The Namibia Securities Exchange (NSX) lost N$123.24 billion in market capitalisation during September, as sharp declines in uranium and exploration stocks outweighed gains among locally listed financial counters.
Total market capitalisation declined 3.91% from N$3.15 trillion at the end of August to N$3.03 trillion at the end of September, according to High Economic Intelligence (HEI).
The NSX Overall Index fell 3.85% during the month to close at 2,354.28 points, with uranium and mining-related counters among the biggest decliners.
Deep Yellow fell 29.68%, Reconnaissance Energy Africa declined 25.65%, Elevate Uranium dropped 25%, Bannerman Energy lost 24.03% and Asarian Energy declined 23.59%.
Paladin Energy also fell 19.44% to N$108.18, while Anglo American declined 3.47% to N$883.86 and B2Gold slipped 2.20% to N$86.67.
HEI said the decline in uranium and exploration counters followed strong gains in August and reflected profit-taking and valuation adjustments during September.
“Following the aggressive price expansion recorded in August, energy minerals and exploration developers experienced profit-taking and valuation adjustments during September,” HEI said.
The decline in overall market valuations came despite total NSX turnover more than doubling to N$1.16 billion, up 125.14% from N$514.49 million in August.
A total of 18.88 million shares and units changed hands through 606 transactions, with the Main Equities Board accounting for N$1.14 billion, or 98.51% of total value traded.
HEI said the increased activity was largely driven by institutional portfolio adjustments following first-half 2026 earnings releases, with trading concentrated in financial and property counters.
Nedbank Group recorded N$197.38 million in turnover, Vukile Property Fund N$131.30 million and Standard Bank Group N$130.71 million.
Local financial counters moved against the broader market decline.
FirstRand Namibia gained 7.10% to N$59.60, with N$23.88 million traded, following the release of its audited annual results and dividend declaration.
SBN Holdings increased 6.93% to N$14.82, while Capricorn Group gained 5.81% to N$30.21. Namibia Breweries rose 5.66% to N$34.00.
HEI attributed the banking counters’ performance to domestic credit growth and steady net interest margins.
The fixed-income market also recorded strong demand, with the 16 September government bond auction attracting N$903 million in bids against N$320 million allotted, resulting in a bid-to-cover ratio of 2.82 times.
At the 23 September GC27 switch auction, N$672.1 million in bids were submitted, of which N$483.9 million was successfully switched into longer-dated government securities ahead of the N$3.6 billion GC27 bond’s maturity in January 2027.
