By Rebecca HowardNew Zealand stocks fell as Fletcher Building dropped near a year-low with speculation the firm is vulnerable to a corporate raid and as global equity markets were subdued with the protracted stand-off between the US and North Korea and weaker-than-expected US company earnings. Within the index, 29 stocks fell, 13 rose and 8 were unchanged. On the local bourse, Fletcher Building shed 3 per cent to $7.78, its lowest level in almost a year. Meanwhile, speculation re-emerged Tuesday about a break-up or buyout of Fletcher Building with investment banks said to be working on pitches on the other side of the Tasman, according to an Australian media report. Outside the benchmark index, Williamson noted Scott Technologies continued to have a strong run, adding 3.5 per cent to $3.24.

Source: New Zealand Herald April 19, 2017 06:00 UTC