NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	50,054.00	4,054,010.53	93.52%
ETFs	826.00	280,845.04	6.48%
Total	50,880.00	4,334,855.57	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 4,054,010.53 worth of shares was traded on the NSX on Wednesday with about N$ 238,474 worth of shares belonging to Sanlam Limited and N$ 164,000 worth of shares belonging to Capricorn Group Limited. ETFs worth N$ 280,845.04 were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

• Market participants bought shares belonging to Sanlam, increasing the company's stock value by 1.7% at the closing.
• Capricorn Group shares were traded by market participants, resulting in no change in share price at closing.
• New Gold Issuer Ltd NM positions were sold off resulting in a decline in price by 0.5%

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.60	36.60	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	16.40	16.40	0.00%
First Rand Namibia	FNB	48.50	48.50	0.00%
Standard Bank Namibia	SNO	7.55	7.55	0.00%
Oryx Limited	ORY	12.50	12.50	0.00%
Letshego	LHN	3.88	3.88	0.00%
Namibia Asset Management	NAME	0.69	0.69	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.74	12.74	0.00%
Mobile Telecommunication Company	MOC	7.13	7.13	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	531.15	534.79	0.69%
B2Gold Corporation	B2G	60.84	59.93	-1.50%
Oceana Group Limited	OCG	75.66	75.25	-0.54%
Truworths	TRW	76.08	74.52	-2.05%
Nedbank Group Limited	NBK	202.22	209.24	3.47%
Standard Bank Group	SNB	180.72	187.95	4.00%
Shoprite Holdings	SRH	244.56	245.19	0.26%
Firstrand Limited	FST	64.82	66.75	2.98%
Momentum Metropolitan Holdings	MMT	19.51	19.97	2.36%
Old Mutual Ltd	OMM	12.10	12.27	1.40%
Sanlam Limited	SLA	67.72	68.90	1.74%
Santam Limited	SNM	307.57	306.28	-0.42%
Vukile Property Fund Limited	VKN	13.26	13.80	4.07%
Investec Limited	IVD	104.48	107.35	2.75%
PSG Konsult Limited	KFS	13.33	13.40	0.53%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	340.34	338.79	-0.46%
New Gold Palladium ETF	NGNPLD	230.30	231.15	0.37%
New Gold Platinum ETF N	NGNPLT	172.00	168.56	-2.00%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.60	19.66	0.31%

Table 4: ETFs

Exchange Rates @ 07:00
USD/NAD	18.92
EUR/NAD	20.12
GBP/NAD	23.31
EUR/GBP	0.86
EUR/USD	1.06
GBP/USD	1.23
AUD/USD	0.64
USD/JPY	148.38
Commodities @ 07:00
Gold	1,947.95
Silver	23.44
Platinum	926.30
Palladium	1,265.78
WTI	89.05
Brent	92.92

Table 5: Exchange Rates and Commodities 

Local News

The Central Procurement Board of Namibia has been prohibited from implementing or executing any procurement contract awarded to Cospharm Investments (Sun Newspaper)

Momentum Metropolitan, based in South Africa and with operations in Namibia, has reported a historic peak in normalised headline earnings (NHE) of N$5.1 billion for the 12 months ended 30 June 2023. Operating profit surged by 31% to N$4.4 billion, up from N$3.4 billion the previous year. (New Era Newspaper)

Workers’ unions have lashed out at the government over the slow implementation of a national minimum wage. Acting executive director of labour, industrial relations, and employment creation Lydia Indombo yesterday confirmed the ministry is yet to implement a minimum wage for workers. (The Namibian Newspaper)

Sub-Sahara News

The Monetary Policy Committee has been left with little room to manoeuvre when it announces its interest rate decision on Thursday after annual consumer price inflation rose for the first time in four months. (News24)

Ghana’s economic growth slowed slightly to 3.2% year-on-year in the second quarter compared with a downwardly revised 3.3% growth rate in the first quarter, the country’s statistics agency said on Wednesday. (CNBC Africa)

South African President Cyril Ramaphosa has once again called for the unconditional removal of Western sanctions on Zimbabwe, which he claims are now negatively affecting his country. (AllAfrica News)

International News

Canada this week divulged it had intelligence possibly linking Indian government agents to the murder of a separatist Sikh leader, the kind of news that usually sparks uproar among democratic allies. Not this time. (Reuters News)

Asian stocks rose broadly on Thursday after a highly anticipated U.S. inflation report did little to alter market expectations for the path of rate hikes. Fed funds futures currently imply no chance of a rate hike next week and about a 45 percent chance. (RTT News)

