Chronicle Editor
THE Ministry of Industry and Commerce is negotiating a US$600 million facility with Botswana, for the local manufacturing sector, whose capacity utilisation remains below 50 percent owing to a range of factors including the US-imposed economic embargoes and antiquated production equipment.
The manufacturing sector was also being weighed down by the strong US dollar, which was being used as a transaction currency, making locally produced goods uncompetitive on the exports markets.
Market watchers and some industrialists say using the US dollar as a transaction currency, is not ideal for an economy seeking to boost production, and critically, exports.
ALL SHARE
The All Share index recovered 0.31 points 0,21 percent to close at 148.42 points. Old Mutual Limited led the movers with a $0,1845 gain to close at $7,4803, Axia added $0,0300 to $0,4300 and Simbisa traded $0,0250 stronger to $0,7450. Unifreight also increased by $0,0166 to settle at $0,0994 and Seedco was $0,0100 firmer at $1,9600.
Four counters lost ground as Econet dropped $0,0106 to $1,4300, Delta retreated further by $0,0017 to $2,7484 and Nampak was $0,0005 down at $0,3000. Hippo Valley Estates also increased by a marginal $0,0001 to close at $1,7100.
derick.khumalo