Aveng, Biggest South African Building Group, Rises on Dividend, Order Book
The shares closed 0.7 percent higher at 33.52 rand as of 5 p.m. The benchmark FTSE/JSE Africa All Share Index declined 2.1 percent.
The order book rose 19 percent to a record high of 37 billion rand ($5.2 billion), the Johannesburg-based company said in a statement. More than half of the order book is from Australasia, Chief Executive Officer Roger Jardine said by phone from Johannesburg today. Aveng will pay a final dividend of 1.45 rand for the year through June, the same amount as a year earlier.
“The nice, stable dividend and the positive order book,” is helping to boost the shares, Dirk Noeth, an analyst at Avior Research Ltd., said by phone from Cape Town.
Aveng increased capital expenditure by 54 percent to 1.82 billion rand in the year and had cash of 5.4 billion rand at the year end.
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