NZ's Fletcher Building drops as CEO warns of rising market competition
** Shares of New Zealand's Fletcher Building FBU.NZ fall as much as 3.2% to A$3.03
** Stock set for weakest trading session since Oct 10
** Co's CEO Andrew Reding flagged that margin pressures and intensifying local competition has hurt co's performance in Q1
** Co says market volumes in the quarter were 10%-15% lower in material and distribution operations and was 12% lower in September trading revenues
** Co flags margins for the quarter were also lower in residential and development business due to decline in local house prices
** Stock has fallen 32.4% YTD, as of last close
Reporting by Rishav Chatterjee in Bengaluru
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