NZ's Fletcher Building rises on capital return, FY earnings forecast upgrade

Fletcher Building

26/05/2021 01:27

** Shares of Fletcher Building Ltd  FBU.NZ  rise as much as
2.1% to NZ$7.37, their biggest intraday pct gain since May 4
    ** Manufacturer of building materials says it will undertake
a capital return to shareholders of up to NZ$300 mln ($216.96
mln) through an on-market share buyback  urn:newsml:reuters.com:*:nASXbSrJ8m
    ** Co updates forecast for FY21 EBIT to be in the range of
NZ$650 mln to NZ$665 mln, at the top end of the previous
guidance range
    ** Despite some supply chain constraints and input cost
pressures, we continue to see good margin performance from the
business - FBU
    ** Stock trading at its highest levels since May 17
    ** FBU is amongst the biggest percentage gainers on the
S&P/NZX 50  .NZ50  and S&P/ASX 200  .AXJO 
    ** Stock has risen 22.4% this year, as of last close,
compared with a 5.7% decline in NZ50 index


($1 = 1.3827 New Zealand dollars)

 (Reporting by Savyata Mishra in Bengaluru)
 ((Savyata.mishra@thomsonreuters.com))