Fletcher has a credibility problem
ANALYSIS: After so many profit warnings and provisions it’s natural the market will think about downside risk.
The NZ International Convention Centre, a ‘legacy project’ in more ways than one.
Some say NZX staff now call it a “code Foxtrot Bravo”.
There’s an announcement of a profit warning, followed by a briefing for analysts, then the market opens and traders hit the sell button. A trading halt may bookend the sequence of events.
Fletcher Building has been through it so often the
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