Week in review at Namibia Stock Exchange

THE Namibia Stock Exchange (NSX) Overall Index rose 1.5% week-on-week. Oryx Properties topped the gainers’ list up 14.7% over the week, Santam rose 4.8% over the week, Sanlam climbed 3.0% while Nedbank ended 2.9% higher.

Nictus topped the losers’ list, falling 7.7% over the week. The NSX Local Index increased by 1.7%. Oryx (+14.7%) was the top climber, while both Bidvest Namibia and Namibia Breweries rose 0.1%.

N$237.4 million traded on the NSX Overall Index with Oryx Properties being the heaviest traded at N$186.2 million. N$17.4 million traded in FirstRand and N$8.8 million traded in Barloworld. N$187.8 million traded on the Local gauge, with Oryx Properties dominating and FNB Namibia following with N$816,600.

Bannerman Resources reported the discovery of mine-grade mineralisation at Onkelo West adjacent to the planned Etango open pit, generating potential to expand and deepen the pit design and extend the mine life. Deep Yellow announced that a re-estimate of its INCA deposit has resulted in a 20% increase in grade.

Minemakers reported that the Definitive Feasibility Study for the Sandpiper Project is on schedule for completion at the end of the March quarter and bulk sampling is completed. Oryx Properties announced that all suspensive conditions as stipulated in the agreement between SA Corporate and TLP Investments One Three Seven whereby TLP Investments acquired the total holding of SA Corporate in Oryx, representing 14,019,055 Oryx linked units has been met. The units have been acquired at a price of N$13.20 per unit, at a total consideration of N$185,051,526.

Rössing Uranium has accepted an offer by Taurus Mineral for all its shares in Kalahari Minerals, according to its managing director Chris Salisbury. Rössing holds an 11.1% stake in Kalahari.

The Tender Board has cancelled the contract for the construction of the Neckartal Dam in the south, resolving instead to call for a fresh round of bids from interested companies. Namibia is estimated to have lost over N$5.8 billion between 2000 and 2009 in illicit dealings such as mis-pricing, tax evasions, corruption, bribery and kickbacks.

The viable potential of Kudu Gas, the natural gas being exploited off Namibia’s Orange River, has been reaffirmed with the premier of the Western Cape, Helen Zille, speaking of possible cooperation in the natural gas field’s development between Namibia and South Africa. Namdeb reportedly paid workers a bonus after the company reached a production target.

Iran is soon to open an embassy in Namibia, a move President Pohamba has welcomed amidst plans to secure Tehran’s assistance in an oil refinery in the country.

The Government Institutions Pensions Fund has recovered about N$1.1 million from its Development Capital Portfolio investments, but is struggling to recover the remaining N$600 million, reveals a forensic investigation by Auditor-General Junias Kandjeke.

– African Alliance