Shaft Sinker rolling in good news

Underground construction group Shaft Sinkers jumped after a double whammy of good news, with striking miners going back to work and the award of further business.

Underground construction group Shaft Sinkers jumped after a double whammy of good news, with striking miners going back to work and the award of further business.

The firm had to suspend work at AngloGold Ashanti's Moab project in South Africa after miners took wildcat strike action.

However, it said all shifts had now reported for duty and operations were back to normal.

Work at Lonmin's Saffy shaft was also suspended after some workers took unannounced strike action.

Following legal action pursued by the company to declare the strike illegal, workers were given an ultimatum to return to work by no later than Monday 29th October.

The firm said this deadline had been met and all staff were back at work.

Shaft Sinkers urged employees to use "formal and recognised engagement structures" to address any concerns going forward.

The 7.4% jump in the firm's share price was also down to the award of additional work on its existing projects at Impala's 16 and 17 Shafts.

It said the new work would add £16.25m to its order book.

Recommended

Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022
Britain’s most-bought shares w/e 5 August
Stocks and shares

Britain’s most-bought shares w/e 5 August

A look at Britain’s most-bought shares as of 5 August, providing an insight into how investors are thinking and where opportunities may lie.
9 Aug 2022

Most Popular

Are UK house prices finally heading for a crash?
House prices

Are UK house prices finally heading for a crash?

The latest house price figures show a fall of 0.1% in July. With interest rates rising, inflation hitting double figures and a recession on the cards,…
5 Aug 2022
Brace yourself for the return of rationing
Economy

Brace yourself for the return of rationing

Russia is turning off the cheap energy. That is already leading to belt-tightening, says Matthew Lynn. Who will suffer most, and which sectors will th…
5 Aug 2022
Fear of missing out – what should investors do now?
Investment strategy

Fear of missing out – what should investors do now?

Markets have rallied from their mid-June lows. But if you missed out, as most investors did, what should you do now? Max King explains.
8 Aug 2022