Convention centre woes: How the market reacted

Fletcher Building is still chasing a $100 million insurance payout after the NZ International Convention Centre fire. (Image: Greg Bowker)

Graham Skellern

Mon, 05 Feb 2024

Fletcher Building slumped nearly 7% after a further $165 million blowout on the New Zealand International Convention Centre, but the sharemarket showed resilience by finishing flat. The S&P/NZX 50 Index fell sharply midway through the day after the Fletcher announcement but recovered to close at 11,928.7, down 2.53 points or 0.02% after reaching a low of 11,844.93.There were 55 gainers and 82 decliners on the main board, with 18.16 million shares worth $79.24m changing hands.Matthew Goodson, managing director of Salt Funds Management,...

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