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26 Feb 2018 10:45
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  •   Home > News > Business

    NZ shares rise as all eyes on Fletcher

    New Zealand shares gained on Tuesday, led by Vital Healthcare Property Trust and A2 Milk, as investors prepared for a potential selloff of Fletcher Building.

    13 February 2018

    New Zealand shares gained on Tuesday, led by Vital Healthcare Property Trust and A2 Milk, as investors prepared for a potential selloff of Fletcher Building once it updates its losses within its construction division.

    The S/NZX 50 Index rose 63.16 points, or 0.8 per cent, to 8122.22. Within the index, 28 stocks rose, 13 were unchanged and nine fell. Turnover was $120 million.

    "After five days down in a row, the market has had a reasonable pickup today," said Grant Williamson, director at Hamilton Hindin Greene.

    "More news flow will start to kick off pretty soon with the reporting season. Investors will be looking forward to getting their teeth into some news."

    On Wednesday morning, embattled construction company Fletcher Building's shares are set to be lifted from their trading halt at $7.77. The company will make an announcement increasing the losses at its building and interiors (B+I) unit.

    The company was set to come out of the trading halt on Monday but said it had yet to complete a review of key projects and has begun talks with lenders about breaching its banking covenants.

    Fletcher has said that before the halt is lifted, it will give the market an update of its review and the status of its discussions with its lenders.

    "Obviously the market tomorrow will be influenced by Fletcher Building, it is going to take a reasonable hit if it starts trading," Mr Williamson said.

    "The market can be quite forgiving once or twice, but this is the third time."

    Vital led the index higher, rising 3.4 per cent to $2.12. A2 Milk rose 3.1 per cent to $9.07 and Meridian Energy gained 2.7 per cent to $2.825.

    NZX was the worst performer, down 0.9 per cent to $1.12.

    Outside the benchmark index, Tower rose 2.3 per cent to 66.5 cents. The insurer said recent storms will have a financial impact of about $5m after tax.


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