The share price of construction and engineering group Aveng plunged around 20% in afternoon trade on the JSE on Monday, after the group posted a profit warning in its latest half-year trading update. Its share price weakened by as much as 35% at one point, following the trading update. However, it later regained some lost ground.
“Trading conditions in the period continued to be impacted by the effects of Covid-19, including travel restrictions and lockdowns,” Aveng says. “In addition, South Africa was impacted by riots, a steel industry strike and a global shortage of semi-conductors affecting the automotive sector.
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