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South Africa: Construction shares soar following bid-rigging fine dip

By  |  June 24, 2013
South Africa: Construction shares soar following bid-rigging fine dip

Fines issued to various construction companies for price-fixing were lower than analysts expected, leading to a jump in shares. While the market saw a broad 2 percent drop in its All-share index, stocks for construction firms rose more than 1 percent following the $143 million fine issued on 15 companies by the nation’s competition regulator. Reports say those fines were far lower than expected after the watchdog’s probe; the companies were found to have colluded to fix prices and rig bids of various public and private contracts beginning in 2006.

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