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NSX DAILY UPDATE (10 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	319,834.00	6,742,172.81	93.88%
ETFs	1,418.00	439,665.08	6.12%
Total	321,252.00	7,181,837.89	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 6,742,172.81 worth of shares was traded on the NSX on Friday with about N$ 347,935 worth of shares belonging to Anglo-American and N$ 9,653 from Capricorn Group on the home front. ETFs worth N$ 439,665.08 were traded on Friday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse drops to below the 700 price level for the first time this year.
Capricorn Group shares were traded resulting in a slight decline in share price at closing.
New Gold Issuer Ltd NM ETF was subscribed by market participants

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.80	13.79	-0.07%
First Rand Namibia	FNB	33.50	33.50	0.00%
Standard Bank Namibia	SNO	5.11	5.11	0.00%
Oryx Limited	ORY	11.38	11.38	0.00%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.03	7.03	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	720.52	699.11	-2.97%
B2Gold Corporation	B2G	67.37	64.49	-4.27%
Oceana Group Limited	OCG	71.21	71.58	0.52%
Mediclinic International Plc	MEP	106.40	107.39	0.93%
Truworths	TRW	66.34	64.42	-2.89%
Nedbank Group Limited	NBK	232.05	228.23	-1.65%
Standard Bank Group	SNB	180.94	177.50	-1.90%
Shoprite Holdings	SRH	230.89	230.68	-0.09%
FirstRand Limited	FST	64.95	64.26	-1.06%
Momentum Metropolitan Holdings	MMT	19.66	19.45	-1.07%
Old Mutual Ltd	OMM	11.80	11.67	-1.10%
Sanlam Limited	SLA	58.35	56.95	-2.40%
Santam Limited	SNM	291.66	291.00	-0.23%
Vukile Property Fund Limited	VKN	13.35	13.40	0.37%
Investec Limited	IVD	114.44	112.13	-2.02%
PSG Konsult Limited	KFS	12.56	12.30	-2.07%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	309.61	310.49	0.28%
New Gold Palladium ETF	NGNPLD	279.29	271.04	-2.95%
New Gold Platinum ETF N	NGNPLT	165.28	166.01	0.44%
New Funds S&P NAM Bond	NFNAMA	18.24	18.21	-0.16%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.93
EUR/NAD	19.14
GBP/NAD	21.61
EUR/GBP	0.88
EUR/USD	1.06
GBP/USD	1.20
AUD/USD	0.68
USD/JPY	131.62
Commodities @ 08:00
Gold	1,869.40
Silver	21.85
Platinum	945.10
Palladium	1,528.00
WTI	78.87
Brent	85.68

Table 5: Exchange Rates and Commodities

Local News

As investigations continue into the massive fraudulent tax refund scam, the amount involved may reach up to N$400 million. This is according to the commissioner of the Namibia Revenue Agency. (Sun Newspaper)

Coastal-based clearing and forwarding agencies are up in arms over the latest amendment by the Namibia Revenue Agency (NamRA) on the transportation of in-transit second-hand vehicles. The agents believe the directive will have disastrous financial implications for many families and clearing and forwarding agencies operating in Namibia. (New Era Newspaper)

The ministry of health, through the Namibia Medicines Regulatory Council, has confirmed that there are two registered pharmaceutical manufacturers in the country, Fabupharm, and Africure. (The Namibian)

Sub-Sahara News

Gauteng Premier Panyaza Lesufi called for serious action over illegal guns following the merciless public murders of hip hop star Kiernan "AKA" Forbes and his close friend, celebrity chef Tebello "Tibz" Motsoane. (News24)

South Africa’s logistics utility Transnet on Friday suspended freight rail services on its North East Corridor, which links with several countries in southern Africa, as heavy rains damaged infrastructure on the line. (CNBC Africa)

South Sudan has long been one of east Africa's most unstable states. But surging external interest in its resources and the diplomatic agility of its rulers are again underlining how pivotal the country remains to regional energy and water politics (All Africa News)

International News

Rescuers pulled more survivors from the rubble on Sunday, nearly a week after one of the worst earthquakes to hit Turkey and Syria, as Turkish authorities sought to maintain order across the disaster zone and began legal action over building collapses. (Reuters)

European stocks are likely to open lower on Monday amid concerns about higher interest rates and heightened U.S.-China tensions fueled by an alleged Chinese spy balloon that was shot down by the U.S. (RTT News)

United States fighter jets have shot down an “unidentified object” flying near the Canadian border in the Midwest, the Pentagon said, the latest incident since a suspected Chinese surveillance balloon put North American security forces on high alert. (Aljazeera News)

