van Druten, Mark Neil2011-10-202011-10-202011-10-20http://hdl.handle.net/10539/10603MBA thesis - WBSExchange rate fluctuations are believed to affect the value of construction companies with foreign sales and/or operations for various economic reasons. The purpose of this research was to determine the relationship between both the Rand/US Dollar and Rand/Euro exchange rates, and the value of construction companies listed on the JSE Securities Exchange, using correlation analysis. The main finding of the research was that the Murray and Roberts share price is significantly positively correlated with the Rand/Euro exchange rate for weekly and monthly data (delayed response in the share price to exchange rate change). A weakening of the exchange rate in this case corresponded with an increase in the share price, several periods (weeks or months) later. This finding is of importance to investors and fund managers, looking for a Rand-hedge investment in the construction industryenForeign exchange ratesShare pricesConstruction companiesThesis