Johannesburg - Murray & Roberts Holdings, South Africa’s second-largest construction company, fell for a sixth day in its longest losing streak since September after the South African National Roads Agency (Sanral) lodged a claim for damages against companies for colluding in road-building contracts.
The Johannesburg-based company’s stock fell as much as 4.7% before trading 0.8% lower at R12.60 as of 13:11 GMT in Johannesburg. The share has fallen 15% in the last six days, its longest stretch of declines since September 29, paring this year’s gain to 57%. Basil Read Holdings Ltd., another road builder, fell as much as 5.5% in a third day of losses before trading unchanged at R3.65.
Sanral lodged the claims of between R600m ($39m) and R760m against seven builders in the High Court in Gauteng, it said on Monday, without naming the companies.