NSX DAILY UPDATE (09 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	483,698.00	21,169,575.40	97.92%
ETFs	1,448.00	449,155.12	2.08%
Total	485,146.00	21,618,730.52	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 21,169,575.40 worth of shares was traded on the NSX on Thursday with about N$ 6,647,141 worth of shares belonging to Anglo-American and N$ 441,269 from FirstRand Namibia Ltd on the home front. ETFs worth N$ 449,155.12 were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse ended in slight gains of o.5% at closing
FirstRand Namibia shares were traded resulting in an increase of 1.4% in share price at closing as it released their group’s earnings report.
New Gold Issuer Ltd NM ETF was sold off as gold prices softens

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.53	13.80	2.00%
First Rand Namibia	FNB	33.04	33.50	1.39%
Standard Bank Namibia	SNO	5.11	5.11	0.00%
Oryx Limited	ORY	11.38	11.38	0.00%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	717.06	720.52	0.48%
B2Gold Corporation	B2G	66.67	67.37	1.05%
Oceana Group Limited	OCG	71.80	71.21	-0.82%
Mediclinic International Plc	MEP	106.16	106.40	0.23%
Truworths	TRW	65.68	66.34	1.00%
Nedbank Group Limited	NBK	231.63	232.05	0.18%
Standard Bank Group	SNB	179.53	180.94	0.79%
Shoprite Holdings	SRH	230.40	230.89	0.21%
FirstRand Limited	FST	64.65	64.95	0.46%
Momentum Metropolitan Holdings	MMT	19.65	19.66	0.05%
Old Mutual Ltd	OMM	11.84	11.80	-0.34%
Sanlam Limited	SLA	58.40	58.35	-0.09%
Santam Limited	SNM	290.84	291.66	0.28%
Vukile Property Fund Limited	VKN	13.40	13.35	-0.37%
Investec Limited	IVD	113.08	114.44	1.20%
PSG Konsult Limited	KFS	12.44	12.56	0.96%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	309.94	309.61	-0.11%
New Gold Palladium ETF	NGNPLD	282.05	279.29	-0.98%
New Gold Platinum ETF N	NGNPLT	167.87	165.28	-1.54%
New Funds S&P NAM Bond	NFNAMA	18.21	18.24	0.16%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.78
EUR/NAD	19.07
GBP/NAD	21.52
EUR/GBP	0.88
EUR/USD	1.07
GBP/USD	1.20
AUD/USD	0.69
USD/JPY	131.62
Commodities @ 08:00
Gold	1,871.40
Silver	21.93
Platinum	956.10
Palladium	1,613.00
WTI	77.80
Brent	84.30

Table 5: Exchange Rates and Commodities

Local News

Credit Union Namibia has denied losing N$60 billion in investor funding and has laid the blame at the door of the Namibian Police for releasing false information to the public (Sun Newspaper)

The ministry of agriculture, responsible for water affairs, has managed to mobilize funds so that government can excavate and rehabilitate earth dams in various constituencies in the northern communal areas (New Era Newspaper)

The Independent Patriots for Change (IPC) says it has the solution to Namibia's socio-economic problems. (The Namibian)

Sub-Sahara News

President Cyril Ramaphosa has announced a raft of new measures to combat the country’s "existential" power crisis, including the declaration of a state of disaster, a new electricity minister, and loans and incentives to move South Africans onto solar energy. (News24)

African governments must be wary of the risks created by rising global competition for the continent’s minerals, Botswana’s mines minister said, as world powers seek new sources of metals needed for the transition to a lower carbon economy. (CNBC Africa)

The National Steering Committee on Drought Response has appealed for additional financial donations to support 4.3 million Kenyans at risk of starvation. (All Africa News)

International News

Blue Origin, the private space company founded by billionaire Jeff Bezos, was awarded its first interplanetary NASA contract on Thursday to launch a mission next year to study the magnetic field around Mars, the U.S. space agency and company said. (Reuters)

Asian stock markets are trading mostly higher on Friday, following the mostly positive cues from global markets overnight, as the markets continue to benefit from a positive reaction to the US Fed's interest rate announcement, with traders expressing optimism the Fed is nearing the end of its rate hiking cycle. (RTT News)

Volodymyr Zelenskyy said several European leaders have expressed a “readiness” to supply Kyiv with aircraft as the Ukrainian president wrapped up a rare, two-day trip outside of the country to seek new weaponry from the West. (Aljazeera News)

