Sharechat Logo

Fletcher Building in trading halt

Friday 17th March 2017

Text too small?

Fletcher Building, the country's biggest construction firm, is in a trading halt pending an announcement. 

The Auckland-based company's shares rose 1 percent to $9.22 before the halt was put in place this morning, and have dropped 14 percent so far this year. The company sought the halt ahead of an announcement, it said in a statement to the NZX, however, the dual-listed firm hasn't yet made a similar request to the ASX. 

Last month, the company posted a 2 percent gain in first-half profit, disappointing expectations with a weak performance from its construction division which including a loss running to the "tens of millions" on a major contract. The building company's stock had been outperforming on the expectation it would benefit from a construction boom in New Zealand's biggest city. 

 

BusinessDesk.co.nz

  General Finance Advertising    

Comments from our readers

No comments yet

Add your comment:
Your name:
Your email:
Not displayed to the public
Comment:
Comments to Sharechat go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved. It is allowable to use some form of non-de-plume for your name, however we recommend real email addresses are used. Comments from free email addresses such as Gmail, Yahoo, Hotmail, etc may not be approved.

Related News:

NZ dollar headed for 1.3% weekly gain on expectations of a Fed rate cut
RBNZ knock-back gives Resolution chance to low-ball AMP - Jarden
Rail hubs may not boost Napier Port log trade
O'Connor looks to overhaul Biosecurity Act, improve animal tracing
Denton Morrell undefended at liquidation hearing
Contact steam to heat Norske Skog pellet business secured
Air NZ to amend booking engine after lawyer’s complaint
Ross McEwan to take helm at NAB
KPMG says bank capital proposals will wreck havoc on dairy farmers
Mild weather saps Vector's June-qtr volumes

IRG See IRG research reports