Fletcher shares hit two-month low as investors lament slimmer dividend

The NZICC project has been a headache for the building company. (Image: BusinessDesk)

Wed, 16 Aug 2023

Fletcher Building shares dropped as much as 10% after the country’s biggest listed construction company trimmed its dividend more than expected as problematic projects remain a drain on cash. The shares dropped below $5 for the first time in two months, falling as low as $4.93 after the Australian market opened and were recently down 7.3% at $5.09. That’s still up 12.4% so far this year. Fletcher’s board declared a final dividend of 16 cents per share, to be paid on Oct 5, taking the annual return to 34 cents. That&r...

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