Saudi Arabia’s Crown Prince Mohammed bin Salman (MBS) has said that his country was moving steadily closer to normalizing relations with Israel, following similar moves from other Gulf countries, and amid a big push by the United States for a Saudi-Israeli deal. (Aljazeera News)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	88,446.00	6,392,529.31	90.05%
ETFs	4,130.00	706,230.00	9.95%
Total	92,576.00	7,098,759.31	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 6,392,529.31 worth of shares was traded on the NSX on Monday with about N$ 703,002 worth of shares belonging to Anglo-American plc and N$ 2,002,496 worth of shares belonging to Namibia Breweries. ETFs worth N$ 518,161 were traded on Monday.

HEI Market Commentary

From the trading activity that took place:

• Market participants sold shares belonging to Anglo-American, decreasing the company's stock value by 1.6% at the closing.
• Namibia Breweries shares were traded by market participants, resulting in no change in share price at closing.
• New Gold Platinum ETF N positions were subscribed resulting in an uptick of 0.3% in value

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.60	36.60	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	16.40	16.40	0.00%
First Rand Namibia	FNB	48.50	48.50	0.00%
Standard Bank Namibia	SNO	7.52	7.52	0.00%
Oryx Limited	ORY	12.50	12.50	0.00%
Letshego	LHN	3.88	3.88	0.00%
Namibia Asset Management	NAME	0.69	0.69	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.74	12.74	0.00%
Mobile Telecommunication Company	MOC	7.13	7.13	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	543.65	534.81	-1.63%
B2Gold Corporation	B2G	59.74	61.02	2.14%
Oceana Group Limited	OCG	76.49	76.39	-0.13%
Truworths	TRW	73.50	73.50	0.00%
Nedbank Group Limited	NBK	204.02	201.08	-1.44%
Standard Bank Group	SNB	176.89	176.37	-0.29%
Shoprite Holdings	SRH	248.62	245.00	-1.46%
Firstrand Limited	FST	66.88	66.84	-0.06%
Momentum Metropolitan Holdings	MMT	19.09	19.05	-0.21%
Old Mutual Ltd	OMM	12.25	12.07	-1.47%
Sanlam Limited	SLA	67.58	67.12	-0.68%
Santam Limited	SNM	308.39	310.41	0.66%
Vukile Property Fund Limited	VKN	13.42	13.37	-0.37%
Investec Limited	IVD	107.06	105.82	-1.16%
PSG Konsult Limited	KFS	13.57	13.27	-2.21%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	341.86	340.31	-0.45%
New Gold Palladium ETF	NGNPLD	230.80	226.29	-1.95%
New Gold Platinum ETF N	NGNPLT	170.00	170.58	0.34%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.61	19.60	-0.05%

Table 4: ETFs

Exchange Rates @ 07:00
USD/NAD	19.05
EUR/NAD	20.34
GBP/NAD	23.57
EUR/GBP	0.86
EUR/USD	1.06
GBP/USD	1.23
AUD/USD	0.64
USD/JPY	147.80
Commodities @ 07:00
Gold	1,952.35
Silver	23.44
Platinum	935.15
Palladium	1,247.03
WTI	91.23
Brent	94.98

Table 5: Exchange Rates and Commodities 

Local News

Transport service providers for the upcoming census are required to present their vehicles to their constituencies by Tuesday, 19 September, the Namibia Statistics Agency has announced. (Sun Newspaper)

The Development Bank of Namibia (DBN) yesterday stated that it has successfully fully redeemed its DBN23 bond, the last of three amortizing fixed-rated bonds issued by the bank in 2018. DBN20A1, the first of the three, was issued in February 2018 and raised N$140 million. DBN20B was issued in March 2018, raising N$70 million and DBN23, the last of three, was issued in December 2018 and raised N$290 million. (New Era Newspaper)

Namibian Defence Force (NDF) company August 26 Construction has come out guns blazing to defend being unilaterally handed a N$255 million tender by the Ministry of Education, Arts and Culture to construct classrooms and ablution blocks. (The Namibian Newspaper)

Sub-Sahara News

Ervin Tu, the new interim CEO of the Naspers stable, has indicated that while his appointment doesn't presage an imminent change in strategy for Africa's most valuable company, his is not simply a caretaker position either. (News24)

With oil investors and traders focused on an oil-price rally that has come close to $100 a barrel, some grades of crude oil are already trading above that milestone, highlighting an expectation of tight supply. (CNBC Africa)