NSX DAILY UPDATE (08 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	52,007.00	5,391,744.19	100.00%
ETFs	-	-	0.00%
Total	52,007.00	5,391,744.19	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 5,391,744.19 worth of shares was traded on the NSX on Wednesday with about N$ 1,405,175 worth of shares belonging to Anglo-American and N$ 2,276 from Oryx Properties Limited on the home front. No ETFs were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse declined post its agreement to acquire a 99% minority interest in Canada Nickel, owned by Crawford nickel project
Oryx Properties’ shares were traded 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	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.53	13.53	0.00%
First Rand Namibia	FNB	33.04	33.04	0.00%
Standard Bank Namibia	SNO	5.11	5.11	0.00%
Oryx Limited	ORY	11.38	11.38	0.00%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	716.85	717.06	0.03%
B2Gold Corporation	B2G	66.34	66.67	0.50%
Oceana Group Limited	OCG	70.50	71.80	1.84%
Mediclinic International Plc	MEP	104.96	106.16	1.14%
Truworths	TRW	67.53	65.68	-2.74%
Nedbank Group Limited	NBK	231.40	231.63	0.10%
Standard Bank Group	SNB	179.72	179.53	-0.11%
Shoprite Holdings	SRH	230.77	230.40	-0.16%
FirstRand Limited	FST	64.89	64.65	-0.37%
Momentum Metropolitan Holdings	MMT	19.40	19.65	1.29%
Old Mutual Ltd	OMM	11.65	11.84	1.63%
Sanlam Limited	SLA	58.00	58.40	0.69%
Santam Limited	SNM	289.23	290.84	0.56%
Vukile Property Fund Limited	VKN	13.14	13.40	1.98%
Investec Limited	IVD	110.30	113.08	2.52%
PSG Konsult Limited	KFS	12.27	12.44	1.39%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	307.67	309.94	0.74%
New Gold Palladium ETF	NGNPLD	283.21	282.05	-0.41%
New Gold Platinum ETF N	NGNPLT	164.66	167.87	1.95%
New Funds S&P NAM Bond	NFNAMA	18.21	18.21	0.00%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.75
EUR/NAD	19.01
GBP/NAD	21.42
EUR/GBP	0.88
EUR/USD	1.07
GBP/USD	1.20
AUD/USD	0.69
USD/JPY	131.30
Commodities @ 08:00
Gold	1,889.35
Silver	22.32
Platinum	9875.75
Palladium	1,633.78
WTI	78.42
Brent	85.12

Table 5: Exchange Rates and Commodities

Local News

President Hage Geingob yesterday told ministers who are in Cabinet to advance their own personal agendas and who disagree with the executive’s collective decision-making to resign (Sun Newspaper)

One of the claimants Ovaherero Traditional Authority paramount chiefs, academic Mutjinde Katjiua, says he has located his mission for the polarised community, but like his predecessors, he too faces counter-revolutionary forces. (New Era Newspaper)

Small business operators, commonly known as 'order with me' entrepreneurs, have lashed out over paperwork requirements before importing cellphones and other telecommunications gadgets. This comes as the Communications Regulatory Authority of Namibia (CRAN) and the Namibia Revenue Agency (NAMRA) have teamed up to crack down on cellphones and other communications devices imported without proper paperwork. (The Namibian)

Sub-Sahara News

Civic organizations want President Cyril Ramaphosa to deliver more concrete plans to fix the country in his State of the Nation Address (SONA) on Thursday. (News24)

Shoppers around the world will pay even more for groceries this year than they did in 2022, according to retailers, consumer goods firms and investors, unless commodity costs decline or the shift to cheaper store-brand products accelerates. (CNBC Africa)

The Supreme Court Wednesday ordered the Central Bank of Nigeria (CBN) not to end the use of old naira notes on 10 February. (All Africa News)

International News

President Tayyip Erdogan on Wednesday admitted there were problems with his government's initial response to a devastating earthquake in southern Turkey, amid anger from those left destitute and frustrated over the slow arrival of rescue teams. (Reuters)

Asian stock markets are trading mostly higher on Thursday, following the broadly positive cues from Wall Street overnight, as traders reacted positively to the US Fed's decision not to raise its benchmark lending rate more than widely expected. (RTT News)

The United States Navy has released the first official images of its effort to recover what Washington says was a Chinese “surveillance balloon”, which was shot down over the Atlantic Ocean after being spotted in US airspace last week. (Aljazeera News)

