The sale by fund manager Coronation of all its shares in Murray & Roberts (M&R) is the likely cause of the construction and engineering company’s share rocketing 34% on the JSE on Thursday and Friday, M&R has suggested. M&R had earlier stated that it was "not aware of what might have led to unusually high trading volumes" in its shares. Market data show about 96-million M&R shares traded on Thursday, equal to about 22% of the company’s total issued ordinary share capital. The share price jumped from about R11 in morning trade, reaching a high of about R16 on Friday morning. "You can make your own deductions, but Coronation was a major shareholder in Murray & Roberts. They are no longer a shareholder," Ed Jardim, M&R group investor and media executive, said on Friday.
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