07 March Biz News: Markets, Earnings, Oil Deals & Trade Policy Shifts

Local Stock Market Update

As of yesterday, the local stock market’s free float market capitalization stands at N$16.71 billion, with 638,974 shares traded, amounting to N$16.41 million in value across 11 deals. For the month to date, 1,364,598 shares have been traded, totaling N$47.09 million, with 31 deals recorded.

FirstRand Ltd Sees 10% Earnings Growth

According to CNBC Africa, South Africa’s FirstRand Ltd reported a 10% rise in first-half earnings, driven by strong revenue growth and improved credit performance. For the six months ending December 31, the bank posted normalized earnings of 20.9 billion rand (US$1.14 billion), up from 19.1 billion rand a year earlier.

Africa Oil to Double Nigerian Output

Canada’s Africa Oil Corporation is set to double its Nigerian production and reserves after finalizing its acquisition of Prime Oil next Tuesday. According to Reuters, the deal will see the company increase its stake in Prime Oil & Gas Coöperatief, which holds indirect stakes in deep-water Nigerian fields operated by TotalEnergies and Chevron.

Trump Expands Tariff Exemptions

U.S. President Donald Trump has signed orders expanding the list of goods exempted from his new tariffs on Canada and Mexico, reports BBC. This marks the second rollback in two days, adding to business uncertainty and financial market concerns as America navigates shifting trade policies with its largest trading partners.

Financial Indicators

• N$1 trades at 18.14 to the US$, 19.58 to the Euro, and 23.38 to the Pound.
• Gold: $2,913.71 per fine ounce.
• Brent Crude: $69.30 per barrel.
• Bitcoin: $1,592,319.24.

Stay tuned for more business and market updates.