A landslide brought on by torrential rains killed at least 17 people in the northwest of the Democratic Republic of the Congo (AllAfrica News)

International News

India characterised as "absurd and motivated" an accusation by Canada that it was involved in the murder of a Sikh separatist leader, urging the country instead to take legal action against anti-Indian elements operating from its soil. (Reuters News)

Asian stock markets are trading mostly lower on Tuesday, despite the slightly positive cues from Wall Street overnight, as traders seemed reluctant to make significant moves ahead of the US Fed's monetary policy announcement on Wednesday. (RTT News)

The United States military said it finally found debris from a missing F-35 fighter jet a day after asking for the public’s help locating wreckage from the elusive warplane after a pilot ejected from the aircraft for unknown reasons. (Aljazeera News)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	73,883.00	3,287,763.91	93.67%
ETFs	661.00	222,056.34	6.33%
Total	74,544.00	3,509,820.25	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 3,287,763.91 worth of shares was traded on the NSX on Wednesday with about N$ 111,110 worth of shares belonging to Truworths and N$280,988 worth of shares belonging to Oryx Properties Limited. ETFs worth N$ 222,056.34 were traded on Wednesday

HEI Market Commentary

From the trading activity that took place:

• Market participants sold off shares belonging to Truworths resulting in the company's stock value declining by 0.7% at the closing.
• Oryx Properties shares were traded by market participants, resulting in an increase of 10.6% in share price at closing.
• New Gold Issuer Ltd NM ETF positions were sold resulting in a decline in price by 1.0%

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.60	36.60	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	15.80	15.80	0.00%
First Rand Namibia	FNB	48.50	48.50	0.00%
Standard Bank Namibia	SNO	7.51	7.51	0.00%
Oryx Limited	ORY	11.30	12.50	10.62%
Letshego	LHN	3.88	3.88	0.00%
Namibia Asset Management	NAME	0.69	0.69	0.00%
Stimulus	SILP	127.90	127.90	0.00%
Paratus Namibia Holdings Ltd	PNH	12.74	12.74	0.00%
Mobile Telecommunication Company	MOC	7.50	7.50	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	494.40	495.29	0.18%
B2Gold Corporation	B2G	58.78	58.49	-0.49%
Oceana Group Limited	OCG	71.20	71.67	0.66%
Truworths	TRW	74.50	74.00	-0.67%
Nedbank Group Limited	NBK	209.94	207.22	-1.30%
Standard Bank Group	SNB	192.97	183.63	-4.84%
Shoprite Holdings	SRH	252.20	253.00	0.32%
Firstrand Limited	FST	71.85	71.06	-1.10%
Momentum Metropolitan Holdings	MMT	20.10	19.82	-1.39%
Old Mutual Ltd	OMM	12.76	12.32	-3.45%
Sanlam Limited	SLA	68.12	67.79	-0.48%
Santam Limited	SNM	307.48	309.13	0.54%
Vukile Property Fund Limited	VKN	13.39	13.15	-1.79%
Investec Limited	IVD	109.92	109.33	-0.54%
PSG Konsult Limited	KFS	13.72	13.35	-2.70%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	337.59	334.17	-1.01%
New Gold Palladium ETF	NGNPLD	225.34	227.21	0.83%
New Gold Platinum ETF N	NGNPLT	166.30	163.34	-1.78%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.66	19.51	-0.76%

Table 4: ETFs

Exchange Rates @ 07:00
USD/NAD	18.78
EUR/NAD	20.17
GBP/NAD	23.46
EUR/GBP	0.85
EUR/USD	1.07
GBP/USD	1.24
AUD/USD	0.64
USD/JPY	147.15
Commodities @ 07:00
Gold	1,928.55
Silver	22.85
Platinum	903.45
Palladium	1,263.78
WTI	89.07
Brent	92.39

Table 5: Exchange Rates and Commodities 

Local News

Pursuant to a settlement agreement, the liquidators of Ramatex Textiles Namibia will sell eight of the enormous warehouses on-site in Windhoek and rehabilitate the land. (Sun Newspaper)

The Namibia Agronomic Board’s directors have announced the reappointment of Fidelis Mwazi as Chief Executive Officer (CEO) for five years, effective 01 August 2023. (New Era Newspaper)

Cargo that was being held at Menzies Aviation (Namibia) at Hosea Kutako International Airport has been released, Namibia Airports Company (NAC) spokesperson Dan Kamati announced on Wednesday. (The Namibian Newspaper)

