Fletcher Building's shares missed out on the rally in New Zealand shares in the past five years and Graeme Hart's Carter Holt Harvey will face similar pressures if it returns to public ownership this year, investors say.

The two companies compete in New Zealand’s crowded building products distribution market with their Placemakers and Carters Building Supplies outlets, and manufacture building products on both sides of the Tasman. Mr Hart is reportedly considering selling 70 per cent of Carter Holt in an initial public offering, having acquired it…