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Murray and Roberts' shares continue to ebb as it launches a probe into yesterday's fatal bridge collapse

by , 15 October 2015

Yesterday, a pedestrian bridge over the N1 highway in Johannesburg collapsed, killing two people and injuring several more.

The constructor of the bridge, Murray and Roberts, saw its share price dive after the news broke.

Let's take a closer look at what's going on…


Murray & Roberts’ shares lost 7.3%


Shares in Murray and Roberts [JSE:MUR] fell more than 7% yesterday as it emerged a pedestrian bridge it built in Sandton had collapsed, reports the SABC. This led shares to “hit a four-and-a-half year low”.

The collapse of the bridge resulted in the deaths of two people and more than 20 people sustained injuries, says MoneyWeb. Murray and Roberts’ CEO Henry Laas said they’re “very aware of the ‘astronomical impact’… on its reputation”.


Murray and Roberts launched an investigation into the bridge collapse


The road over which the bridge spanned reopened this afternoon, reports Bloomberg. Murray and Roberts speedily launched an investigation to find out what happened.

Mr Laas told Bloomberg that they want to find out what happened “as quickly as possible”. But an investigation is “going to take time”.

The incident led Waco International Holdings, a construction equipment firm, to put its “planned listing on the stock exchange” on hold, notes BDLive. The company wants to delay listing due to “market uncertainty and industry concerns” over the bridge collapse.

After a fall of 7.3% yesterday, shares in Murray and Roberts managed to claw back nearly 5% in earlier trading today, says Fin24.

But the company couldn’t hold onto these gains and closed 0.45% lower at R11.10.

Time will tell what the outcome of the investigation is that led to the losses of life. And time will also tell how Murray and Roberts’ shares do over the coming days, weeks and months.

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Murray and Roberts' shares continue to ebb as it launches a probe into yesterday's fatal bridge collapse
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