Sub-Sahara News

Experts warned that coal-powered stations are unpredictable and that any further breakdowns could push the country into Stage 7. (News24)

Chinese stocks took a record hit as foreign investors yanked $15.5 billion out of emerging market portfolios in August, the largest monthly outflow in a year, as concerns over China’s growth permeated across equities in an otherwise strong year for EMs. (CNBC Africa)

The Competition Commission's latest report reveals that South Africans are paying excessively high prices for certain food items, despite a significant decrease in overall inflation (AllAfrica News)

International News

SoftBank Group CEO Masayoshi Son was in San Francisco on Wednesday when he joined a call with his bankers in New York to make a final decision about his company's most valuable asset: chip designer Arm Holdings (Reuters News)

Asian stocks drifted lower on Thursday after China reported weak trade figures for August, adding to worries about slowing growth in the world's second-largest economy. (RTT News)

Taiwan has clapped back at Elon Musk after the billionaire businessman waded into the delicate issue of the island’s relations with China. (Aljazeera News)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	363,909.00	18,020,679.42	100.00%
ETFs	-	-	0.00%
Total	363,909.00	18,020,679.42	100.00%

NSX Activities

A total of N$ 18,020,679.42 worth of shares was traded on the NSX on Thursday with about N$ 7,520,162 worth of shares belonging Sanlam Limited and N$10,321,737 worth of shares belonging to Namibia Breweries. No ETFs were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

• Market participants bought shares belonging to Sanlam resulting in a 2.5% decline in the company's stock value at the closing.
• Namibia Breweries shares were traded by market participants, 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	38.00	38.00	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	15.70	15.70	0.00%
First Rand Namibia	FNB	48.50	48.50	0.00%
Standard Bank Namibia	SNO	7.20	7.20	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.95	3.95	0.00%
Namibia Asset Management	NAM	0.70	0.70	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	7.11	7.11	0.00%
Alpha Namibia Industries Renewable Power Limited	ANE	8.99	8.99	0.00%

Name	South African Dual-Listed Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Anglo-American plc	ANM	493.73	506.99	2.69%
B2Gold Corporation	B2G	57.80	58.45	1.12%
Oceana Group Limited	OCG	70.20	69.33	-1.24%
Truworths	TRW	71.20	72.46	1.77%
Nedbank Group Limited	NBK	217.64	215.81	-0.84%
Standard Bank Group	SNB	198.13	193.21	-2.48%
Shoprite Holdings	SRH	264.80	263.83	-0.37%
Firstrand Limited	FST	74.32	73.40	-1.24%
Momentum Metropolitan Holdings	MMT	19.99	20.13	0.70%
Old Mutual Ltd	OMM	12.83	12.69	-1.09%
Sanlam Limited	SLA	66.47	68.15	2.53%
Santam Limited	SNM	298.27	298.61	0.11%
Vukile Property Fund Limited	VKN	13.41	13.38	-0.22%
Investec Limited	IVD	111.54	110.84	-0.63%
PSG Konsult Limited	KFS	14.08	14.00	-0.57%

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	335.95	341.53	1.66%
New Gold Palladium ETF	NGNPLD	220.40	222.90	1.13%
New Gold Platinum ETF N	NGNPLT	173.64	176.80	1.82%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.73	19.82	0.46%

Exchange Rates @ 07:00
USD/NAD	18.84
EUR/NAD	20.44
GBP/NAD	23.87
EUR/GBP	0.85
EUR/USD	1.08
GBP/USD	1.27
AUD/USD	0.64
USD/JPY	145.56
Commodities @ 07:00
Gold	1,966.20
Silver	24.49
Platinum	978.50
Palladium	1,227.03
WTI	83.80
Brent	87.08

Local News

Government, through the Office of the Prime Minister, will allocate N$892.4 million for a drought relief programme to be rolled out in rural areas across all 14 regions. (Sun Newspaper)

President Hage Geingob has encouraged government ministries to work faster on the implementation modalities to accelerate the realization of beneficiation of Namibia’s minerals for sustainable economic and social development. (New Era Newspaper)

According to the World Bank report updated in March, with a Gini index of 59.1, Namibia was second to South Africa. (The Namibian Newspaper)

Sub-Sahara News

If metal prices worsen, Impala will not hesitate to take action over loss-making operations, and not even the recently acquired Royal Bafokeng Platinum would be spared. (News24)

Ride-hailing firm Uber UBER.N on Thursday launched an electric motorbike service in Kenya, its first in Africa, as the company seeks to make its global platform emissions-free by 2040. (CNBC Africa)

