05 February: Morning Business News Update

Here are the key financial developments making waves in the markets:

1. Namibia Repo Rate Prediction: A local economic analyst predicts a decrease of 75 basis points in Namibia’s repo rate during the 2025 financial period. Max Rix, a senior analyst at Simonis Storm Securities, shared his outlook with NewsOnOne, forecasting a 3.8% GDP growth for the same period. The forecasted rate cut reflects expectations of a more accommodative monetary policy as economic growth continues to face various challenges.
2. Transnet’s Rail Freight Volumes: South African logistics group Transnet has announced that its rail freight volumes are expected to reach between 160 million and 165 million tons by the end of March, according to the company’s CEO in a statement reported by Reuters. While these figures represent an improvement over last year’s performance, they still fall short of the 170 million tons outlined in Transnet’s recovery plan. The forecast reflects continued growth in demand despite challenging conditions in the sector.
3. Nigeria’s External Reserves Drop: Business Day Nigeria has reported a significant drop in the country’s external reserves, which decreased by approximately $1.19 billion in just over three weeks. Data from the Central Bank of Nigeria reveals that the reserves peaked at $40.920 billion on January 6, 2025, just after closing 2024 at $40.877 billion. However, the reserves have been declining as the country faces challenges related to oil price fluctuations and economic uncertainties.
4. Hong Kong’s Stock Market Surge: Investors in Hong Kong are starting the Year of the Snake with optimism, according to the Xinhua News Agency. On the second trading day, the benchmark Hang Seng Index surged more than 3% in the morning session. Meanwhile, the Hang Seng Tech Index, which tracks the 30 largest technology companies listed in Hong Kong, gained more than 5%. This positive sentiment reflects strong investor confidence amid favorable economic conditions.

Latest Financial Indicators:

• The Namibia Dollar is trading at N$19.19 to the US Dollar, N$20.58 to the Euro, and N$24.11 to the British Pound.
• Gold is currently trading at USD 1,926.59 per fine ounce.
• Brent Crude stands at USD 89 per barrel.
• Bitcoin is priced at USD 493,633.16 per coin.

These numbers offer a snapshot of the current financial landscape. Stay tuned for more updates in the business and financial world.