KEY POINTS:
Fletcher Building shares raced to a new record today following the successful placement of 26 per cent shares at just a 0.4 per cent discount to their prevailing price.
Fletcher's rise propelled the NZSX-50 index to a new high, up 21.07 points to 4333.64 by 10.05am. The index had a similar rise yesterday.
Fletcher Building shares leapt 52 cents, or 4.1 per cent, to a record 1317 after it said it made the placement at 1260.
The stock was suspended yesterday ahead of the announcement of the placement to partially fund its US$700 ($976) million purchase of the world's biggest laminates manufacturer, Formica.
Brokers said the placement at such a small discount to the prevailing price was a huge vote of confidence in the Formica deal.
Fletcher shares kept climbing and by 10.15am they were up nearly 6 per cent, 74c to 1339, capitalising Flecher at $6.7 billion.
Market leader Telecom was down 2c to 486.
Rakon continued to trade strongly, up 4c to 556.
F&P Healthcare, which rose 9c, to 369 after its result yesterday, eased back 1c to today. Analysts said although the result was down 18 per cent due to the high New Zealand dollar, it was still a solid one.
PGG Wrightson rose 4c to 184 on the back of a forecast big increase in dairy farmers' payout next season by Fonterra.
- NZPA