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.
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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