NZX 50 dips as Fletcher Building shares slump

Fletcher shares slumped, the OCR was steady and the NZX50 fell. (Image: Getty)

Wed, 16 Aug 2023

Fletcher Building plunged more than 8% after cutting its dividend, and the Reserve Bank of New Zealand kept the official cash rate unchanged as the NZ sharemarket shed half a percent.Following a sell-down on the major United States markets overnight, the S&P/NZX Index fell sharply at the opening and never recovered, though trading was steady thereon.The index closed at 11,763.11 points, down 57.63 points or 0.49%. There were 84 decliners and 39 gainers on the main board, with 25.35 million shares worth $115.35m changing hands.The Reserve Ba...

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