Fletcher shares dive as market ‘spooked’
Investors may be over-reacting to concerns about potential product recall in Australia, says analyst.
Fletcher's Iplex pipe business in Australia is budgeting A$15m for repairs over leaky pipes.
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Shares in Fletcher Building fell sharply after the diversified construction company posted its full year results this morning, at one point dropping as low as $4.93 or 10.2% from yesterday’s close.
Trading volume was also relatively high with more than $20 million worth of stock changing hands on
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