	225.00	1.06%
FirstRand Limited	FST	60.94	61.90	1.58%
Momentum Metropolitan Holdings	MMT	18.00	18.12	0.67%
Old Mutual Ltd	OMM	11.81	12.08	2.29%
Sanlam Limited	SLA	56.97	54.98	-3.49%
Santam Limited	SNM	286.18	289.55	1.18%
Vukile Property Fund Limited	VKN	12.55	12.61	0.48%
Investec Limited	IVD	98.16	101.50	3.40%
PSG Konsult Limited	KFS	12.09	12.33	1.99%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	329.14	337.67	2.59%
New Gold Palladium ETF	NGNPLD	254.44	256.30	0.73%
New Gold Platinum ETF N	NGNPLT	170.52	175.20	2.74%
New Funds S&P NAM Bond	NFNAMA	18.54	18.61	0.38%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	17.88
EUR/NAD	19.57
GBP/NAD	22.32
EUR/GBP	0.87
EUR/USD	1.09
GBP/USD	1.24
AUD/USD	0.67
USD/JPY	131.54
Commodities @ 07:00
Gold	2,039.85
Silver	25.04
Platinum	1,033.75
Palladium	1,454.53
WTI	81.06
Brent	85.36

Table 5: Exchange Rates and Commodities

Local News

The Public Service Union of Namibia (PSUN) says it is disheartened by the conduct of the Office of the Labour Commissioner, saying it did little to end a labour dispute between the National Housing Enterprise (NHE) and its striking employees.PSUN deputy secretary-general Ujama Kaahangoro accused the labour commissioner’s office of not fulfilling its mandate of resolving employer-employee disputes. (Sun Newspaper)

The government will embark on a study to determine the practicality of establishing a veterinary buffer zone between Angola and Namibia. (New Era Newspaper)

The National Petroleum Corporation of Namibia (Namcor) board of directors has suspended the company’s managing director, Immanuel Mulunga (The Namibian Newspaper)

Sub-Sahara News

Eskom forecasts a worst-case scenario where there are outages exceeding 17 000MW every week for the next year. (News24)

Kenya opposition leader Raila Odinga on Tuesday called for parties outside parliament to be involved in talks on electoral reform and the high cost of living, at odds with President William Ruto’s plan for negotiations to be held only within parliament. (CNBC Africa)

The World Health Organization [WHO] launched a new manual for authorities to increase the use of helmets for motorcycle riders today. The second edition of the Helmets Manual offers guidance to help leaders establish the laws, regulations, and actions needed to increase the use of safe, quality helmets to save lives. (All Africa News)

International News

Former President Donald Trump was charged on Tuesday with 34 felony counts of falsifying business records in a historic case over allegations he orchestrated hush-money payments to two women before the 2016 U.S. election to suppress publication of their sexual encounters with him. (Reuters)

Asian stocks ended Wednesday's session on a mixed note as rising Treasury yields offset easing concerns over the banking sector. (RTT News)

French President Emmanuel Macron and European Commission President Ursula von der Leyen are set to arrive in China on Wednesday for a three-day state visit that will see them meet with Chinese President Xi Jinping (Aljazeera News)

Agriculture, Forestry, and Fishing Sector, Q4 2022, Namibia

Background

The agriculture, forestry, and fishing sector continued to face challenges, especially from the pressure of market distortions resulting from the higher prices of general goods. The disruptions have exacerbated the vulnerability of the sector, especially in terms of input price volatility for agricultural, forestry, and fishing commodities. Furthermore, the price fluctuations have exposed the sector to value chain disruptions particularly influenced by high input costs.

Namibia’s export earnings from commodities of agriculture, forestry, and fishing sector amounted to N$4.4 billion for Q4 of 2022 whereas the import bill stood at N$1.2 billion. Although the fisheries products and agriculture commodities accounted for the highest foreign earnings with N$2.4 billion and N$1.6 billion, respectively for Q4 of 2022 the values declined relative to Q3 of 2022. Fisheries products earnings for Q3 of 2022 were N$ 2.7 billion while agriculture commodities were valued at N$ 606 million.

