NZ's Steel & Tube Holdings hits over 3-year high on strong earnings outlook

Steel & Tube Holdings

18/11/2021 21:43

** Steel products maker Steel & Tube Holdings  STU.NZ  jumps
as much as 7.3% to NZ$1.32, highest since November 2018
    ** Says https://www.nzx.com/announcements/383137 it expects
1H22 EBITDA to be at least NZ$26.5 mln ($18.67 mln), above last
year's NZ$16.8 mln
    ** Sees 1H22 EBIT above NZ$17 mln vs last year's NZ$8.9 mln
    ** Says outlook hike due to "volume growth in target
segments and positive market conditions"
    ** Adds that it is not providing guidance for 2H22
    ** STU marks biggest intraday pct jump since August 2020
    ** About 197,000 shares change hands vs 30-day average of
about 150,000
    ** STU up 32.3% this year, as of last close


($1 = 1.4194 New Zealand dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))