At a Glance
- Dual-listed banks and miners drive liquidity and institutional confidence on the NSX.
- Financial services anchor the exchange, while uranium and gold shape investor sentiment.
- Local firms support credit growth, jobs, tax revenue and domestic capital formation.
The Namibia Stock Exchange (NSX), one of Africa’s smallest but most strategically positioned markets, continues to punch above its weight.
Anchored by dual-listed regional and global heavyweights, the exchange reflects Namibia’s deep economic ties to South Africa, its mineral wealth, and a steadily expanding financial services sector.
At the top end, multinational giants such as Anglo American, FirstRand, and Standard Bank dominate market capitalization, providing liquidity and institutional confidence.
Closer to home, locally rooted firms including FirstRand Namibia, Capricorn Group, SBN Holdings, and Namibia Breweries play a critical role in credit creation, consumer demand, employment, and tax revenues.
Financial services remain the backbone of the NSX, while mining, particularly uranium and gold, continues to shape investor sentiment as Namibia positions itself within the global energy transition.
Retail, telecoms, real estate, and asset management round out a market that blends defensive income stocks with cyclical growth plays.
With the NSX trading above its historical average valuation, investor optimism reflects expectations around infrastructure spending, green energy projects, digital expansion, and improving corporate governance.
Still, exposure to commodity cycles, inflation, and regional economic pressures remains a defining risk.
Shore Africa profiles 30 stocks that together reflect the economic pulse of Namibia’s capital markets.
1. Anglo American Plc
Market Valuation: NAD798.42 billion ($49.52 billion)
Anglo American Plc is a mining company which engages in the exploration and mining of precious base metals and ferrous metals. The company operates through the following segments: De Beers, Copper, Platinum Group Metals, Iron Ore, Coal, Nickel and Manganese, and Corporate and Other. The company was founded by Ernest Oppenheimer in 1917 and is headquartered in London, the United Kingdom.
2. FirstRand Ltd.
Market Valuation: NAD512.8 billion ($31.8 billion)
FirstRand Ltd. operates as a holding company, which engages in the provision of banking, insurance and investment products and services to retail, commercial, corporate and public sector customers. It operates through the following segments: FNB, FNB Africa, WesBank, RMB, and Centre. The FNB segment offers financial products and services to market segments including consumer, small business, agricultural, medium-sized corporate, parastatal and government entities. The FNB Africa segment is composed of a support division acting as a strategic enabler, facilitator and coordinator for FNB’s broader Africa businesses. The WesBank segment represents the bank’s activities in instalment credit, fleet management and related services in the retail, commercial and corporate segments of South Africa. The RMB segment refers to the bank’s activities in the corporate and investment banking segments in South Africa, the broader African continent and India. The Centre segment includes group-wide functions, including treasury, finance, tax, STET, regulatory risk management, and internal audit. The company was founded in 1966 and is headquartered in Johannesburg, South Africa
3. Standard Bank Group Ltd.
Market Valuation: NAD479 billion ($29.71 billion)
Standard Bank Group Ltd. is a holding company, which engages in providing integrated financial and related solutions to clients. It operates through the following segments: Consumer and High Net Worth (CHNW), Business and Commercial (BCC), and Corporate and Investment Banking (CIB). The CHNW segment offers banking, investment, insurance, and financial services solutions. The BCC segment provides broad-based client solutions for a wide spectrum of small and medium-sized businesses. The CIB segment serves large companies, governments, parastatals, and institutional clients across Africa and internationally. The company was founded in 1862 and is headquartered in Johannesburg, South Africa.
4. Agra Ltd. (Namibia)
Market Valuation: NAD421.93 million ($26.17 million)
Agra Ltd. (Namibia) engages in the provision of auction and related services, farming inputs and equipment. It operates through the following segments: Retail and Wholesale, Auctions, Rental, ProVision, and Corporate. The Retail and Wholesale segment offers retail, wholesale, and distribution of agricultural, hunting, and outdoor products. The Auctions segment organizes and facilitates the auction and liaison services of livestock and agricultural products. The Rental segment focuses on commercial and residential properties. The ProVision segment includes enhancement of skills and expertise and uplifting the community with funded development projects through providing training and consulting services. The company was founded in 1946 and is headquartered in Windhoek, Namibia.