Analysis

Fisheries Products

During the period under review, hake was the top exported product valued at N$ 1.1 billion for 15 869 metric tons, followed by horse mackerel valued at N$ 849 million total horse mackerel exported weighted 30 984 metric tons. The main export market for hake was Spain accounting for 56.5%, while for horse mackerel was Zambia accounting for 50%.

Horse Mackerel topped the list of imports, with a value of N$57.8 million and a weight of 2 745 metric tons followed by Sardine with a bill of N$41.3 million for 2 035 metric tons, and Tilapia with a bill of N$22 million for 1 185 metric tons.

Agriculture Commodities

Namibia exported 63 275 tons of agricultural commodities valued at N$1.6 billion and imported 71 935 tons of commodities valued at N$ 700 million. The export of fresh grapes stood at 42 156 tons valued at N$1.1 billion and fresh watermelons were 1 464 tons valued at N$17.5 million. During the quarter under review, a total of 58 306 tons of horticultural products were exported when compared to 51 696 tons exported during the same quarter last year.

The total number of livestock marketed for Q4 of 2022 stood at 214 802 when compared to 176 820 recorded in the same period of 2021. This translated into an increase of 21%. During the quarter under review, there were no imports of both cattle and small stock (goats and sheep) as a result of an import restriction due to the foot and mouth disease.

Namibia exported 35 346 cattle on hoof, valued at N$276.3 million. This is an increase of 10% when compared to 32 129 cattle that were exported at a value of N$255.1 million in Q4 of 2021. The number of small stocks marketed (goats and sheep) during the period under review stood at 147 007 compared to 111 302 small stocks marketed in the corresponding quarter of 2021.

Figure 1: Agriculture, forestry, and fishing sector % share to GDP, (2021Q4 – 2022Q4)

Figure 2: Export of fish and crustaceans in (N$) million, (2021Q4 – 2022Q4)

NSX DAILY UPDATES (03 April 2023)

*NSX Trades*	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	1,334,726.00	31,935,154.62	97.60%
ETFs	2,407.00	786,415.04	2.40%
Total	1,337,133.00	32,721,569.66	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 31,935,154.62 worth of shares was traded on the NSX on Monday with about N$ 296,183 worth of shares belonging to Anglo-American and N$ 14,400 worth of Namibia Breweries on the home front. ETFs worth N$786,415.04 were traded on Monday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s shares were subscribed by market participants on the overall bourse, resulting in a 1.2% increase in share price at closing
The shares owned by Namibia Breweries was traded on the domestic stock exchange, causing no change in share price at the end of the trading day.
New Gold Issuer Ltd NM was subscribed by market participants resulting in an increase by 0.8%

*Name*	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	32.00	32.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.83	13.83	0.00%
First Rand Namibia	FNB	37.00	37.00	0.00%
Standard Bank Namibia	SNO	8.45	8.45	0.00%
Oryx Limited	ORY	11.49	11.49	0.00%
Letshego	LHN	3.75	3.75	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	12.81	12.81	0.00%
Mobile Telecommunication Company	MOC	7.08	7.08	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	9.00	9.00	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	586.00	592.82	1.16%
B2Gold Corporation	B2G	71.23	70.76	-0.66%
Oceana Group Limited	OCG	69.37	69.44	0.10%
Mediclinic International Plc	MEP	108.51	109.67	1.07%
Truworths	TRW	53.32	55.07	3.28%
Nedbank Group Limited	NBK	216.85	219.33	1.14%
Standard Bank Group	SNB	172.81	174.87	1.19%
Shoprite Holdings	SRH	222.26	222.63	0.17%
FirstRand Limited	FST	60.38	60.94	0.93%
Momentum Metropolitan Holdings	MMT	17.63	18.00	2.10%
Old Mutual Ltd	OMM	11.80	11.81	0.08%
Sanlam Limited	SLA	56.37	56.97	1.06%
Santam Limited	SNM	285.00	286.18	0.41%
Vukile Property Fund Limited	VKN	12.44	12.55	0.88%
Investec Limited	IVD	98.12	98.16	0.04%
PSG Konsult Limited	KFS	12.08	12.09	0.08%

