Fletcher hits 6-month low and NZ shares down for 4th day in a row

The S&P/NZX 50 index declined 30.94 points, or 0.4 percent, to 8,642.24. Within the index, 26 stocks fell, 19 gained and five were unchanged. Turnover was $140.3 million.

Fletcher was one of the more active stocks with 2.8 million shares traded, almost twice the normal volume. The stock fell 2.9 percent to $5.71, the lowest close since mid-April.

Greg Smith, head of research at Fat Prophets, said Fletcher doesn't have the tailwind of a booming building sector, and investors are still waiting on the outcome of the sale of its international business.

"It looks like suggestions the share price bottomed out around $6 in September proved premature," he said.