5. Investec Ltd.
Market Valuation: NAD241.12 billion ($14.96 billion)
Investec Ltd. engages in the provision of financial products and services. The firm operates through the following segments: Wealth & Investment; Private Banking; Corporate, Investment Banking, and Other; Group Investments; and Group Costs. The Wealth and Investment segment offers active investment management services for individuals, corporate and, executives and charities and trusts. The Private Banking segment focuses on providing bespoke solutions supported by a broad private banking offering and also comprises lending to HNW clients, primarily residential mortgages. The Corporate, Investment Banking, and Other segment comprises businesses that provide capital, advisory and risk management services to growth-oriented corporate clients in the private companies, private equity and listed companies arenas and also comprises of central treasury and liability management channels. The Group Investments segment engages in providing transparency of the standalone values of the assets. The company was founded by Ian Robert Kantor, Errol Grolman and Laurence Michael Nestadt in 1974 and is headquartered in Johannesburg, South Africa.
6. Sanlam Ltd.
Market Valuation: NAD202.4 billion ($12.55 billion)
Sanlam Ltd. engages in the provision of financial solutions to individual and institutional clients. Its solutions include individual, group and short-term insurance, personal financial services such as estate planning, trusts, wills, personal loans, health management, savings and linked products. The company operates through five clusters: Sanlam Personal Finance, Sanlam Emerging Markets, Sanlam Investments, Santam and Corporate and Other. It also offers business fitness assessment and insurance investment management, asset management, employee benefits, risk management, and capital market activities. The company was founded on June 8, 1918 and is headquartered in Bellville, South Africa.
7. Shoprite Holdings Ltd.
Market Valuation: NAD147.26 billion ($9.14 billion)
Shoprite Holdings Ltd. is an investment company, which engages in the management of retail stores. It operates through the following segments: Supermarkets RSA, Supermarkets Non-RSA, Furniture, and Other Operating Segment. The Supermarkets RSA segment includes Shoprite, Checkers, Checkers Hyper, and Usave brands in South Africa. The Supermarkets Non-RSA consists of Shoprite, Checkers, and Usave brands outside of South Africa. The Furniture segment involves the OK Furniture, OK Power Express, and House and Home brands trading in RSA and Non-RSA. The Other segment offers trading in RSA and Non-RSA, including franchise operations, and retail and wholesale of pharmaceutical products. The company was founded in November 1979 and is headquartered in Brackenfell, South Africa.
8. Nedbank Group Ltd.
Market Valuation: NAD124.13 billion ($7.7 billion)
Nedbank Group Ltd. is a bank holding company which engages in the provision of financial services through its banking subsidiary, Nedbank Ltd. It operates through the following business segments: Corporate and Investment Banking, Retail and Business Banking, Wealth, Centre, and Africa Regions. The Corporate and Investment Banking segment offers a spectrum of transactional, corporate, investment banking, and market solutions. The Retail and Business Banking segment includes banking assurance products and services, as well as transactional accounts, home loans, vehicle and asset finance, cards, personal loans, and investments. The Wealth segment provides a range of financial services through three divisions of wealth management, asset management, and insurance. The Centre segment consists of various support services. The Africa Regions segment is responsible for the group’s banking operations and expansion activities on the rest of the African continent and has client-facing subsidiaries in Eswatini, Lesotho, Namibia, Mozambique, and Zimbabwe. The company was founded in 1831 and is headquartered in Sandton, South Africa.
9. B2Gold Corp.
Market Valuation: NAD113.88 billion ($7.06 billion)
B2Gold Corp. is an exploration company, which engages in the acquisition and development of mineral properties. It operates through the following segments: Fekola Mine, Fekola Regional, Masbate Mine, Otjikoto Mine, Goose Project, Other Mineral Properties, and Corporate and Other. The Fekola Regional segment consists of Bantako North, Menankoto, Dandoko, and Bakolobi properties. The Other Mineral Properties segment focuses on the company interests in mineral properties which are at various stages of exploration and evaluation. The Corporate and Other segment includes the corporate operations. The company was founded by Mark Anthony Corra, Thomas A. Garagan, Clive Thomas Johnson, and Roger Thomas Richer on November 30, 2006 and is headquartered in Vancouver, Canada.
10. Old Mutual Ltd.
Market Valuation: NAD70.67 billion ($4.38 billion)
Old Mutual Ltd. engages in the provision of investment, savings, insurance and banking services. It operates through the following segments: Mass and Foundation Cluster, Personal Finance and Wealth Management, Old Mutual Investments, Old Mutual Corporate, Old Mutual Insure, Rest of Africa, and Other Group Activities. The Mass and Foundation Cluster segment provides financial services to low and low-middle-income customers. The Personal Finance and Wealth Management segment offers financial advice and long-term savings, investment, income and risk products and targets the middle-income market. The Old Mutual Investments segment deals with asset management. The Old Mutual Corporate segment Includes group risk, investments, annuities and consulting services to employee-sponsored retirement and benefit funds. The Old Mutual Insure segment is involved in the provision of non-life insurance products. The Rest of Africa segment is composed of insurance, banking and lending, and asset management services. The Other Group Activities segment represents activities related to the management of the group’s capital structure. The company was founded in 1845 and is headquartered in Cape Town, South Africa.