NSX DAILY UPDATE (07 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	85,925.00	8,686,711.24	100.00%
ETFs	-	-	0.00%
Total	85,925.00	8,686,711.24	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 8,686,711.24 worth of shares was traded on the NSX on Tuesday with about N$ 575,627 worth of shares belonging to Anglo-American and N$ 20,295 from Capricorn Group Limited on the home front. No ETFs were traded on Tuesday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance overall spiked up by 1.3% as commodity prices, including gold, rallied post-interview of Jerome Powell.
Capricorn Group Limited shares were traded 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	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.53	13.53	0.00%
First Rand Namibia	FNB	33.03	33.04	0.03%
Standard Bank Namibia	SNO	5.11	5.11	0.00%
Oryx Limited	ORY	11.38	11.38	0.00%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	707.88	716.85	1.27%
B2Gold Corporation	B2G	66.20	66.34	0.21%
Oceana Group Limited	OCG	71.80	70.50	-1.81%
Mediclinic International Plc	MEP	105.53	104.96	-0.54%
Truworths	TRW	67.79	67.53	-0.38%
Nedbank Group Limited	NBK	233.19	231.40	-0.77%
Standard Bank Group	SNB	179.00	179.72	0.40%
Shoprite Holdings	SRH	231.00	230.77	-0.10%
FirstRand Limited	FST	64.77	64.89	0.19%
Momentum Metropolitan Holdings	MMT	19.42	19.40	-0.10%
Old Mutual Ltd	OMM	11.70	11.65	-0.43%
Sanlam Limited	SLA	58.22	58.00	-0.38%
Santam Limited	SNM	284.14	289.23	1.79%
Vukile Property Fund Limited	VKN	13.19	13.14	-0.38%
Investec Limited	IVD	109.71	110.30	0.54%
PSG Konsult Limited	KFS	12.49	12.27	-1.76%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	308.23	307.67	-0.18%
New Gold Palladium ETF	NGNPLD	270.48	283.21	4.71%
New Gold Platinum ETF N	NGNPLT	166.74	164.66	-1.25%
New Funds S&P NAM Bond	NFNAMA	18.26	18.21	-0.27%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.54
EUR/NAD	18.83
GBP/NAD	21.14
EUR/GBP	0.89
EUR/USD	1.07
GBP/USD	1.20
AUD/USD	0.69
USD/JPY	131.20
Commodities @ 08:00
Gold	1,888.95
Silver	22.33
Platinum	983.45
Palladium	1,636.28
WTI	77.35
Brent	83.75

Table 5: Exchange Rates and Commodities

Local News

President Hage Geingob yesterday told ministers who are in Cabinet to advance their own personal agendas and who disagree with the executive’s collective decision-making to resign (Sun Newspaper)

Months after its major brand refresh, new digital interfaces, and a new approach to integrated advice, First National Bank (FNB) has been named the Strongest Banking Brand in the World in the Brand Finance Banking 500 2023 report. FNB emerged as the leader among the world’s 500 largest banks, with an impressive Brand Strength Index score of 93 (out of 100), an AAA+ rating, and a brand value of US$1 540 billion. (New Era Newspaper)

Industrialization and trade minister Lucia Iipumbu says bureaucratic red tape, outdated business laws, and corruption make it difficult to register businesses in Namibia. (The Namibian)

Sub-Sahara News

The Consumer Goods Council of South Africa (CGCSA) on Tuesday urged President Cyril Ramaphosa to scrap the sugar tax, as well as suspend the fuel duty and road accident fund levies for the industry amid record levels of load shedding. (News24)

Congo’s state mining company Gecamines plans to explore for minerals needed for the transition to a lower carbon economy, including lithium, tin, and rare earth, chairman Alphonse Kaputo Kalubi said on Tuesday. (CNBC Africa)

The Finnish court assessing charges of war crimes against Gibril Massaquoi, a former commander of Sierra Leone's Revolutionary United Front, has returned to Liberia for the third time. On Tuesday the court will begin hearings in the Finnish prosecutors' appeal of last year's acquittal of Massaquoi by a lower court. (All Africa News)

International News

The death toll of a devastating earthquake in southern Turkey and Syria jumped to more than 7,800 people on Tuesday as rescuers worked against time in harsh winter conditions to dig survivors out of the rubble of collapsed buildings. (Reuters)

Asian stock markets are trading mostly higher on Wednesday, following the broadly positive cues from Wall Street overnight, with traders remaining cautious ahead of the US Fed rate decision and accompanying statement later in the day. (RTT News)

The United States Navy has released the first official images of its effort to recover what Washington says was a Chinese “surveillance balloon”, which was shot down over the Atlantic Ocean after being spotted in US airspace last week. (Aljazeera News)