Table 3: Dual Listed Trades

*Name*	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	326.61	329.14	0.77%
New Gold Palladium ETF	NGNPLD	253.37	254.44	0.42%
New Gold Platinum ETF N	NGNPLT	169.60	170.52	0.54%
New Funds S&P NAM Bond	NFNAMA	18.52	18.54	0.11%

Table 4: ETFs

*Exchange Rates @ 07:00*
USD/NAD	17.86
EUR/NAD	19.46
GBP/NAD	22.16
EUR/GBP	0.87
EUR/USD	1.08
GBP/USD	1.23
AUD/USD	0.67
USD/JPY	132.96
Commodities @ 07:00
Gold	1,995.60
Silver	23.98
Platinum	992.95
Palladium	1,452.53
WTI	80.75
Brent	85.26

Table 5: Exchange Rates and Commodities

Local News

The land reform ministry acquired eight farms for resettlement, with a combined size of 39 731 hectares, to the tune of N$82.9 million during the 2022/2023 financial year. (Sun Newspaper)

The newly-created position of senior inspector will cost the Namibian Police at least N$18,9 million a year for the promoted officers (New Era Newspaper)

The Namibian Agronomic Board (NAB) has closed the border for the importation of eight of the 20 crop types on the list for specially controlled products. (The Namibian Newspaper)

Sub-Sahara News

The South African Revenue Service (SARS) collected 8.3% more personal income tax than in the past tax year, boosted by the 7.5% growth in employment numbers and the 5.3% increase in the country's wage bill. (News24)

Several OPEC+ members are set to tighten global production by an additional 1.16 million barrels per day until the end of the year, further burdening central bank efforts to curtail global inflation — but critically protecting the alliance’s broader output strategy from political pressures. (CNBC Africa)

delegation of African National Congress (ANC) members and National Executive Council member Alvin Botes, who is also deputy minister of International relations and cooperation, are on a working visit to Russia, The Sowetan reports. This comes after the United Russia Party, Russia's largest political party which also holds the majority in the State Duma since 2007, invited its "longstanding ally and friend". (All Africa News)

International News

Donald Trump, the ex-president, and frontrunner to be the Republican nominee in 2024, will appear in court on Tuesday and is set to be formally charged, finger-printed, and have a mug shot taken in a watershed moment ahead of next year's presidential election. (Reuters)

Asian stocks advanced on Tuesday as concerns over the banking crisis eased and China's top leaders pledged to keep embracing foreign capital despite economic and geopolitical headwinds. (RTT News)

Asia will see strong economic growth this year following China’s scrapping of strict pandemic curbs, the Asian Development Bank (ADB) has said (Aljazeera News)

Rainfall Snapshot, Namibia 2023

Posted on March 31, 2023
Agriculture
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Preliminary GDP 2022, Namibia

Executive summary

The domestic economy continued with resilience for the year 2022 from the devastating global economic shocks which included the effects of the Russian conflict with Ukraine and compounded the residual economic effects of the Covid-19 crisis, hindering growth and driving inflation to multi-high levels. Spiraling food and energy prices squeezed households around the world, and the tightening of monetary policy by the central bank to rein in inflation exerted further pressure on Namibian consumers and producers and the entire economy. The domestic economy recorded a growth of 4.6% in 2022 in real terms (GDP growth unadjusted for inflation). While GDP growth adjusted for inflation was 12.1% for 2022. This implies that inflation eroded Gross Domestic Product (GDP) growth by 7.5%.

