NZ's Steel & Tube hits near 11-month high on upbeat guidance

Steel & Tube Holdings

16/12/2020 23:43

** Shares of Steel & Tube Holdings Ltd  STU.NZ  rise as much
as 6.2% to NZ$0.86, their highest since Jan. 30 
    ** The steel products maker sees normalised EBIT of NZ$6.5
mln-NZ$7.5 mln ($4.62 mln-$5.3 mln) for the six months ending
December, up from NZ$5.7 mln last year  urn:newsml:reuters.com:*:nNZW6LQlJy
    ** Points to greater sub-leasing of properties and cost
cutting initiatives
    ** Stock posts its biggest intraday pct gain since Nov. 11
    
($1 = 1.4065 New Zealand dollars)

 (Reporting by Harish Sridharan in Bengaluru)
 ((harish.sridharan@thomsonreuters.com))