Investor nerves steadied at Fletcher, Ebos AGMs

The S&P/NZX 50 Index rose 67.41 points, or 0.5%, to 13,065.92, with Fletcher among the most heavily traded with $15.8 million changing hands out of the main board’s $155.6m turnover.

Fletcher shares rose 1.5% to $7.27 after hosting its annual meeting today, where the country’s biggest construction company said it’s still targeting 10% operating profit margins for the June 2023 year even after the hit from the latest lockdown.

Healthcare products firm Ebos also held its annual meeting today, where chair Liz Coutts touted another successful year to come after delivering yet another record profit and increased dividends. Its shares rose 1.4% to $34.98.

Mark Lister, head of private wealth research at Craigs Investment Partners, said the local stock market calmed down after yesterday’s unexpectedly strong inflation statistics, which resulted in traders pricing in a 50% chance of the official cash rate being hiked half a percentage point to 1% next month.