Namibia | NSX

The NSX Overall Index closed at 1384.86 points at the end of April, up from 1338.31 points in March, gaining 4.2% m/m on a total return basis in April compared to a 1.5% m/m increase in March. The NSX Local Index increased 0.8% m/m compared to a 6.8% m/m increase in March. Over the last 12 months the NSX Overall Index returned 44.0% against -15.6% for the Local Index. The best performing share on the NSX in April was Investec Limited, gaining 27.8%, while Trustco Group Holdings Limited was the worst performer, dropping 17.6%.

Letshego Holdings (Namibia) Ltd (LHN) released results for the year ended 31 December 2020 (FY20). Earnings and headline earnings per share declined by 20.0% y/y from 80cps (restated) in FY19 to 64cps, while profit after tax contracted by 20.0% y/y to N$320.9 million. Total revenue fell by 6.7% y/y. The lower profit has resulted in LHN’s ROE falling from 19.9% in FY19 to 14.1% in FY20 and ROA declining from 11.6% to 8.2%. A final dividend of 22.5cps (FY19: 22.5cps) was declared, representing an increase in LHN’s dividend payout ratio from the historic 25% of profit after tax to 35%.

SNO’s FY20 results were below IJG’s expectations, largely due to top-line contraction which was greater than anticipated. • PAT declined by 31.3% y/y due to the contraction in both NII and NIR. • A final dividend of 14cps was declared, bringing the full-year dividend to 35cps. • ROE stood at ...

FNB’s 1H21 numbers were roughly in line with our expectations, with a positive surprise on operating expenditure, which declined by 4.6% y/y. • Profit after tax declined by 9.4% y/y, while HEPS declined by 9.9%. • A dividend of 94cps was declared, down...

The Group’s profit from continuing operations decreased by N$118.8 million a decrease of 20.2% from the comparable period. • HEPS declined by 22.7% y/y. • The drop in profit is attributed mainly to contracting net interest margins following 275 basis points of interest rate cuts in Namibia and 100 basis point reduction in Botswana.

The NSX Overall Index closed at 1232.26 points at the end of December, up from 1164.99 points in November, gaining 5.8% m/m on a total return basis in December compared to a 16.1% m/m increase in November. The NSX Local Index decreased 2.5% m/m compared to a 1.5% m/m increase in November. Over the last 12 months the NSX Overall Index returned -1.8% against -22.6% for the Local Index. The best performing share on the NSX in December was Bannerman Resources Limited, gaining 125.5%, while Oryx Properties Limited was the worst performer, dropping -15.1%.