James Hardie shares experienced a slight recovery on Friday, following a significant drop the previous day. In early trading, the company’s shares rose by 1 per cent to $26, briefly reaching an intraday high of $27. This uptick comes after a 12.7 per cent decline on Thursday, which saw shares plummet to $25.75. James Hardie is a global building materials company, focused on fibre cement and gypsum products. The company’s products are used primarily in exterior and interior building construction.
The company attributed Thursday’s sharp decline to its removal from the MSCI Australia indexes. In response to an ASX price query, James Hardie stated, “Recent trading in James Hardie securities on the ASX may have been affected by the public announcement seen on Bloomberg prior to the start of trading that James Hardie CDIs have been deleted from the MSCI Australia indexes.”
Despite the slight recovery on Friday, James Hardie’s stock has faced considerable challenges throughout the year. Since the beginning of the year, shares in the building materials company have fallen approximately 46 per cent. The company will look to stabilise the share price after the shock drop on Thursday.
