Fletcher brings down the NZX

There were 81 decliners and 56 gainers over the whole market. (Image: Getty)

Mon, 13 May 2024

The New Zealand sharemarket tumbled to its lowest level in 15 weeks following another earnings downgrade – this time from Fletcher Building, which fell nearly 10%.The S&P/NZX 50 Index fell sharply at the opening and couldn’t recover, declining 103.01 points or 0.88% to 11,652.16. The index sat at 11,653.27 on Feb 19.There were 81 decliners and 56 gainers over the whole market on volumes of 24.95 million share transactions worth $84.4m.Greg Smith, head of retail with Devon Funds Management, said the market was weighed down by som...

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