Commodity stocks drive NSX rally in 2025
STAFF REPORTER Commodity-linked stocks and exchange-traded funds (ETFs) dominated the Namibian Stock Exchange (NSX) in 2025, much as they did globally, according to the annual market report by Cirrus Capital. Metals such as lithium, silver and platinum posted triple-digit growth, supported by tighter supply and rising demand linked to technology and electrification.
“Gold also delivered strong returns, reaching multiple all-time highs, buoyed by sustained central bank purchases and renewed safe-haven demand amid geopolitical uncertainty and a weaker US Dollar,” Cirrus said.
The copper champion
“Koryx Copper was the standout performer, with its share price rising more than 120% following its dual listing on the NSX in April. Cirrus attributed the rally to growing global demand for copper, particularly for AI data centres and national grid expansion, combined with positive drilling results at the company’s flagship Haib project,” it said.
Several domestic counters also contributed to strong returns on the NSX Local Index in 2025:Standard Bank: 33.7%
Capricorn Group: 26.6%
MTC: 21%
FNB: 17.2%
While Letshego Namibia initially performed well, reaching a year-to-date price return of 32.8% in August, its stock came under pressure after the ministry of finance announced plans to suspend the government’s Payroll Deduction Management System (PDMS). “Despite posting strong interim results, investor confidence was shaken, leaving Letshego with a marginal 5.8% return for the year. The High Court later allowed the PDMS to continue operating during legal proceedings, but sentiment had already softened,” Cirrus said.
Influence of SA’s fiscal
credbility
Cirrus also highlighted the influence of South Africa’s improving fiscal credibility and lower inflation expectations on Namibian markets. “Structural progress, combined with an appreciating rand and increased foreign capital inflows, supported strong performance in dual-listed equities and government bonds,” Cirrus said.
“Namibia’s fixed-income market performed well, with the GC35 bond returning 21%, outperforming other government issues, while money market instruments offered a more modest 7.5% return. Cirrus noted that the rally was largely imported through benchmark South African bond performance, which returned 24% and contributed to a 16.4% total return across local bonds,” it added.
Despite tighter Namibian bond yields — which fell by 102 basis points — spreads versus comparable South African bonds widened by an average of 101 points, reaching 124 points at the long end. Cirrus said this divergence reflects investor caution over Namibia-specific fiscal and macroeconomic risks.
“Lower absolute yields indicate improved sentiment towards South Africa, while wider spreads signal Namibia-specific risk pricing,” Cirrus said.
“Gold also delivered strong returns, reaching multiple all-time highs, buoyed by sustained central bank purchases and renewed safe-haven demand amid geopolitical uncertainty and a weaker US Dollar,” Cirrus said.
The copper champion
“Koryx Copper was the standout performer, with its share price rising more than 120% following its dual listing on the NSX in April. Cirrus attributed the rally to growing global demand for copper, particularly for AI data centres and national grid expansion, combined with positive drilling results at the company’s flagship Haib project,” it said.
Several domestic counters also contributed to strong returns on the NSX Local Index in 2025:Standard Bank: 33.7%
Capricorn Group: 26.6%
MTC: 21%
FNB: 17.2%
While Letshego Namibia initially performed well, reaching a year-to-date price return of 32.8% in August, its stock came under pressure after the ministry of finance announced plans to suspend the government’s Payroll Deduction Management System (PDMS). “Despite posting strong interim results, investor confidence was shaken, leaving Letshego with a marginal 5.8% return for the year. The High Court later allowed the PDMS to continue operating during legal proceedings, but sentiment had already softened,” Cirrus said.
Influence of SA’s fiscal
credbility
Cirrus also highlighted the influence of South Africa’s improving fiscal credibility and lower inflation expectations on Namibian markets. “Structural progress, combined with an appreciating rand and increased foreign capital inflows, supported strong performance in dual-listed equities and government bonds,” Cirrus said.
“Namibia’s fixed-income market performed well, with the GC35 bond returning 21%, outperforming other government issues, while money market instruments offered a more modest 7.5% return. Cirrus noted that the rally was largely imported through benchmark South African bond performance, which returned 24% and contributed to a 16.4% total return across local bonds,” it added.
Despite tighter Namibian bond yields — which fell by 102 basis points — spreads versus comparable South African bonds widened by an average of 101 points, reaching 124 points at the long end. Cirrus said this divergence reflects investor caution over Namibia-specific fiscal and macroeconomic risks.
“Lower absolute yields indicate improved sentiment towards South Africa, while wider spreads signal Namibia-specific risk pricing,” Cirrus said.
