I have cleaned out most of the NZD/AUD which has been building up since my last purchase and invested it in shares of Fletcher Building (NZ: FBU). Fletcher Building has a degree of market dominance in New Zealand and substantive presence in Australia. The shares have recently been marked down on expectations that the company's profits will take a hit from a downturn in the Australian housing market and delays in the rebuilding of Christchurch.
The shares pay a dividend yield of about 4.5% (after netting out non-resident withholding tax) which is more than I am getting in the bank or can get on short term debt without taking undue credit risk.
I paid NZD6.27 per share.
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