The market value of companies listed on the Namibian Stock Exchange (NSX) rose to N$55.3 billion in the first quarter of 2026 as local equities extended their gains despite a sharp decline in trading activity.
Figures released by the Namibia Financial Institutions Supervisory Authority (NAMFISA) show the NSX Local Index, which tracks domestically listed companies, increased by 1.4% during the January to March period to close at 819 index points. Compared with the same period last year, the index was up 14.3%.
“The NSX Local Index, which tracks the performance of domestically listed companies, rose by 1.4% over the quarter to reach 819 index points. On a year-on-year basis, the index recorded growth of 14.3%,” NAMFISA said in its Quarterly Statistical Report for the first quarter of 2026.
The combined market capitalisation of locally listed companies grew by 1.3% during the quarter and by 14.2% year-on-year to N$55.3 billion, reflecting stronger valuations among domestic stocks.
The broader NSX Overall Index, which includes both locally listed and dual-listed companies, also posted gains, rising 0.5% during the quarter and 25.1% year-on-year to 2,151 index points.
Main board market capitalisation increased by 0.4% over the quarter and by 19.5% compared with a year earlier to reach N$2.8 trillion.
Despite higher valuations, investor activity in local shares weakened. The value of locally listed equities traded fell 22.2% from the previous quarter and 33.2% year-on-year to N$86 million, indicating softer trading volumes despite rising share prices.
Beyond the equity market, Namibia’s domestic debt market continued to expand. Total domestic government debt, including foreign currency-denominated bonds listed on the Johannesburg Stock Exchange, increased by 4.5% during the quarter to N$152.9 billion.
According to NAMFISA, the increase was driven by higher issuance of government bonds, corporate bonds, treasury bills, inflation-linked bonds and interest rate swaps.
The report also highlighted an easing inflation environment. Annual inflation slowed to 2.1% in March 2026 from 4.2% a year earlier, while core inflation stood at 2.9%. Consumer prices increased by 0.2% during the month.
Housing, water, electricity and other fuels, together with food, non-alcoholic beverages, alcoholic beverages and tobacco, remained the largest contributors to annual inflation.
