Fletcher Building pulls market higher
The Reserve Bank of NZ (RBNZ) went along with market expectations and lifted the official cash rate (OCR) by another 50 basis points to 3% this afternoon. The central bank also signalled further hikes are to come with the possibility of hiking all the way to 4.1% early next year.
The S&P/NZX 50 index rose 5.7 points, or 0.05%, to 11,852.93. Turnover on the main board was $105.1 million.
Fletcher Building reported a $432m net profit for the year ended June compared with $305m the previous year, with earnings before interest and tax (Ebit) up $756m compared with the company’s $750m guidance.
Chief executive Ross Taylor said the performance highlighted Fletcher’s ability to deal with a “dynamic operating environment” while remaining focused on long-term and sustainable growth.
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