45 stories mentioning NZE:FBUUpdated 2d ago
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Fletcher Building (NZE:FBU, ASX:FBU) said that Moody's Investors Service confirmed that the ratings firm withdrew its Fletcher Building credit rating effective Thursday, according to same-day filings with the Australian and New Zealand bourses.The withdrawal was in in response to Fletcher Building's request.The company's New Zealand shares shed about 1% in recent Thursday trade.
Non-energy mineral stocks advanced almost 3% at midday Monday.Fletcher Building (NZE:FBU, ASX:FBU) shares rose nearly 3% in recent trade.Meanwhile, the consumer durables sector fell almost 3%.KMD Brands (NZE:KMD, ASX:KMD) was down almost 3% in recent trade.
Fletcher Building's (ASX:FBU, NZE:FBU) latest trading update was broadly in line with market expectations, excluding property sales, according to a Wednesday Jefferies note.The company said on Wednesday that it is moving to withdraw its credit rating at Moody's as the company has made progress in its transition to a more stable capital structure.The company reported stable trading conditions in the fiscal second half, but remains cautious on the economic outlook for fiscal year 2027, which Jefferies said is sensible.The investment firm said that near-term earnings growth is expected to be driven mainly by internal improvement initiatives, and the company remains well-positioned to benefit from any recovery in the New Zealand housing market.Jefferies has a buy rating on Fletcher Building with a price target of NZ$4.The company's Australian shares fell almost 1% in recent Thursday trade.
New Zealand shares ended lower on Wednesday, following shares on Wall Street downwards.The S&P/NZX 50 Index fell 0.25%, or 33.15 points, to close at 13,392.98.On Tuesday, the Nasdaq Composite fell 1.15%, the S&P 500 was down 0.57%, and the Dow Jones rose 0.64% on close. Investors are awaiting the first US Federal Reserve meeting under new Chair Kevin Warsh.In domestic news, the New Zealand consumer confidence fell 14.3 points in the June quarter to 80.4 from 94.7 in the previous quarter, marking its lowest level since 2023, according to the Westpac-McDermott Miller Consumer Confidence index.New Zealand's current account deficit widened to NZ$4.55 billion in the March quarter, from NZ$4.45 billion in the previous quarter, Stats NZ data showed.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) is moving to withdraw its credit rating at Moody's as the company has made progress in its transition to a more stable capital structure. Following the divestment of its construction division and other property sales, Fletcher expects to be at the midpoint of its NZ$400 million to NZ$900 million net debt target range as of June 30.Seeka (NZE:SEK) expects 2026 net profit before tax in the range of NZ$38 million to NZ$42 million, compared with NZ$47.5 million in the previous year. The company issued its first earnings outlook for the year after the completion of the 2026 kiwifruit harvests across New Zealand and Australia, noting that kiwifruit underpins its overall financial performance.
Fletcher Building (ASX:FBU, NZE:FBU) is moving to withdraw its credit rating at Moody's as the company has made progress in its transition to a more stable capital structure, according to a Wednesday filing with the Australian and New Zealand bourses.Following the divestment of its construction division and other property sales, Fletcher expects to be at the midpoint of its NZ$400 million to NZ$900 million net debt target range as of June 30.The company said it expects fiscal 2026 earnings before interest and taxes of NZ$375 million to NZ$380 million, excluding discontinued items and including roughly NZ$40 million of property-related earnings.Additionally, Fletcher said six recent divestments and property sales are expected to contribute around NZ$450 million of net cash proceeds in the second half of fiscal 2026.The company's Kiwi shares were down 1% in recent Wednesday trade.