Agriculture Stress Snapshot, Namibia

Agriculture is one of the country's most significant productive sectors, however, the sector faces greater risks compared to other productive sectors of the economy. The risks include lack of access to finance and low-rainfall seasons that often leads to droughts. The risks have made both crop and livestock farming challenging, leading to high instability in agricultural production. During times of drought, communal farmers are the most affected when it comes to any shocks in the production or value chain systems. The agricultural sector percentage share to Gross Domestic Product (GDP) for the years 2015, 2016, and 2019 recorded declines of 3.8%, 3.6%, and 4.2% respectively (See figure 1). The below-normal rainfall since 2013 is consistent with a declining trend in agricultural productivity and the debt level which has heightened fears of food insecurity. The funding of agriculture is a major bottleneck in expanding agricultural production. Although Agribank’s loan disbursements over the years have increased, additional investment in agriculture is needed to fully unlock private sector investment and domestic productive capacity (See figures 2 & 3).

Domestic agricultural debt has significantly increased over the years. During the period under review, the accumulative figure extended to agriculture in credit by the Agribank and commercial banks stood at about N$ 22 billion and was recorded in 2019 owing to a decline in primary agricultural production as a result of droughts that led to the massive loss of livestock (See figure 4). The productivity and revenue of farmers that use agricultural loans increase depending on their timely and sufficient use of inputs. Namibian farmers’ ability to repay loans is negatively affected by fewer herd sizes to market coupled with recurring drought and long-term debt as they rebuild their herds.

According to Agribank of Namibia (2022), the agriculture sector is expected to remain resilient in 2023, owing to better rainfall for crops and improved rangeland conditions for livestock farmers. Farmers are encouraged to continue diversifying their farming operations to minimize the risk of climatic, sectoral, or economic shocks on production output and sales. Investments in the agriculture sector are essential to boost productivity, precisely focusing on technological change and climate-resilient production techniques.

Figure 1: Agriculture sector % share to GDP, (2013-2021)

**Source: Namibia Statistics Agency & HEI RESEARCH**

Figure 2: Commercial vs Agribank loans, N$ billion (2010-2021)

**Source: BON, Agricultural Bank of Namibia & HEI Research**

Figure 3: Agribank’s Historical Advances vs Non-performing loans, N$ billion (2010-2021)

**Source: Agricultural Bank of Namibia & HEI Research**

Figure 4: Cumulative domestic agriculture debt and %YOY Growth, N$ billion (2011-2021)

NSX DAILY UPDATE (06 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	732,485.00	26,442,292.36	100.00%
ETFs	-	-	0.00%
Total	732,485.00	26,442,292.36	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$26,442,292.36 worth of shares was traded on the NSX on Monday with about N$ 6,945,290 worth of shares belonging to Anglo-American and N$ 1,161,178 from Namibia Breweries on the home front. No ETFs were traded on Monday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse yielded negative returns on the stock market amid a market meltdown
Namibia Breweries shares were traded 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	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.52	13.53	0.07%
First Rand Namibia	FNB	33.03	33.03	0.00%
Standard Bank Namibia	SNO	7.00	5.11	-27.00%
Oryx Limited	ORY	11.39	11.38	-0.09%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	716.81	707.88	-1.25%
B2Gold Corporation	B2G	66.80	66.20	-0.90%
Oceana Group Limited	OCG	71.75	71.80	0.07%
Mediclinic International Plc	MEP	104.61	105.53	0.88%
Truworths	TRW	68.29	67.79	-0.73%
Nedbank Group Limited	NBK	234.75	233.19	-0.66%
Standard Bank Group	SNB	179.50	179.00	-0.28%
Shoprite Holdings	SRH	232.17	231.00	-0.50%
FirstRand Limited	FST	65.90	64.77	-1.71%
Momentum Metropolitan Holdings	MMT	19.62	19.42	-1.02%
Old Mutual Ltd	OMM	11.83	11.70	-1.10%
Sanlam Limited	SLA	58.79	58.22	-0.97%
Santam Limited	SNM	284.76	284.14	-0.22%
Vukile Property Fund Limited	VKN	13.54	13.19	-2.58%
Investec Limited	IVD	112.25	109.71	-2.26%
PSG Konsult Limited	KFS	12.73	12.49	-1.89%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	303.78	308.23	1.46%
New Gold Palladium ETF	NGNPLD	271.67	270.48	-0.44%
New Gold Platinum ETF N	NGNPLT	166.89	166.74	-0.09%
New Funds S&P NAM Bond	NFNAMA	18.34	18.26	-0.44%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.61
EUR/NAD	18.92
GBP/NAD	21.22
EUR/GBP	0.89
EUR/USD	1.07
GBP/USD	1.20
AUD/USD	0.69
USD/JPY	132.34
Commodities @ 08:00
Gold	1,886.25
Silver	22.40
Platinum	1,612.00
Palladium	1,581.78
WTI	74.94
Brent	81.78

