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Fletcher Building in trading halt

NZ Newswire logoNZ Newswire 16/03/2017 Paul McBeth

Fletcher Building, the country's biggest construction firm, is in a trading halt pending an announcement.

The Auckland-based company's shares rose 1 per cent to $9.22 before the halt was put in place on Friday morning, and have dropped 14 per cent so far this year.

The company sought the halt ahead of an announcement, it said in a statement to the NZX.

However, the dual-listed firm hasn't yet made a similar request to the ASX.

Last month, the company posted a 2 per cent gain in first-half profit, disappointing expectations with a weak performance from its construction division which including a loss running to the "tens of millions" on a major contract.

The building company's stock had been outperforming on the expectation it would benefit from a construction boom in New Zealand's biggest city.

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