NZ sharemarket sinks 0.6% on Fletcher raise

There were 64 gainers and 83 decliners on the main board. (Image: Getty)

Mon, 23 Sep 2024

Fletcher Building’s eighth capital raising in two decades – this one for $700 million – weighed heavily on the New Zealand sharemarket, which fell more than 0.5%.The S&P/NZX 50 Index was up and down all day and closed at 12,404.17, down 74.33 points or 0.6%. The main board had 64 gainers and 83 decliners, with 44.63 million shares worth $170.75m changing hands.Fletcher Building, the country’s biggest construction company, went into a trading halt after announcing the $700m capital raising to reduce debt and strengthe...

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