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Business / Economics

2 July 2024 Morning Biz News: Namibian Stock Exchange Thrives, Dollar Strengthens Amid Global Financial Developments

todayJuly 2, 2024 15

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Namibian Stock Exchange Shows Strong Growth in Q1 2024

The Namibian Stock Exchange (NSX) has reported a robust performance in the first quarter of 2024, reflecting positive trends in market capitalization and trading volumes. According to The Brief, NSX’s local board witnessed a notable increase in market capitalization, soaring to N$45 billion from N$38 billion in Q1 2023. This growth underscores a resilient market environment despite global economic uncertainties.

The Bank of Namibia’s Quarterly Bulletin further highlights a substantial rise in the volume of shares traded on the local board, reaching 8,688,000 in Q1 2024. This momentum continues from a peak of 11,522,000 shares traded in Q2 2023, demonstrating sustained investor confidence and activity in Namibia’s financial markets.

Clicks Group to Sell Unicorn Pharmaceuticals in Compliance Move

In South Africa, Clicks Group has announced plans to divest its drug maker Unicorn Pharmaceuticals, following a court ruling. This strategic decision aligns with regulatory requirements, clearing the path for Clicks to obtain new store licenses from the South African health ministry. The move aims to streamline operations and enhance compliance within the pharmaceutical sector.

Dangote Oil Refinery Expands Exports Amid Production Adjustments

Nigeria’s new Dangote oil refinery, developed by Aliko Dangote near Lagos at a cost of $20 billion, has commenced exporting gasoil to West Africa. Despite facing delays in unit restarts for cleaner fuel production, the refinery has intensified efforts to capture regional markets. The facility, although initially producing a lower grade of gasoil than planned, remains proactive in seeking buyers across neighboring economies.

U.S. Treasury Yields Boost Dollar Amid Global Currency Pressures

Today, the U.S. dollar has gained significant support from rising Treasury yields, impacting global currency markets. Benchmark 10-year Treasury yields surged by nearly 14 basis points overnight to 4.479%, driven by expectations surrounding potential U.S. presidential policies. This development has exerted pressure on low-yielding currencies such as China’s yuan and Japan’s yen, reflecting evolving investor sentiment in the forex markets.

Financial Indicators

  • Namibian Dollar Exchange Rates:
    • USD: 18.36
    • Euro: 19.73
    • GBP: 23.23
  • Commodity Prices:
    • Gold: $2,331.88 per fine ounce
    • Brent Crude Oil: $85 per barrel
  • Cryptocurrency:
    • Bitcoin: $1,158,120.12

Stay tuned for more updates on global business and financial developments. For detailed insights into these stories and more, visit our website regularly.

Written by: Leonard Witbeen

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