AVENG, SA’s largest construction company by sales, jumped by the most on record in Johannesburg trading after forecasting better earnings and as sentiment towards the industry improves.Aveng surged as much as 23% and was 17% higher at R5.52 by 11.43am on Friday, taking its advance last week to 38%. The company said on August 10 it expected a smaller full-year loss.The seven-member FTSE/JSE Africa Construction & Materials index, which dropped more than 20% from April 20 to July 11, rose a fourth day on Friday."If you look at the latest movements in the construction sector, after Aveng’s results, you’re starting to see a little bit more positivity coming into the sector," said Vunani Private Clients analyst Michele Santangelo."That’s why they’re buying at these depressed levels, in anticipation of the market improving a little bit; that it’s not as dire a situation as expected," he said. "You’re starting to see fewer losses than in the past and maybe a consolidation in the industry."P...
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