New Zealand's Steel and Tube Holdings hits over 2-week low on downbeat HY earnings

Steel & Tube Holdings

15/02/2023 24:41

** Shares of New Zealand's Steel and Tube holdings  STU.NZ 
fall as much as 5.1% to NZ$1.31, hits the lowest level since
Jan. 30
    ** The steel products distributor posted half-year net
profit after tax (NPAT) of NZ$11.8 million ($7.47 million) vs
NZ$14.3 million a year ago  urn:newsml:reuters.com:*:nNZW8nRrpN
    ** Says steel demand is expected to moderate as economic
conditions impact businesses
    ** Adds that activity in January and February 2023 has been
impacted by wet weather, among others
    ** Stock set for biggest intraday fall since September 2022,
if losses hold
    ** More than 96,000 shares change hands, compared with the
30-day average volume of about 74,000 shares
    ** Stock has risen 8.7% this year, as of last close
($1 = 1.5803 New Zealand dollars)
 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))