Fletcher Building shares rise following deadly quake
Building supplies and construction company Fletcher Building defied the market trend today.
Building supplies and construction company Fletcher Building (NZX: FBU) defied the market trend today, with its shares closing higher after the deadly Christchurch earthquake. Fletcher shares closed 18c higher at $8.48 as expectations of increased work in the wake of the devastating quake were quickly priced in.
The copmpany said its Christchurch businesses hd been damaged but that there were no reports of fatalities or injuries among its employees, and all businesses had been closed so staff could get home and check on their families.
Fletcher's Winstone Wallboards plant, its PlaceMakers stores on Antigua and Cranford streets and its Laminex branch in Waltham had been damaged, while two main Fletcher Construction sites had been significantly damaged, the company said.
"Our thoughts are with the people of Canterbury at this difficult time," chief executive Jonathan Ling said.
Fletcher Building is taking a significant role in the estimated $4 billion reconstruction work after last September's earthquake struck Canterbury.
NBR staff
Tue, 22 Feb 2011
Tue, 22 Feb 2011
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Fletcher Building shares rise following deadly quake
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