Source: Market report: Import control measures under SI 64 bear fruit – Sunday News October 14, 2017
THE Government says Zimbabwe saved over $2 billion in potential import expenses following the introduction of import control measures under Statutory Instrument 64 of 2016. The policy enabled companies to revamp their production capacity in the absence of competition from imports. Thus the move to introduce SI 64 by the Government, effectively banning the importation of certain products without prior clearance in a bid to support local industry, which had suffered from the influx of cheap imports, has since paid dividends.
INDUSTRIALS
The Industrial Index surpassed the 500 points mark after adding 10,68 (2,16 percent) to close at 505.32 points on the back of widespread gains. The rally was led by the cement maker which increased by $0,3124 to trade at $3,3521, Old Mutual gained $0,1294 to close at $14,1998 and Lafarge was up by $0,1175 to settle at $0,8200. Delta added $0,0989 to close at $2,8989 and Econet moved up $0,0888 to $1,7996.
On the down side; Ok Zimbabwe dropped $0,0103 to close at $0,3000, Simbisa lost $0,0200 to $0,6800, CBZ went down by $0,0090 to close at $0,2310 and Mashonaland Holdings was marginally down by $0,0002 to $0,0350.
Week on week the industrial index increased by 56.49 points (12,59 percent).
MININGS
The Mining index was flat at 141.39 points. Bindura, Falgold, Hwange and RioZim remained unchanged at $0,0640, $0,0201, $0,0374 and $1,1000 respectively.
The mining index was up by 0.68 points (0,48 percent) compared to week ending 6 October 2017.
COMMENTS