Table 5: Exchange Rates and Commodities

Local News

The National Housing Enterprise’s (NHE) board this week bluntly rejected proposals from employees for a pay raise, citing the company’s poor financial performance, amongst other constraints. (Sun Newspaper)

In response to reports about the confiscation of a sail drone found in Namibian territorial waters near Lüderitz, the United States embassy in Namibia strongly refuted claims that its government is involved with or has interfered with the confiscated drone. (New Era Newspaper)

The Roads Authority (RA) Namibia has started the planning process for the upgrading of the Bukalo-Muyako-Ngoma (DR3507) and Silumbi-Sizimbukwa (DR3559) gravel roads in the Zambezi region to low-volume seal standards. (The Namibian)

Sub-Sahara News

The South African Jewish Board on Monday released a statement slamming SA Rugby's decision to withdraw an invitation to an Israeli rugby team to play in the country. (News24)

Ghana’s finance minister told a group of protesting retiree bondholders on Monday they were being offered a good deal, as the government of the struggling West African nation pushes to get a domestic debt exchange over the line by Tuesday. (CNBC Africa)

TotalEnergies Patrick Pouyanne on Friday 3 February visited Palma and Mocimba da Praia towns and the Afungi gas site and then met President Filipe Nyusi in Pemba. Pouyanne's message was hard, and he named an eminent French humanitarian and intellectual, Jean-Christophe Rufin, to work with the Mozambicans. (All Africa News)

International News

A senior U.S. general responsible for bringing down a Chinese spy balloon said on Monday the military had not detected previous spy balloons before the one that appeared on Jan. 28 over the United States and called it an "awareness gap." (Reuters)

Flash quarterly national accounts from the euro area and other major European economies are due on Tuesday, headlining a hectic day for the European economic news (RTT News)

United Nations Secretary-General Antonio Guterres has warned the world that it may be heading towards a “wider war” as the risk of a further escalation of the Russia-Ukraine conflict rises. (Aljazeera News)

Trade Statistics Report, November 2022

Posted on February 6, 2023
Trade
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NSX DAILY UPDATE (03 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	373,452.00	9,736,614.69	97.78%
ETFs	723.00	220,876.50	2.22%
Total	374,175.00	9,957,491.19	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$9,736,614.69 worth of shares was traded on the NSX on Friday with about N$ 331,098 worth of shares belonging to Anglo-American and N$254,953 from FirstRand Namibia Ltd on the home front. ETFs worth N$220,876.50 were traded on Friday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse switched trajectory into a positive arena amid the production
FirstRand Namibia shares were traded 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	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.52	13.52	0.00%
First Rand Namibia	FNB	33.02	33.03	0.00%
Standard Bank Namibia	SNO	5.11	7.00	36.99%
Oryx Limited	ORY	11.40	11.39	-0.09%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	709.68	716.81	1.00%
B2Gold Corporation	B2G	69.39	66.80	-3.73%
Oceana Group Limited	OCG	71.88	71.75	-0.18%
Mediclinic International Plc	MEP	103.50	104.61	1.07%
Truworths	TRW	67.90	68.29	0.57%
Nedbank Group Limited	NBK	237.48	234.75	-1.15%
Standard Bank Group	SNB	180.50	179.50	-0.55%
Shoprite Holdings	SRH	233.61	232.17	-0.62%
FirstRand Limited	FST	65.53	65.90	0.56%
Momentum Metropolitan Holdings	MMT	19.18	19.62	2.29%
Old Mutual Ltd	OMM	11.84	11.83	-0.08%
Sanlam Limited	SLA	58.89	58.79	-0.17%
Santam Limited	SNM	284.17	284.76	0.21%
Vukile Property Fund Limited	VKN	13.60	13.54	-0.44%
Investec Limited	IVD	110.75	112.25	1.35%
PSG Konsult Limited	KFS	12.82	12.73	-0.70%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	306.29	303.78	-0.82%
New Gold Palladium ETF	NGNPLD	273.73	271.67	-0.75%
New Gold Platinum ETF N	NGNPLT	167.36	166.89	-0.28%
New Funds S&P NAM Bond	NFNAMA	18.44	18.34	-0.54%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.48
EUR/NAD	18.87
GBP/NAD	21.07
EUR/GBP	0.89
EUR/USD	1.07
GBP/USD	1.20
AUD/USD	0.69
USD/JPY	132.21
Commodities @ 08:00
Gold	1,883.15
Silver	22.35
Platinum	1,611.03
Palladium	1,612.53
WTI	73.62
Brent	80.19

