MARKET CLOSE: Fletcher Building plunges on Adamson ouster

Thu, 20 Jul 2017

By Sophie Boot July 20 (BusinessDesk) - New Zealand shares fell, dragged lower by Fletcher Building hitting a six-week low, as the company's board advised a second large earnings downgrade this year and the departure of its chief executive, Mark Adamson. The S&P/NZX50 Index dropped 60.31 points, or 0.8 percent, to 7,672.44. Within the index, 29 stocks fell, 11 rose and 10 were unchanged. Turnover was $185.3 million. Fletcher Building dropped 6.2 percent to $7.59, though it traded as low as $7.38 shortly after the market opened to the n...

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