In monetary terms, Real Gross Domestic Product (RGDP) increased to N$ 144.1 from N$ 137.8 recorded in 2021, while Nominal Gross Domestic Product (NGDP) increased to N$ 206.2 billion from N$ 183.9 billion recorded for 2021. Consumer spending accounted for 78.2%, government spending 23.2%, investment 17.4%, and net exports (18.7%) of total Nominal Gross Domestic Product (NGDP).

Economic activity improved significantly when compared to the growth of 3.5% recorded in 2021 (See figures 1 & 2). The improved performance was mainly driven by the primary and secondary industries which recorded growth rates of 12.9% and 3.3%, respectively. The Tertiary industries also recorded improved performance of 2.2% from a growth of 1.8% recorded in 2021. The main sectors that contributed to the expansion of the economy were manufacturing, electricity, water, and mining and quarrying (See figure 3).

Analysis

The mining and quarrying sector recorded a strong growth of 21.6% in 2022 when compared to a growth of 11% registered in 2021. The growth in the sector was ascribed to the diamond mining subsector which registered robust growth. During the period under review, the growth recorded for the diamond mining subsector was ascribed to an increase in diamond production driven by the Debmarine diamond production which accounted for 80% in 2022. Debmarine’s diamond production increased by 52% in relation to 2021 primarily due to the new purpose-built vessel, the MV Benguela Gem, inaugurated in March 2022. Additionally, the mining of metal ores observed marginal growth rates recording 0.5%
The manufacturing sector recorded a growth of 5.0% during the period under review when compared to a contraction of 1.2% registered in 2021. The strong performance resulted from diamond processing, meat processing, and other food products that posted strong growths of 33.7%, 11.6%, and 4.8%
The electricity and water sector registered a growth of 10.3% in 2022 when compared to a decline of 8.4% registered in 2021. The robust performance in the sector was attributed to the electricity subsector which recorded a growth of 17.5% which emanated from an increase in domestic production
The administrative and support services sector recorded a positive growth for the first time since 2016. The sector registered a growth of 3.9% during the period under review. The recovery in the sector came as a result of increased demand for administrative and support services such as security services, travel agencies activities, and car rentals due to the recovery of the tourism sector
The construction industry has been contracting since 2016; in 2022, the sector contracted by 16.4%, compared to a decline of 11.3% in 2021. The poor performance was reflected in the construction works for civil engineering and related services and buildings and related services.
The financial and insurance service activities sector rebounded to post a growth of 1.7% during 2022 at the back of a contraction of 5.1% recorded in 2021. The improved performance was primarily driven by the financial service activities subsector which grew by 2.4% due to an increase in interest income (fees, charges, and commission) stemming from increased interest rates coupled with the improved economic activities in the domestic economy.

Figure 1: Namibia annual GDP growth rates (2011 – 2022)

Figure 2: Real GDP growth rates for selected economies (2022)

**Source: IMF World Economic Outlook & HEI RESEARCH**

Figure 3: GDP growth rates per sector (2021 & 2022)

Outlook

The increase in mining activities drove the growth of the primary sector present the country’s most resilient sector from a production and export revenue perspective. Value addition and beneficiation of the mining and other primary commodities remains a critical component to consider. This will help create job opportunities for a vast majority of unemployed youth.

Additionally, the necessary fiscal discipline and the implementation of policy priorities, backed by fiscal transparency have the potential to keep the domestic economy on an upward trajectory. More importantly, the country must strive for inclusive growth.

We project that there will be broader spill-over effects from China’s reopening including more favorable global financial conditions and increased trade with other countries including Namibia. However, a weaker external demand compounded by inflation, currency depreciation, a looming energy crisis, and other domestic headwinds including poor rainfall continues to shape economic developments.

Posted on March 30, 2023
GDP
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Author: hei