Table 5: Exchange Rates and Commodities

Local News

Mike Kaveketora, who lost the elections of the Ovaherero Traditional Authority (OTA) to Hoze Riruako, has urged the Ovaherero people to unite for socioeconomic development (Sun Newspaper)

A Namibian man, who claims to be the inventor of MTC’s multiple Aweh concept, is dragging the telecommunications giant to the High Court for copyright infringement. (New Era Newspaper)

The Communications Regulatory Authority of Namibia (Cran) and the Namibia Revenue Agency (Namra) will soon be enforcing control measures on the importation of all telecommunication equipment. (The Namibian)

Sub-Sahara News

Having just had Nthabiseng Tshivhenga elected as the interim Speaker in the Ekurhuleni Metro, the EFF is in line for, at least, five members of the mayoral committee (MMC) positions in the municipality. (News24)

Stocks in the Asia-Pacific traded mixed on Friday as shares of Adani Enterprises plunged and last traded 15% lower, continuing a sell-off triggered by allegations raised by short seller firm Hindenburg. (CNBC Africa)

The East African Community (EAC) Summit has ordered the immediate withdrawal of foreign armed groups in Eastern DRC as part of renewed efforts to end clashes in the region. (All Africa News)

International News

Ukraine is set to replace Defense Minister Oleksii Reznikov with the chief of its military spy agency, a close ally of President Volodymyr Zelenskiy said on Sunday, in a reshuffle at the forefront of Ukraine's war campaign. (Reuters)

European stocks are likely to open on a subdued note Monday as investors look ahead to the interest rate decisions from the Federal Reserve, the European Central Bank, and the Bank of England this week for directional cues (RTT News)

Europe has imposed a ban on Russian diesel fuel and other refined oil products, slashing energy dependency on Moscow and seeking to further crimp the Kremlin’s fossil fuel earnings as punishment for invading Ukraine. (Aljazeera News)

NSX DAILY UPDATE (02 FEBRUARY 2023)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	709,166.00	29,111,909.23	100.00%
ETFs	-	-	0.00%
Total	709,166.00	29,111,909.23	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$29,111,909.23 worth of shares was traded on the NSX on Thursday with about N$ 2,256,915 worth of shares belonging to Anglo-American and N$ 12,187 from SBN Holdings Ltd on the home front. No ETFs were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

Anglo-American’s share performance on the overall bourse withers further into negative territory despite of positive results of an increase of production by 10% in the fourth quarter compared to the same period in 2021, driven by the ongoing ramp-up at Quellaveco which produced more than 80,000 tonnes of copper
SBN Holdings Ltd shares were traded resulting in a -0.20% decline in share price at closing.

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	46.00	46.00	0.00%
Nictus Holdings	NHL	1.90	1.90	0.00%
Capricorn	CGP	13.52	13.52	0.00%
First Rand Namibia	FNB	33.02	33.02	0.00%
Standard Bank Namibia	SNO	5.12	5.11	-0.20%
Oryx Limited	ORY	11.40	11.40	0.00%
Letshego	LHN	3.51	3.51	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	13.19	13.19	0.00%
Mobile Telecommunication Company	MOC	7.04	7.04	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	718.92	709.68	-1.29%
B2Gold Corporation	B2G	68.81	69.39	0.84%
Oceana Group Limited	OCG	71.36	71.88	0.73%
Mediclinic International Plc	MEP	105.30	103.50	-1.71%
Truworths	TRW	65.93	67.90	2.99%
Nedbank Group Limited	NBK	234.20	237.48	1.40%
Standard Bank Group	SNB	180.56	180.50	-0.03%
Shoprite Holdings	SRH	232.12	233.61	0.64%
FirstRand Limited	FST	65.98	65.53	-0.68%
Momentum Metropolitan Holdings	MMT	19.19	19.18	-0.05%
Old Mutual Ltd	OMM	11.88	11.84	-0.34%
Sanlam Limited	SLA	57.91	58.89	1.69%
Santam Limited	SNM	284.28	284.17	-0.04%
Vukile Property Fund Limited	VKN	13.22	13.60	2.87%
Investec Limited	IVD	111.87	110.75	-1.00%
PSG Konsult Limited	KFS	12.82	12.82	0.00%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	309.59	306.29	-1.07%
New Gold Palladium ETF	NGNPLD	282.38	273.73	-3.06%
New Gold Platinum ETF N	NGNPLT	168.09	167.36	-0.43%
New Funds S&P NAM Bond	NFNAMA	18.33	18.44	0.60%

