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Fletcher shares open down 13%, wiping $500m from value

Initial reaction strongly negative as market digests risks of Australian leaky pipes problem.

Fletcher Building has blamed a spate of burst pipes in Australia on faulty installation.

Tim Hunter Mon, 16 Oct 2023

Shares in Fletcher Building opened down 65c, or 13%, at $4.25 as trading resumed after an extended trading halt last week over the company’s potential liability for bursting pipes in Australia.

The drop represents a fall in Fletcher’s market value of about $500 million.

A negative reaction had

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Tim Hunter Mon, 16 Oct 2023
Contact the Writer: thunter@nbr.co.nz
News tip? Question? Typo? Let us know: editor@nbr.co.nz
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Fletcher shares open down 13%, wiping $500m from value
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