Fletcher reports widespread quake damage in Christchurch

Fletcher reports widespread quake damage in Christchurch

By Jason Krupp

Feb. 22 (BusinessDesk) - Fletcher Building Ltd., the country’s biggest construction firm, said several of its businesses in the Christchurch region had suffered damage as a result of the of 6.3 magnitude earthquake which struck the city just after midday today.

The Auckland-based company said damage had been reported at its Winstone Wallboards plant, PlaceMakers Antigua and Cranford Streets, Laminex’s branch in Waltham and significant damage has been reported at two main Fletcher Construction sites. No fatalities were reported.

Fletcher, which won the contract to repair more than 50,000 building damaged in the previous earthquake on Sept. 4, gave no indication of what impact the latest event would have on reconstruction efforts.

Shares in the building company rose 2.2% to $8.48 today, following a similar trend seen in September last year, when investors were betting on which firms will benefit from rebuilding efforts.

At the time, Fletcher’s stock price rose 11.7% in the two weeks after the quake, rising to their highest level since May 2008.

(BusinessDesk)

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