Fletcher Building continues its good run

The S&P/NZX 50 Index increased 25.93 points, or 0.3 percent, to 10,263.41. Within the index, 20 stocks rose, 22 fell, and eight were unchanged. Turnover was $102 million.

Fletcher rose 3 percent to $5.46 on a volume of 2.5 million shares, more than twice its 90-day average of 1.2 million. The country's biggest listed building company has climbed 6.8 percent since May 17, when a Deloitte report showed building material costs for residential construction were lower than is often claimed.

Grant Williamson, a director at Hamilton Hindin Greene, said the company still has a way to go in regaining investor confidence after its slump last year. He warned the current environment for the sector remains tough, pointing to Steel & Tube Holdings' earnings downgrade on Monday.

"That sector still has quite a few headwinds," he said. Steel & Tube was unchanged at $1.03, having dropped from $1.23 before cutting its earnings outlook.