Why is Fletcher buying and destroying its own shares?

Why is Fletcher buying and destroying its own shares?
Fletcher chief executive Ross Taylor.
Dan Brunskill
Fletcher Building has unveiled plans to spend a whopping $300 million buying its own shares on the open market and then cancelling them.This may sound like something that belongs in the horrifying world of NFTs – where destroying works by famous artists, such as Banksy, can somehow increase their value – but is really an increasingly common piece of financial engineering.  Generally, the way the stock market works is that investors buy equity from listed companies and then trade that equity between themselves. But not always.Co...

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