Fletcher dodges product recall in upbeat end to August for NZX 50

Partial resolution of its leaky pipes issue gave Fletcher Building shares a boost. (Image: Mark Mitchell)

Fri, 30 Aug 2024

Fletcher Building shares rallied after avoiding a product recall over a leaky pipes issue in Western Australia, leading the benchmark stock index higher. The S&P/NZX 50 Index rose 97.07 points, or 0.8%, to 12,447.68. Across the main board, 85 stocks gained, 46 fell and 48 were unchanged. Turnover was $318.2 million, with heavier trading due to the quarterly rebalancing of MSCI equities indices. The benchmark index advanced 0.3% in August, getting a boost when the Reserve Bank cut its key interest rate earlier than some analysts ha...

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