11. Paladin Energy Ltd.
Market Valuation: NAD66.37 billion ($4.12 billion)
Paladin Energy Ltd. engages in the development and operation of uranium mines. It operates through the following segments: Namibia, Canada, and Australia. The Namibia segment is involved in the production and sale of uranium from the Langer Heinrich Mine (LHM). The Australia segment includes the exploration and evaluation projects in Australia. The company was founded by John Borshoff on September 24, 1993 and is headquartered in Perth, Australia.
12. Momentum Group Ltd.
Market Valuation: NAD47.95 billion ($2.97 billion)
Momentum Group Ltd. engages in the provision of insurance, asset management and financial services. The company operates through the following business segments: Momentum Life, Momentum Investments, Metropolitan Life, Momentum Corporate, Momentum Metropolitan Health, Non-Life Insurance, and Momentum Metropolitan Africa. It also offers client engagement solutions, healthcare administration and health risk management, and long and short-term insurance. The company was founded in 1898 and is headquartered in Centurion, South Africa.
13. Santam Ltd.
Market Valuation: NAD46.49 billion ($2.88 billion)
Santam Ltd. engages in the provision of insurance and investment services. It operates through the Insurance Activities and Other Activities segments. The Insurance Activities segment offers conventional, credit, alternative risk transfer, and Sanlam emerging market (SEM) general insurances. The Other Activities segment involves in the provision of insurance advice, platform services and administrative services. The company was founded on May 1, 1918 and is headquartered in Bellville, South Africa.
14. Vukile Property Fund Ltd.
Market Valuation: NAD34.36 billion ($2.13 billion)
Vukile Property Fund Ltd. is a specialist retail South African real estate investment trust company, which engages in the investment in properties. Its portfolio is involved in retail, offices, industrial, and motor-related properties.It operates through the South Africa and Spain geographical segments. The company was founded in 2004 and is headquartered in Johannesburg, South Africa.
15. PSG Financial Services Ltd.
Market Valuation: NAD33.66 billion ($2.09 billion)
PSG Financial Services Ltd. engages in the provision of financial services. It operates through the following segments: PSG Wealth, PSG Asset Management, and PSG Insure. The PSG Wealth segment offers wealth management services for individuals, families, and businesses. The PSG Asset Management segment focuses on the management of local unit trusts, global funds, and segregated portfolios for individual and institutional investors. The PSG Insure segment deals with personal and commercial short-term insurance solutions. The company was founded by Willem Theron and Jacob de Vos du Toit on July 14, 1993 and is headquartered in Bellville, South Africa.
16. Deep Yellow Ltd.
Market Valuation: NAD25.3 billion ($1.57 billion)
Deep Yellow Ltd. engages in the provision of acquisition, exploration, evaluation and development of uranium properties. It operates through the following segments: Tumas Project, Mulga Rock Project, Exploration, and Other Activities. The Tumas Project segment includes development activities for the Tumas Project located in Namibia. The Mulga Rock Project segment focuses on the e pre-development activities for the Mulga Rock Project located in Western Australia. The Exploration segment refers to the company’s exploration and evaluation activities in Australia and Namibia. The Other Activities segment consists of corporate and other activities that are unable to be directly attributed to a reportable segment. The company was founded on March 26, 1985 and is headquartered in Subiaco, Australia.
17. Truworths International Ltd.
Market Valuation: NAD21.88 billion ($1.36 billion)
Truworths International Ltd. is an investment holding company, which engages in the retailing of fashion apparel and accessories. It operates through the Truworths and Office segments. The Truworths segment offers clothing, footwear, and related products on behalf of South African designers. The Office segment retails footwear in the United Kingdom, Germany, and the Republic of Ireland. The company was founded in 1917 and is headquartered in Cape Town, South Africa.
18. FirstRand Namibia Ltd.
Market Valuation: NAD14.29 billion ($886.28 million)
FirstRand Namibia Ltd. engages in transactional, lending, investment and insurance products and services. It operates through the following segments: Retail Credit, Commercial Credit, and Corporate Credit. The Retail Credit segment includes individual customers. The Commercial Credit segment targets SMEs. The Corporate Credit segment pertains to large corporate clients. The company was founded in 1907 and is headquartered in Windhoek, Namibia.