A crackdown on anti-UN protests resulted in more than three dozen deaths. The army also said 160 people had been detained (AllAfrica News)

International News

China stepped up measures to boost the country's faltering economy on Friday, with top banks paving the way for further cuts in lending rates and authorities reducing the amount of funds institutions need to hold in foreign exchange reserves. (Reuters News)

Germany's economy stabilized as estimated in the second quarter as weak foreign demand offset the strength in government spending and investment, the latest data from Destatis showed Friday. (RTT News)

A judge in the United States has ruled that an 84-year-old white homeowner who shot and seriously injured a Black teenager after he mistakenly went to the man’s house must stand trial. (Aljazeera News)

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	71,332.00	8,253,246.54	100.00%
ETFs	-	-	0.00%
Total	71,332.00	8,253,246.54	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 8,253,246.54 worth of shares was traded on the NSX on Thursday with about N$ 546,800 worth of shares belonging to Shoprite Holdings and N$ 157,000 worth of shares belonging to Capricorn Group Limited. No ETFs were traded on Thursday

HEI Market Commentary

From the trading activity that took place:

• Market participants subscribed to shares belonging to Shoprite Holdings resulting in a 0.4% increase in the company's stock value at the closing.
• Capricorn Group shares were traded by market participants, 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	38.00	38.00	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	15.70	15.70	0.00%
First Rand Namibia	FNB	48.00	48.00	0.00%
Standard Bank Namibia	SNO	7.20	7.20	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.87	3.87	0.00%
Namibia Asset Management	NAM	0.70	0.70	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	7.10	7.10	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	482.66	482.36	-0.06%
B2Gold Corporation	B2G	56.83	57.89	1.87%
Oceana Group Limited	OCG	70.35	70.60	0.36%
Truworths	TRW	68.18	68.06	-0.18%
Nedbank Group Limited	NBK	215.91	214.75	-0.54%
Standard Bank Group	SNB	196.67	197.00	0.17%
Shoprite Holdings	SRH	261.51	262.55	0.40%
Firstrand Limited	FST	73.16	73.49	0.45%
Momentum Metropolitan Holdings	MMT	19.28	20.30	5.29%
Old Mutual Ltd	OMM	12.73	12.94	1.65%
Sanlam Limited	SLA	64.27	65.14	1.35%
Santam Limited	SNM	290.48	295.92	1.87%
Vukile Property Fund Limited	VKN	13.05	13.11	0.46%
Investec Limited	IVD	108.17	108.56	0.36%
PSG Konsult Limited	KFS	14.30	14.07	-1.61%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	330.11	334.16	1.23%
New Gold Palladium ETF	NGNPLD	228.45	226.89	-0.68%
New Gold Platinum ETF N	NGNPLT	166.53	169.33	1.68%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.51	19.69	0.92%

Table 4: ETFs

Exchange Rates @ 07:00
USD/NAD	18.84
EUR/NAD	20.33
GBP/NAD	23.69
EUR/GBP	0.85
EUR/USD	1.07
GBP/USD	1.25
AUD/USD	0.64
USD/JPY	146.05
Commodities @ 07:00
Gold	1,942.55
Silver	24.12
Platinum	940.65
Palladium	1,236.03
WTI	79.45
Brent	83.75

Table 5: Exchange Rates and Commodities 

Local News

The ruling party’s business wing is pushing to bolster the financial capacity of the party in a bid to limit its dependency on donations. (Sun Newspaper)

Erongo Regional Council chairperson Benita Imbamba has rapped both Xinfeng Investment and Longfire Investment over unfair labour practices and squalid living conditions they have subjected mine employees to. (New Era Newspaper)

The Bank of Namibia (BoN) acted illegally and irrationally when it decided to suspend the operations of Trustco Bank a week ago, the chief executive officer of the embattled bank’s holding company, Trustco Group Holdings, is claiming in a case filed at the Windhoek High Court this week. (The Namibian Newspaper)

Sub-Sahara News

Market pressure spurs South32 to accelerate plans for 'green aluminium' at Hillside (News24)

The New Development Bank created by BRICS countries in 2015 can help finance African countries’ projects to tackle their most urgent challenges, the bank’s president Dilma Rousseff said on Thursday (CNBC Africa)

Burundian Prime Minister Gervais Ndirakobuca has urged residents of Mabayi district to avoid any collaboration with Rwandan terrorists operating in Kibira forest on the border with Rwanda, local media reports say. (AllAfrica News)