Here are the NZX-listed companies with the biggest gains on Friday.a2 Milk Company (NZE:ATM): +11%, NZ$7.29Santana Minerals (NZE:SMI): +6%, NZ$0.67Scott Technology (NZE:SCT): +3%, NZ$2.82Heartland Group Holdings (NZE:HGH): +3%, NZ$1.23Fletcher Building (NZE:FBU): +3%, NZ$3.19EBOS Group (NZE:EBO): +3%, NZ$21.25Ryman Healthcare (NZE:RYM): +3%, NZ$2.33Spark New Zealand (NZE:SPK): +3%, NZ$1.95Mercury NZ (NZE:MCY): +2%, NZ$6.92Sky Network Television (NZE:SKT): +2%, NZ$3.18
Fletcher Building (ASX:FBU, NZE:FBU) said it has completed the sale of its Construction Division to VINCI Construction, the construction arm of the VINCI Group, according to a Friday Australia and New Zealand bourse filing.The company's shares rose 2% in recent Friday trade.
Fletcher Building (ASX:FBU, NZE:FBU) said the sale of its construction division to VINCI Construction, the construction arm of the VINCI Group, has become unconditional, with completion of the transaction expected on May 29, according to a Friday filing with the Australian and New Zealand bourses.The deal value increased to about NZ$334 million from NZ$315.6 million, subject to working capital and net debt adjustments, after Higgins Contractors secured the East Waikato, Bay of Plenty, and Hawke's Bay integrated delivery contracts, the filing added.
New Zealand shares ended lower on Thursday amid a broad-based decline in Asian shares as inflation fears impacted US Treasury bonds.The S&P/NZX 50 Index fell 0.46% or 60.06 points to close at 12,965.01.The US Treasury two-year yield rose to 4.07%, and the 10-year yield rose 4.5% amid investors' expectations of an upcoming Federal Reserve rate hike as inflation pressures rise.In domestic news, petrol and diesel prices in New Zealand increased by nearly 13% and 37%, respectively, in April compared with the previous month, according to a Stats NZ selected price indexes report.Also, New Zealand's manufacturing sector showed only marginal growth in April, as weakening demand and production pointed to a clear slowdown amid rising global uncertainty and softer business conditions, BusinessNZ said.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) entered into an unconditional agreement to sell its surplus Iplex Australia industrial property in Elizabeth for AU$20.1 million to an industrial property investor.Meridian Energy (ASX:MEZ, NZE:MEL) secured approval to develop the Bunnythorpe Energy Park in Manawatu in New Zealand's North Island, featuring a 120-megawatt (MW) solar farm alongside a previously approved battery energy storage system.
Fletcher Building (ASX:FBU, NZE:FBU) entered into an unconditional agreement to sell its surplus Iplex Australia industrial property in Elizabeth for AU$20.1 million to an industrial property investor, according to a Friday filing with the Australian and New Zealand bourses.Iplex Australia will lease the site for up to 12 months after completion to facilitate the removal of its operations, per the filing.The transaction is anticipated to close in June, with the payment structured in two installments, the first upon completion and the second in the first quarter of fiscal 2027, the filing said.The company expects to record an estimated fiscal 2026 earnings before interest and taxes gain of around AU$10 million from the sale, after accounting for sale-related, rationalization, lease, remediation, and restructuring costs, the filing added.
Fletcher Building (ASX:FBU, NZE:FBU) said that its subsidiary, Higgins, has sold its remaining 50% interest in Fletcher Construction's Fiji-based construction business to its joint venture partners, Fijian Holdings (FHL) and the Fiji National Provident Fund (FNPF), for a "non-material" amount, according to a Thursday filing with the Australian and New Zealand bourses.FNPF and FHL acquired a 50% stake in the Fiji-based business in 2024 and have since acquired full ownership, per the filing.Fletcher Construction's Fiji business was excluded from the broader sale to VINCI Construction, while its remaining South Pacific operations are still being reviewed as part of the company's ongoing strategic assessment, the filing added.
