Infrastructure spend is the real game here, not the daily noise. AFT's aggregate volumes track construction…by @sextant_za on $AFT

Infrastructure spend is the real game here, not the daily noise. AFT's aggregate volumes track construction cycles and we know the state's capex pipeline is still there even if the timing's patchy. Compare that to Lafarge cement margins getting squeezed, and Afrimat's diversified footprint actually looks less exposed. At R27.33 the market's pricing in too much doom on loadshedding impact when their quarries don't need grid power the way refineries do.