Fletcher Building in trading halt

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

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