19. Capricorn Group Ltd.
Market Valuation: NAD13.33 billion ($826.74 million)
Capricorn Group Ltd. operates as a holding company, which engages in the provision of banking, insurance, asset management, and microfinance products and services. It operates through the following segments: Banking-Namibia, Term Lending and Related Activities-Namibia, Botswana, and Other. The company was founded in 1982 and is headquartered in Windhoek, Namibia.
20. Celsius Resources Ltd.
Market Valuation: NAD791.38 million
Celsius Resources Ltd. engages in exploration and development of mineral resource properties. It operates through the following geographical segments: Australia, Namibia, and Philippines. The company was founded in 1986 and is headquartered in Perth, Australia.
21. Bannerman Energy Ltd.
Market Valuation: NAD9.63 billion ($597.26 million)
Bannerman Energy Ltd. engages in the exploration and operation of uranium mining projects. Its portfolio includes the Etango Uranium project. The company was founded on February 18, 2005 and is headquartered in Perth, Australia.
22. Oceana Group Ltd.
Market Valuation: NAD7.11 billion ($440.97 million)
Oceana Group Ltd. engages in the catching, procuring, processing, marketing, and distribution of various fish products. It operates through the following segments: Lucky Star foods, Fishmeal and Fish Oil (UK), Fishmeal and Fish Oil (USA), Wild Caught Seafood, and CCS Logistics. The company was founded on July 30, 1918 and is headquartered in Cape Town, South Africa.
23. SBN Holdings Ltd.
Market Valuation: NAD6.41 billion ($397.55 million)
SBN Holdings Ltd. provides financial services to institutions in Namibia. It operates through the following segments: Personal and Private Banking (PPB), Business & Commercial Banking (BCB), Corporate & Investment Banking (CIB), and Central and Other. The PBB segment offers tailored and comprehensive banking, investment, insurance and beyond financial solutions. The BCB segment involves broad-based client solutions for a wide spectrum of small- and medium-sized businesses as well as large commercial enterprises. The CIB segment serves large companies (multinational, regional and domestic), governments, parastatals, and institutional clients. The company was founded on July 25, 2006, and is headquartered in Windhoek, Namibia.
24. Namibia Breweries Ltd.
Market Valuation: NAD6.2 billion ($384.53 million)
Namibia Breweries Ltd. engages in the brewing and distribution of beer. Its products include ciders, wines, spirits, liqueurs, carbonated soft drinks, water, and fruit juice. It operates through Beer and Other segments. The company was founded by Hermann Ohlthaver on October 29, 1920 and is headquartered in Windhoek, Namibia.
25. Letshego Holdings (Namibia) Ltd.
Market Valuation: NAD2.64 billion ($163.74 million)
Letshego Holdings (Namibia) Ltd. is an investment company which engages in banking and other financial services operations. It serves as a regulated financial provider focusing on the low to middle income earners in Namibia. The company was founded in 1998 and is headquartered in Windhoek, Namibia.
26. Elevate Uranium Ltd.
Market Valuation: NAD2.04 billion ($126.52 million)
Elevate Uranium Ltd. is engaged in the exploration and development of uranium properties in Australia and Namibia. Its projects include Marenica Uranium and the Koppies Uranium Project. The company was founded on December 21, 1978 and is headquartered in West Perth, Australia.
27. Oryx Properties Ltd.
Market Valuation: NAD1.53 billion ($94.92 million)
Oryx Properties Ltd. engages in the operation of a real estate investment company. It operates through the following business segments: Offices, Retail, Industrial, Residential, and Fund. The Offices segment consists of commercial properties. The Retail segment covers shopping centers. The Industrial segment is involved in industrial properties. The Residential segment refers to residential properties. The Fund segment includes the head office and the administration function. The company was founded on December 21, 2001 and is headquartered in Windhoek, Namibia.
28. Forsys Metals Corp.
Market Valuation: NAD1.35 billion ($83.73 million)
Forsys Metals Corp. is a uranium-focused development company which engages in the acquisition, exploration, and development of mineral properties located in Namibia, Africa. It focuses on the production of the Norasa Uranium project. The company was founded on May 13, 1985 and is headquartered in Toronto, Canada.
29. Paratus Namibia Holdings Ltd.
Market Valuation: NAD1.22 billion ($75.67 million)
Paratus Namibia Holdings Ltd. is a capital pool company, which engages in acquiring and investing in the information, communication and technology sectors. The company was founded in 2017 and is headquartered in Windhoek, Namibia.
30. Namibia Asset Management Ltd.
Market Valuation: NAD113.66 million ($7.05 million)
Namibia Asset Management Ltd. engages in the provision of independent asset management services to institutional and retail investors. The company was founded in April 1996 and is headquartered in Windhoek, Namibia.