International News

Donald Trump's mug shot was released on Thursday evening after he was booked at an Atlanta jail on more than a dozen felony charges as part of a wide-ranging criminal case stemming from the former U.S. president's attempts to overturn his 2020 election defeat in Georgia. (Reuters News)

UK retail sales registered a bigger-than-expected fall in July as poor weather reduced footfall as the rising cost-of-living hurt household consumption, data released by the Office for National Statistics revealed on Friday. (RTT News)

For 80 years, the United States dollar has dominated all other currencies. But a grouping of developing countries tired of the West’s looming presence over global governance and finance is determined to take it down a peg. (Aljazeera News)

Executive Summary

• In July 2023, the annual inflation rate slowed to 4.7%, the lowest since April 2021, from the 5.4% recorded in July 2022 and 6.3% recorded the prior month. (Figure 1)
• Core inflation, which excludes prices of food, non-alcoholic beverages, fuel and energy, reached a 10-month low of 4.7% in July 2023, from 5% recorded in June 2023. On a monthly basis, core consumer prices went up by 0.5%, from a 0.4% rise in June mainly attributed to housing and utilities. (Figure 1)
• On a monthly basis, inflation in South Africa increased by 0.9% from 0.2% recorded in June 2023. The increase emanated from the categories of food and non-alcoholic beverages categories (1.7%), followed by alcoholic beverages and tobacco (0.4%). The transport category contributed the least (-0.4%) to monthly inflation
• Analysis 
• The annual rate for food and non-alcoholic beverages was 9,9% in July, down from 11,0% recorded in July 2022. The bread and cereals annual inflation slowed to 13,1% from 15,5% recorded in July 2022. Maize meal was cheaper in July compared with June, with prices falling on average by 0,7% month on month. The annual inflation for meat declined for a fifth consecutive month, easing to 5,1%
• The decline in fuel prices led to a decrease in transport inflation. The annual rate for fuel was negative 16,8% in July 2023. This dragged the transport category down into negative territory for the first time since January 2021
• The housing and utilities inflation increased by 2,8% between June and July. On average, households are paying 14,5% more for electricity through the NERSA determination. Water tariffs increased by 9,6% and property rates by 2,9%

Figure 1: Headline and Core Inflation for South Africa (July 2022 – July 2023)

Source: STATSSA & HEI Research

Figure 2: Selected SADC countries Headline Inflation Rates (July 2023)

Source: STATSSA & HEI Research

Outlook

Going forward we expect inflation to continue easing mainly due to manufacturing companies finding alternative energy sources for production. However, there could be a second-round effect in the short to medium term through the household utilities as seen in core inflation which appears to be more ‘sticky’ than headline inflation.  

Executive summary

• Vehicle sales experienced a slowdown, with only 1260 vehicles sold in July 2023, down from the 1320 vehicles sold in June 2023. This marked a monthly decline of 60 vehicles, equivalent to a 5% decrease (Figure 1)

• Interestingly, specific segments within the market showed varying trends. Sales of passenger vehicles surged by 10% month on month, indicating a positive consumer sentiment. Additionally, extra-heavy commercial vehicles also demonstrated growth, albeit at a more moderate rate of 6.82%. In contrast, light commercial vehicles saw a notable drop of -16.4% on a monthly basis.
• Breaking down the figures for the seventh month of 2023, a total of 6373 vehicles were sold. Among these, passenger vehicles constituted the majority with 3288 units, followed closely by light commercial vehicles at 3039 units. Medium-sized vehicles accounted for 167 sales, while heavy commercial vehicles contributed 97 units. Furthermore, 112 extra heavy commercial vehicles were sold, and a smaller segment consisted of 8 buses. These insights provide a comprehensive overview of the vehicle sales landscape during this period, showcasing the varying dynamics across different vehicle categories

Analysis

• The decline in monthly vehicle sales between July and June 2023 can be primarily attributed to the notable decrease in light commercial vehicle sales. This decline could be linked to decreased credit demand, likely influenced by an interest rate increase in April. Furthermore, the sluggish sales of commercial vehicles might be a consequence of subdued commercial activities, resulting in diminished demand for commercial transportation services

• Looking at the broader picture, on an annual basis, new vehicle sales witnessed a substantial increase of 31%. This positive trend could potentially be attributed to a bolstering of consumer confidence, which in turn has stimulated higher purchasing activity within the market

