Chamwe Kaira
The Namibian Stock Exchange (NSX) closed the week ending 16 January 2026 on a mixed note, with the Local Index edging slightly lower while overall market activity remained steady.
The NSX Local Index closed at 808.31 points on Friday, down slightly from 808.64 points at the end of the previous week. The index moved within a narrow range throughout the week, reflecting limited price movement in locally listed shares.
The NSX Overall Index ended Friday at 2,174.39 points, down from 2,184.55 points a week earlier, following softer performances in some dual-listed stocks.
Trading activity increased during the week. Volumes rose from about 118,110 shares on 9 January to 120,170 shares by the close of trade on 16 January.
Market activity remained largely range-bound as investors maintained a cautious stance amid subdued local economic conditions and a lack of new market drivers. In recent weeks, the NSX has shown stable performance, with movements mainly influenced by offshore-listed shares and modest trading in local equities.
Meanwhile, iol.co.za reported that South Africa’s JSE All Share Index (ALSI) has surged past 110,000 points to record highs. This follows South Africa’s exit from the FATF grey list, a well-received Medium-Term Budget Policy Statement in November, the announcement of a 3% per annum inflation target, and a strengthening rand, now about 10% stronger against the dollar in 2025. These developments have raised questions about renewed investor interest in local markets, although the report said the picture is more complex.
The report cautioned against reading the headline index performance as a broad endorsement of the local economy.
“If you look under the hood of the recent rally, it’s not necessarily driven by SA Inc. It’s been driven by a specific defensive, risk-off sentiment globally. This isn’t a vote of confidence in South Africa just yet; rather, we are a major beneficiary of external factors, particularly the strong performance of gold and platinum group metals (PGMs).”
In contrast, discretionary retailers have declined sharply in 2025. Large domestic retailers such as Truworths, Mr Price and The Foschini Group are down 48%, 29% and 46%, respectively.
Banks and insurers have recorded only modest gains, weighed down by weak consumer demand, high borrowing costs and slow growth.
“This has been more of a defensive trade. We’re seeing central banks accumulating gold as a mechanism against dollar weakness. This has created a powerful theme that has lifted our resource counters. However, many domestic SA Inc. companies – the retailers, the banks, the industrial firms, are still trading at levels that present significant value, as they haven’t participated in this narrow rally,” the report said.
Caption
The Namibian Stock Exchange (NSX) closed last week with the Local Index edging slightly lower while overall market activity remained steady.
- Photo: Contributed
