NZ's Steel & Tube Holdings at over 2-decade low on guidance cut

Steel & Tube Holdings

19/05/2019 23:29

** Shares of Steel & Tube Holdings Ltd  STU.NZ  drop as much
as 8.9% to NZ$1.120, their lowest since Oct 1998
    ** Steel products maker downgrades its FY19 earnings before
interest and tax guidance to between NZ$15.5 mln-NZ$17.5 mln 
($10.12 mln-$11.42 mln) from NZ$25 mln, citing inventory
write-offs  urn:newsml:reuters.com:*:nNZW9cmMLn
    ** Stock posts its biggest intraday pct fall since August
2018
    ** About 127,200 shares traded in 15 minutes, compared with
30-day avg vol of 123,400 shares
    


($1 = 1.5319 New Zealand dollars)

 ((Ambar.Warrick@thomsonreuters.com; +91-80-6749-6625; Reuters
Messaging: ambar.warrick.thomsonreuters.com@reuters.net))