Table 4: ETFs

Exchange Rates @ 08:00
USD/NAD	17.08
EUR/NAD	18.64
GBP/NAD	20.89
EUR/GBP	0.89
EUR/USD	1.09
GBP/USD	1.22
AUD/USD	0.70
USD/JPY	128.65
Commodities @ 08:00
Gold	1,927.00
Silver	23.54
Platinum	1,031.70
Palladium	1,651.00
WTI	76.00
Brent	82.12

Table 5: Exchange Rates and Commodities

Local News

The Roads Authority (RA) has announced that the DR3660 district road between Shipepe and Oontanadhambinga has been closed temporarily due to floods in the area. (Sun Newspaper)

The Business and Intellectual Property Authority (BIPA) announced the performance of newly registered business entities for 2022, with the authority stating it observed a decline in overall business registrations by 7.3%, compared to the 2021 calendar year (New Era Newspaper)

THE Anti-Corruption Commission (ACC) has arrested a Ministry of Health and Social Services employee and two others after a payment for an invoice totaling N$300 035.58 was allegedly made without any services being rendered. (The Namibian)

Sub-Sahara News

The Eskom board plans to scrap the position of chief operating officer (COO), director Mteto Nyati confirmed at a briefing on Thursday. (News24)

India’s Adani conglomerate deepened market losses to exceed $100 billion on Thursday, which has snowballed since a short-sellers scathing report triggered market turmoil and led the company to walk back its public share sale. (CNBC Africa)

The Southern African Development Community (SADC) is calling for a national dialogue in the Kingdom of eSwatini, after the assassination of political activist Advocate Thulani Maseko. Southern Africa's regional bloc acknowledged that political tensions were rising in the tiny kingdom, while attending an extraordinary meeting that took place in Namibia's capital, Windhoek.. (All Africa News)

International News

Apple Inc (AAPL.O) on Thursday reported sales and profits that missed Wall Street expectations driven by weak iPhone sales after COVID lockdowns in China disrupted production of the company's biggest seller. (Reuters)

Asian stock markets are trading mostly higher on Friday, following the broadly positive cues from global markets overnight, as some upbeat U.S. economic data, including stronger than-expected GDP growth and a more than expected surge in economic activity in the fourth quarter, helped to allay fears of an economic slowdown (RTT News)

Up to half a million British teachers, civil servants, train drivers, and university lecturers have walked off their jobs to demand better pay and working conditions in the largest coordinated strike action in a generation as wages fail to keep pace with soaring inflation. (Aljazeera News)

Posted on February 3, 2023
Reports
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HOSEA KUTAKO INTERNATIONAL AIRPORT ARRIVALS, 2022

Arrivals Report, 2022

Analysis

International and regional tourism continues to recover from the Covid-19 crisis at a robust pace. During 2022, the number of National airport arrivals increased to 400,154 when compared to 130,046 recorded the previous year an increase of 208% (See figure 1). The annual increase in arrivals depicts raising confidence that Namibia is a safe destination for travel and tourism post-COVID-19
Out of 400,154 National airport arrivals, a total of 163,830 were international arrivals, 157,758 were regional arrivals and 78,566 were domestic arrivals. This represents 41% and 39% and 20% of international, regional, and domestic arrivals respectively. Namibia remains heavily reliant on international travelers and hence it is critical to prioritize investment in domestic tourism to minimize undesirable influences brought about by global crises

On a monthly basis, between November and December 2022, total arrivals declined by 4% (See figure 2). The decline was driven by a decrease in regional arrivals specifically from Katima Mulilo, Ya Toivo, and Rundu Airports
Moreover, between November and December 2022, domestic arrivals increased by 142%. This was driven by the holiday specials and package initiatives by the Namibia Wildlife Resort (NWR) along with other companies

Figure 1: Total National Airport Arrivals, 2022 vs 2021

Figure 2: Total International, Regional, and Domestic Arrivals, 2022

Outlook

Green shoots of recovery seen in the Namibian tourism sector. This is supported by positive growths recorded for the hotels, cafes, and restaurants sector during the year 2022. The sector recorded a growth of 2.3 during the third quarter of 2022, the highest since quarter 4 of 2019 (pre-pandemic). We anticipate a gradual recovery in the number of arrivals and the entire tourism industry for 2023. The anticipated gradual recovery is at the back of diverse challenges including the economic condition and continued geopolitical uncertainty.

Author: hei