New Zealand shares closed lower on Friday as doubts lingered around a US-Iran peace deal amid attacks in the Persian Gulf.The S&P/NZX 50 Index fell 0.6% or 80.07 points to close at 13,190.54.US President Donald Trump said that the ceasefire between Iran and the US was still in effect despite clashes between the forces of the two countries. Iran said the situation had returned to normal, according to a Reuters report. Brent crude oil futures rose 1.3% to $101.60 per barrel.In domestic news, first home buyers in New Zealand represented 27.5% of property purchases across the country in the first quarter, slightly lower than the 28.2% record high in the fourth quarter of 2025, according to a Cotality-Westpac report.New Zealand's total new lending increased to NZ$15.13 billion in March from NZ$11.05 billion in February, according to data from the Reserve Bank of New Zealand. New lending fully secured by residential mortgage rose to NZ$8.68 billion in March from NZ$6.99 billion in the previous month.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) said its Laminex Australia division has conditionally agreed to sell its Cheltenham, Melbourne property to Forza Capital for AU$53.8 million. The transaction is contingent upon Forza completing environmental due diligence and securing internal approvals by mid-June.Bankers Investment Trust's (NZE:BIT) unaudited net asset value was 1.516 pounds sterling per share as of Wednesday. This included current financial year revenue items and excluded shares held in treasury.
Fletcher Building (ASX:FBU, NZE:FBU) said its Laminex Australia division has conditionally agreed to sell its Cheltenham, Melbourne property to Forza Capital for AU$53.8 million, according to a Friday filing with the New Zealand bourse.The transaction is contingent upon Forza completing environmental due diligence and securing internal approvals by mid-June, with completion anticipated before the end of the fiscal year, subject to the satisfaction of all conditions, per the filing.Laminex Australia will continue occupying the site for at least three years after the sale while it evaluates its long-term manufacturing site requirements, the filing said.The company expects the transaction to result in an estimated gain on sale of around AU$14 million in fiscal 2026, after deducting costs related to the sale, lease remediation, and restructuring, the filing added.
New Zealand shares ended lower on Tuesday as most Asian indexes saw losses amid fresh attacks exchanged between the US and Iran over the Strait of Hormuz.The S&P/NZX 50 Index fell 0.47% or 61.98 points to close at 13,035.70.The US and Iran exchanged fresh strikes across the Gulf on Monday, vying for control of the Strait of Hormuz with rival maritime blockades and rattling an already fragile truce, according to a Monday Reuters report.Meanwhile, New Zealand signed an agreement with Singapore on Monday to keep supply chains open between the countries during times of crisis, according to a Monday Reuters report.In domestic news, the ANZ World Commodity Price Index fell 0.8% month over month in April, with dairy prices in a period of high volatility, particularly butter and anhydrous milk fat, according to a report from ANZ Research.Further, overall card spending fell 2.5% in April, but was up 4.4% compared with the same time last year, ANZ Research said in a note.In corporate news, Fletcher Building (ASX:FBU, NZE:FBU) acknowledged recent media reports about its ongoing strategic review of the residential and development division, including speculation around a potential industrial property sale, but declined to provide further comment.Synlait Milk (ASX:SM1, NZE:SML) obtained two waivers in relation to its syndicated loan facilities, as external challenges continue to strain the company's financial performance.
Fletcher Building (ASX:FBU, NZE:FBU) acknowledged recent media reports about its ongoing strategic review of the residential and development division, including speculation around a potential industrial property sale, but declined to provide further comment, according to a Tuesday filing with the Australian and New Zealand bourses.The company reiterated that the strategic review remains ongoing and that sales processes for industrial land are already underway alongside the Felix Street property divestment, the filing added.
Shares of the consumer durables sector gained the most on New Zealand's Exchange, rising past 3% on Thursday.Shares of KMD Brands (NZE:KMD, ASX:KMD) rose over 3% in recent trade.Meanwhile, non-energy minerals shares fell 1%.Fletcher Building (NZE:FBU, ASX:FBU) was down nearly 1% in recent trade.
