Aveng Share Price

Aveng Group Limited (JSE: AEG), a prominent infrastructure and resources conglomerate, has weathered back-to-back years of financial turbulence, grappling with a myriad of challenges that have reverberated through its stock performance.  

Over the past two years, the company has witnessed a staggering 68% decline in its stock value, indicative of a significant loss in market confidence. The ongoing year has seen its shares plummet by 15.27%, underscoring persistent investor scepticism. These setbacks stem largely from pandemic-induced disruptions, which have inflicted project delays and operational losses. Notably, Aveng’s Australian arm, McConnell Dowell, encountered substantial hurdles with the Batangas LNG (BLNG) terminal endeavour, exacerbating financial strains as clients called upon project guarantees. 

Despite a commendable 28% revenue surge to nearly R29 billion, Aveng’s plight persisted, with the BLNG project alone contributing R1.2 billion to its staggering operating loss of 2023. This financial turmoil culminated in a stark contrast from the previous year’s profitability, registering a net loss of R1.3 billion against R130 million profit. In the face of these challenges, Aveng Group has embarked on strategic restructuring endeavours, aiming to curtail debt, fortify its balance sheet, and chart a course toward sustainable profitability while actively pursuing new avenues for growth and stability in an ever-evolving economic landscape. 


Aveng’s share price has been ensnared in a persistent downtrend, following a descending channel pattern and hovering slightly above the 100-day moving average.  

Despite a brief resurgence of market confidence in mid-December 2023, evidenced by a surge in price from support at ZAR 6.60 per share, the momentum faltered amid overbought RSI conditions and declining upside volumes. Resistance formed at ZAR 8.59 per share, prompting a reversal and driving the price below the 61.80% Fibonacci Retracement Golden Ratio, indicative of sustained bearish sentiment. 

Should bears continue to exert pressure, a retest of the ZAR 6.60 per share level appears likely. Conversely, bullish traders may target the 50% Fibonacci retracement level as a potential upside destination, contingent upon prevailing market sentiment.  


Aveng Group faces formidable challenges amidst a significant stock value decline of 68% over two years. Despite revenue growth, operational losses from the BLNG project culminated in a net loss of R1.3 billion. With shares hovering near support at ZAR 6.60, its strategic restructuring aims to bolster profitability amid prevailing bearish sentiment. 

Sources: Aveng Group Limited, Reuters, TradingView 

Piece Written By Nkosilathi Dube, Trive Financial Market Analyst 

With the hawkish comments from Jerome Powell triggering a pullback in the US equity market, the focus will turn to the NFP report on Friday to determine whether a trend reversal could occur. Resistance-turned-support at 38,075 could be worth watching in the upcoming sessions. 

Sources: Koyfin, Tradingview 

Piece written by Tiaan van Aswegen, Trive Financial Market Analyst 

Disclaimer: Trive South Africa (Pty) Ltd (hereinafter referred to as “Trive SA”), with registration number 2005/011130/07, is an authorised Financial Services Provider in terms of the Financial Advisory and Intermediary Services Act, 37 of 2002. Trive SA is authorised and regulated by the South African Financial Sector Conduct Authority (FSCA) and holds FSP number 27231. Trive Financial Services Ltd (hereinafter referred to as “Trive MU”) holds an Investment Dealer (Full-Service Dealer, excluding Underwriting) Licence with licence number GB21026295 pursuant to section 29 of the Securities Act 2005, Rule 4 of the Securities Rules 2007, and the Financial Services Rules 2008. Trive MU is authorized and regulated by the Mauritius Financial Services Commission (FSC) and holds Global Business Licence number GB21026295 under Section 72(6) of the Financial Services Act. Trive SA and Trive MU are collectively known and referred to as “Trive Africa”.

Market and economic conditions are subject to sudden change which may have a material impact on the outcome of financial instruments and may not be suitable for all investors. Trive Africa and its employees assume no liability for any loss or damage (direct, indirect, consequential, or inconsequential) that may be suffered. Please consider the risks involved before you trade or invest. All trades on the Trive Africa platform are subject to the legal terms and conditions to which you agree to be bound. Brand Logos are owned by the respective companies and not by Trive Africa. The use of a company’s brand logo does not represent an endorsement of Trive Africa by the company, nor an endorsement of the company by Trive Africa, nor does it necessarily imply any contractual relationship. Images are for illustrative purposes only and past performance is not necessarily an indication of future performance. No services are offered to stateless persons, persons under the age of 18 years, persons and/or residents of sanctioned countries or any other jurisdiction where the distribution of leveraged instruments is prohibited, and citizens of any state or country where it may be against the law of that country to trade with a South African and/or Mauritius based company and/or where the services are not made available by Trive Africa to hold an account with us. In any case, above all, it is your responsibility to avoid contravening any legislation in the country from where you are at the time.

CFDs and other margin products are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how these products work and whether you can afford to take the high risk of losing your money. Professional clients can lose more than they deposit. See our full Risk Disclosure and Terms of Business for further details. Some or all of the services and products are not offered to citizens or residents of certain jurisdictions where international sanctions or local regulatory requirements restrict or prohibit them.