Nictus Holdings Namibia was the best-performing local counter on the Namibia Securities Exchange in 2025, recording a price return of 36.00%.
SBN Holdings followed with a gain of 33.70%, while Capricorn Group rose by 26.58%, according to Cirrus Capital data.
Mobile Telecommunications Ltd also delivered double-digit growth, posting a price return of 20.98%, while FirstRand Namibia Ltd gained 17.20%.
Paratus Namibia Holdings recorded a negative price return of 1.90%.
Other shares posted marginal or low single-digit gains, including Namibia Breweries Ltd at 3.80% and Namibia Asset Management Ltd at 1.39%.
Despite the strong price performance among leading counters, trading activity on the local market remained subdued. Cirrus Capital noted that 2025 was the second-lowest year for local value traded since 2012, despite improved activity towards the end of the year.
FirstRand Namibia Ltd was the most actively traded local counter in 2025, with total turnover of N$151.8 million. Capricorn Group followed with N$77.1 million traded, while SBN Holdings recorded N$46.6 million.
In the fourth quarter of 2025, Capricorn Group again led price performance, rising by 12.82%. SBN Holdings gained 1.00%, while Mobile Telecommunications Ltd increased by 0.88%. Most other counters were flat over the quarter.
Oryx Properties Ltd was the weakest performer during the quarter, declining by 0.74%, followed by FirstRand Namibia Ltd, which slipped by 0.27%.
Local market activity improved in the final quarter, with total value traded on the NSX Local reaching N$110.4 million, higher than in the second and third quarters. FirstRand Namibia dominated quarterly turnover with N$57.0 million traded, followed by Capricorn Group at N$24.2 million and Standard Bank Namibia Holdings at N$10.9 million.
December reflected the broader quarterly trend. Capricorn Group recorded the strongest monthly gain of 12.82%, while SBN Holdings and Mobile Telecommunications posted gains of 1.00% and 0.88%, respectively. Oryx Properties declined by 0.74% during the month, while FirstRand Namibia fell by 0.27%. Most other local counters were unchanged.
Trading activity on the local index increased in December, with total value traded rising to N$34.2 million from N$26.2 million in November, slightly above the 12-month moving average of N$29.2 million.
On the broader market, total value traded on the NSX Overall reached N$1.1 billion in December, more than double November’s N$482.2 million and above the 12-month average of N$737.9 million.
Dual-listed counters drove activity, led by Vukile Property Fund Ltd with N$204.2 million traded, followed by Standard Bank Group Ltd at N$170.7 million and Shoprite Holdings Ltd at N$165.7 million.
For the fourth quarter, total value traded on the NSX Overall amounted to N$2.4 billion. Anglo American Plc was the most actively traded dual-listed counter during the quarter with N$339.4 million traded, followed by Nedbank Group Ltd at N$291.6 million and Vukile Property Fund Ltd at N$281.0 million.
On a full-year basis, total value traded on the NSX Overall reached N$8.9 billion in 2025, exceeding volumes recorded in the previous two years.
Anglo American Plc led annual turnover with N$1.3 billion traded, followed by Nedbank Group Ltd at N$1.1 billion and Standard Bank Group Ltd at N$1.0 billion.