New Zealand shares closed lower on Tuesday amid reports of US President Donald Trump being unsatisfied with Iran's latest proposal to end the US-Iran conflict.The S&P/NZX 50 Index fell 0.86% or 110.54 points to close at 12,764.40.Trump is "unhappy" with Iran's latest proposal to resolve the two-month conflict, according to a Tuesday Reuters report, citing a US official.New Zealand signed a free trade agreement (FTA) with India on Monday that lowers tariffs on key fruit imports such as kiwifruit and apples, expands opportunities for Indian exports, and eases visa access as the two countries deepen economic ties, according to a Monday Reuters report.In domestic news, the total business count across New Zealand fell to 599,352 in March from 599,625 in February, according to data from Stats NZ.Also, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.3% month on month to 2.4 million in March, following a 0.2% increase in the previous month, data from Stats NZ showed.Further, home lending in New Zealand increased almost 18% in the six months through December 2025, with first-home buyers receiving nearly a quarter of new residential loans in the period, the New Zealand Banking Association (NZBA) said.In corporate news, Tower (ASX:TWR, NZE:TWR) said AM Best has reaffirmed its financial strength rating at "A-Excellent" and its long-term issuer credit rating at "a-Excellent," both with a stable outlook.Fletcher Building (ASX:FBU, NZE:FBU) entered a binding conditional agreement to sell its Fletcher Reinforcing and Wire business to United Industries for NZ$15.7 million.
Fletcher Building (ASX:FBU, NZE:FBU) entered a binding conditional agreement to sell its Fletcher Reinforcing and Wire business to United Industries for NZ$15.7 million, according to a Tuesday filing with the New Zealand bourse.The transaction is subject to standard completion conditions, including approval from the New Zealand Commerce Commission and certain third-party consents, and is expected to close before the end of the year, per the filing.The final purchase price will be adjusted based on working capital and net debt, with the company expecting to record a loss on the sale of around NZ$20 million to NZ$23 million upon completion, the filing added.
Industrial services gained the most among New Zealand sectors on Tuesday, advancing 2%.Ventia Services Group (NZE:VNT, ASX:VNT) gained 2% in recent trade.Meanwhile, non-energy minerals shares fell almost 2%.Fletcher Building (NZE:FBU, ASX:FBU) was down nearly 4% in recent trade.
New Zealand shares ended marginally higher on Monday after tensions rose in the Middle East, as the end of the two-week US-Iran ceasefire draws near.The S&P/NZX 50 Index edged up 0.1% or 9.8 points to close at 12,915.45.Tensions rose in the Middle East as the US seized an Iranian cargo ship and Iran's top military command vowed to retaliate. US President Donald Trump said he was sending envoys for talks in Pakistan. However, Iran rejected new peace talks with the US, its state news agency reported.Trump said he would launch new strikes on Iran if it didn't agree to his terms.In domestic news, New Zealand recorded a goods trade surplus of NZ$698 million in March, compared with a deficit of NZ$364.7 million in February, Stats NZ data showed. Goods exports rose 7.3% to NZ$7.94 billion, while imports rose 9.6% to NZ$7.25 billion..New Zealand's first-quarter consumer price index is anticipated to rise by 0.8% quarter on quarter and 2.9% year on year, which is slightly below the Reserve Bank of New Zealand's revised April forecast of 3%, brokerage firm BofA Securities said.In corporate news, Channel Infrastructure (NZE:CHI, ASX:CHI) confirmed an agreement with the New Zealand Government to add 93 million liters of diesel storage at its Marsden Point Energy Precinct, equivalent to around nine more days of national diesel demand.Genesis Energy (NZE:GNE, ASX:GNE) reached a final investment decision on the second stage of its battery energy storage system program at Huntly Power Station on New Zealand's North Island, with an estimated project cost of about NZ$106 million.Lastly, Fletcher Building (NZE:FBU, ASX:FBU) said the planned sale of Fletcher Construction to Vinci Construction has cleared key regulatory approvals in New Zealand, including Overseas Investment Office consent and confirmation from the Commerce Commission that it will not further review the transaction.
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