• During July 2023, the sales of passenger vehicles experienced a noteworthy surge, reaching 638 units, a clear upswing from the 580 units sold in June 2023. This notable increase can be attributed to the absence of interest rate hikes throughout the entire month of July, potentially allowing consumers more favorable conditions for vehicle acquisition
• In contrast, light commercial vehicle sales declined to 549 units in July 2023, a significant drop from the 657 units recorded in June 2023. This decline serves as an indicator of the underperformance of the commercial sector during this period, potentially reflecting the broader economic challenges faced within the commercial landscape

Table 1: Monthly vehicle sales by Market

market	Jun-23	Jul-23	monthly unit change	monthly % change
passenger vehicles	580	638	58	10
light commercial vehicles	657	549	-108	-16.4
medium commercial vehicles sales	27	17	-10	-37
heavy commercial vehicle sales	11	9	-2	-18.2
extra heavy commercial vehicle sales	44	47	3	6.82
bus	1	0	-1	-100

Figure 1: Monthly Vehicle Sales (July 2023 vs June 2023)

Source: Lightstone Auto & HEI RESEARCH

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

Source: Lightstone (Pty) Ltd & HEI RESEARCH

Outlook

The demand for new vehicles has demonstrated impressive resilience during the initial seven months of 2023. With the recent determination of the Bank of Namibia's Monetary Policy Committee (MPC) to uphold the repo rate in their August session, our projections indicate a continuation of the positive momentum in vehicle sales for the foreseeable short to medium term. This decision by the MPC is expected to provide ongoing stability and favorable conditions, which should further support the resilience of the vehicle market.

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	21,363.00	2,679,116.80	100.00%
ETFs	-	-	0.00%
Total	21,363.00	2,679,116.80	100.00%

NSX Activities

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

HEI Market Commentary

From the trading activity that took place:

• Market participants bought shares belonging to Shoprite following the 52-week earnings release, resulting in the company's stock value experienced an increase of 0.6% at the closing.
• FirstRand Namibia’s shares were traded by market participants, resulting in no change in share price at closing.         

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.80	36.80	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	15.00	14.99	-0.07%
First Rand Namibia	FNB	50.00	50.00	0.00%
Standard Bank Namibia	SNO	6.50	6.50	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.95	3.95	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%

­­

Name	South African Dual-Listed Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Anglo-American plc	ANM	562.21	557.00	-0.93%
B2Gold Corporation	B2G	64.31	64.12	-0.30%
Oceana Group Limited	OCG	68.37	68.43	0.09%
Truworths	TRW	66.05	68.93	4.36%
Nedbank Group Limited	NBK	231.40	236.00	1.99%
Standard Bank Group	SNB	188.22	192.12	2.07%
Shoprite Holdings	SRH	252.36	253.85	0.59%
Firstrand Limited	FST	71.58	72.33	1.05%
Momentum Metropolitan Holdings	MMT	18.54	18.83	1.56%
Old Mutual Ltd	OMM	12.70	12.85	1.18%
Sanlam Limited	SLA	64.22	65.94	2.68%
Santam Limited	SNM	298.50	297.65	-0.28%
Vukile Property Fund Limited	VKN	13.02	13.17	1.15%
Investec Limited	IVD	110.75	113.75	2.71%
PSG Konsult Limited	KFS	14.31	14.50	1.33%

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	323.87	320.82	-0.94%
New Gold Palladium ETF	NGNPLD	213.69	210.37	-1.55%
New Gold Platinum ETF N	NGNPLT	163.49	160.18	-2.02%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.42	19.52	0.51%

Exchange Rates @ 07:00
USD/NAD	17.79
EUR/NAD	19.53
GBP/NAD	22.76
EUR/GBP	0.85
EUR/USD	1.09
GBP/USD	1.27
AUD/USD	0.66
USD/JPY	139.02
Commodities @ 07:00
Gold	1,950.15
Silver	24.35
Platinum	947.80
Palladium	1,232.28
WTI	79.91
Brent	83.56

Local News

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

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

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

Sub-Sahara News

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

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

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

International News

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

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

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

NSX Trades	Traded Volume (No. Shares)	Monetary Amount (N$)	Trading Contribution (%)
Overall	831,522.00	36,703,272.25	100.00%
ETFs	-	-	0.00%
Total	831,522.00	36,703,272.25	100.00%

Table 1: NSX Trades

NSX Activities

A total of N$ 36,703,272.25 worth of shares was traded on the NSX on Wednesday with about N$ 13,350,997 worth of shares belonging to Oceana Group Limited and N$152,750 worth of shares belonging to FirstRand Namibia Ltd.  No ETFs were traded on Wednesday.

