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Inflation remains a major theme as central banks hiked rates through 1H CY ‘23. South Africa continued to face pressure due to energy shortfalls, grey listing and rising geopolitical tensions. These events, amongst others, drove sell offs in the SA market and significant depreciation of the Rand to an all-time high. Despite the global tensions, however, the Namibian market proved resilient, represented by the NSX Local Index providing 37.04% YTD return.