Market report: Banking sector must help oil the economy

by Sunday News Online | Sunday, Mar 6, 2016 | 525 views

THE banking sector must step up support to the productive sector to oil the economy.

Since dollarisation, banks have, however, been accused of offering short-term expensive loans that do not support industry.

They have been channelling most of their money to individuals whose appetite is on spending on consumptive goods rather than capital goods. This has starved industry of the much needed capital to improve production.

Meanwhile, the Industrial index shed 0.02 points (0,02 percent) to close the week on Friday at 98.80 points as three counters lost ground.

CBZ retreated $0,0100 to close at $0,1000; Edgars dropped $0,0010 to $0,0540 while Innscor closed at $1800 after a $0,0008 loss. Trading in the positive, Econet rose by $0,0041 to settle at $0,2301, Old Mutual shifted up $0,0030 to trade at $1,8030 while Delta added $0,0025 to close at $0,5525. The Industrial index put off 0.60 points (0,60 percent) compared to week ending 26 February 2016. The Mining Index was flat at 19.14 points.

Bindura, Falgold, Hwange and Rio Zim maintained previous price levels at $0,0095, $0,0050, $0,0300 and $0,1040 respectively.

Week on week Mining index was unchanged.

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