The Namibian Stock Exchange (NSX) saw the market capitalisation of the local board rise to N$45 billion in the first quarter of 2024 from N$38 billion in the first quarter of 2023, latest data shows.
According to the Bank of Namibia’s (BoN) Quarterly Bulletin, the volume of shares traded on the local board surged to 8,688,000 in Q1 2024, continuing the positive momentum from a peak of 11,522,000 shares in Q2 2023.
The value traded increased from N$75 million in Q1 2023 to N$146 million in Q1 2024.
The number of deals increased from 340 in Q1 2023 to 373 in Q1 2024.
Overall, the market declined to N$2.070 trillion in Q1 2024 from N$2.203 trillion in Q1 2023. The number of overall deals declined from 1,495 in Q2 2023 to 1,138 in Q1 2024. Notably, there were no new listings throughout 2023 and in Q1 2024, with only one delisting in Q2 and Q3 2023.
The NSX overall index declined in the first quarter of 2024 as investors maintained a pessimistic view, with the index decreasing year-on-year by 3.1% to 1,528.69 points.
“This decline was due to a decrease in the prices of dual-listed shares, despite local shares showing significant gains. The local index increased by 12.2% compared to a year earlier, closing at 677.24 points at the end of Q1 2024,” the report highlighted.
The JSE All Share index also recorded a yearly decrease of 2.1%, closing at 74,536 points at the end of March 2024. This decrease was primarily attributed to a decline in the resources sector.
In 2023, the NSX’s local board saw a total of N$527.3 million traded from 1,564 deals, representing a N$82.17 million decrease from the N$609.6 million traded in 2022.