HEI Market Commentary

From the trading activity that took place:

• Share belonging to Oceana Group were traded by market participants, resulting in no change in the company's stock value at closing
• FirstRand Namibia’s shares were traded by market participants, resulting in a slight uptick in share price from N$49.00 to N$50.00 at closing.

Name	NSX Local Ticker	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
Namibian Breweries	NBS	36.80	36.80	0.00%
Nictus Holdings	NHL	2.20	2.20	0.00%
Capricorn	CGP	14.70	14.70	0.00%
First Rand Namibia	FNB	50.00	50.00	0.00%
Standard Bank Namibia	SNO	6.50	6.50	0.00%
Oryx Limited	ORY	11.30	11.30	0.00%
Letshego	LHN	3.85	3.85	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	7.50	7.50	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	537.35	531.15	-1.15%
B2Gold Corporation	B2G	65.86	67.72	2.82%
Oceana Group Limited	OCG	69.00	69.00	0.00%
Truworths	TRW	59.90	60.10	0.33%
Nedbank Group Limited	NBK	226.28	225.51	-0.34%
Standard Bank Group	SNB	185.80	185.35	-0.24%
Shoprite Holdings	SRH	239.19	237.53	-0.69%
Firstrand Limited	FST	70.81	70.60	-0.30%
Momentum Metropolitan Holdings	MMT	18.47	18.39	-0.43%
Old Mutual Ltd	OMM	12.58	12.62	0.32%
Sanlam Limited	SLA	63.40	63.78	0.60%
Santam Limited	SNM	293.00	294.00	0.34%
Vukile Property Fund Limited	VKN	12.27	12.40	1.06%
Investec Limited	IVD	109.58	111.82	2.04%
PSG Konsult Limited	KFS	13.50	13.76	1.93%

Table 3: Dual Listed Trades

Name	ETFs	Price Previous Close 'N$	Price End of Day 'N$	Daily Change %
New Gold Issuer Ltd NM	NGNGLD	329.59	328.78	-0.25%
New Gold Palladium ETF	NGNPLD	225.81	227.00	0.53%
New Gold Platinum ETF N	NGNPLT	168.91	170.11	0.71%
Satrix S&P Namibia Bond ETF)	SXNNAM	19.35	19.11	-1.24%

Table 4: ETFs

Exchange Rates @ 07:00
USD/NAD	17.86
EUR/NAD	20.03
GBP/NAD	23.09
EUR/GBP	0.86
EUR/USD	1.12
GBP/USD	1.29
AUD/USD	0.68
USD/JPY	139.59
Commodities @ 07:00
Gold	1,983.55
Silver	25.32
Platinum	979.15
Palladium	1,297.28
WTI	75.24
Brent	79.41

Table 5: Exchange Rates and Commodities 

Local News

Experts have called for a summary of the feasibility and implementation agreement between Hyphen Hydrogen Energy and government, with Popular Democratic Movement (PDM) leader McHenry Venani. (Sun Newspaper)

Airlink, Southern Africa’s independent and privately-owned regional airline, recently unveiled a distinctive special-liveried new addition to its fleet. The newly acquired Embraer E195 jetliner, which now sports a classy jet-black paint scheme, last week debuted on a test flight at OR Tambo International Airport and will soon operate on Airlink’s main domestic and regional trunk services. (New Era Newspaper)

The Henley Passport Index is the original, authoritative ranking of all the world’s passports according to the number of destinations their holders can access without a prior visa. (The Namibian Newspaper)

Sub-Sahara News

The steelmaker's earnings plunge reflects wider turmoil in the manufacturing as a result of poor growth and Stage 6 load shedding. (News24)

Fears about artificial intelligence-powered technologies and tools taking over work currently done by humans have intensified since ChatGPT went viral late last year (CNBC Africa)

Egoli Gas has denied early reports that the massive explosion in the Johannesburg inner city on Wednesday was caused by a gas leak. (AllAfrica News)

International News

Hundreds of protesters stormed the Swedish embassy in central Baghdad in the early hours of Thursday morning, scaling its walls and setting it on fire in protest against the expected burning of a Koran in Sweden. (Reuters News)

Asian stocks followed Wall Street higher on Thursday, as tamer-than-expected U.S. inflation data bolstered hopes of the Federal Reserve nearing the end of its tightening campaign. (RTT News)

Israeli forces have shot a Palestinian dead and injured at least four others – two in serious condition – in the occupied West Bank city of Nablus, the Palestinian health ministry and the Red Crescent said. (Aljazeera News)