CHAMWE KAIRA
Data from the Namibian Stock Exchange and Bank of Namibia showed that the Namibia Security Exchange’s main board market capitalisation rose to N$3 trillion in the second quarter of 2026, increasing 7.4% quarter-on-quarter and 28.9% year-on-year, according to the Namfisa quarterly statistical report for the second quarter of 2026.
The increase reflects continued growth in the value of securities listed on the NSX during the quarter under review.
The NSX recorded 12 primary listed companies during the period. Local market capitalisation, which represents the aggregate value of domestically listed equities, increased by 3.5% quarter-on-quarter and 15.9% year-on-year to N$57.3 billion.
Trading activity in locally listed equities, however, declined on a quarterly basis. The value of shares traded fell by 2.8% from the previous quarter to N$83.6 million.
Despite the quarterly decline, trading value was 55.4% higher than in the corresponding quarter of 2025.
The growth in market capitalisation was accompanied by an increase in Namibia’s domestic government debt.
Total domestic government debt outstanding, including foreign-denominated bonds listed on the Johannesburg Stock Exchange, stood at N$157.2 billion during the second quarter. This represented a 2.8% increase compared with the previous quarter.
Growth was recorded across the main domestic debt instruments, including Treasury Bills (TBs), inflation-linked bonds (ILBs) and Internal Registered Stock (IRS).
Internal Registered Stock remained the largest component of the domestic debt stock. The value of the IRS increased from about N$64 billion in the second quarter of 2023 to nearly N$100 billion by the second quarter of 2026.
Treasury Bills also increased over the period, rising from about N$36 billion in the second quarter of 2023 to approximately N$50 billion in the second quarter of 2026.
Inflation-linked bonds remained the smallest component, increasing from less than N$10 billion in the second quarter of 2023 to slightly above N$10 billion in the second quarter of 2026.
The figures show continued expansion in both Namibia’s equity market and domestic government debt market during the second quarter of 2026, although activity in locally listed shares weakened compared with the preceding quarter.
