NZ's Steel & Tube hits 7-week high on upbeat FY23 outlook

Steel & Tube Holdings

18/07/2023 24:03

** Shares of Steel & Tube Holdings  STU.NZ  jump as much as
2.7% to NZ$1.160, hitting their highest level since May 30 
    ** The steel products distributor says it sees FY23
normalised EBITDA of NZ$52 mln to NZ$53 mln ($32.87 mln to
$33.51 mln) vs precious guidance of NZ$48 mln to NZ$52 mln
    ** Sees FY23 normalised EBIT of NZ$31 mln to NZ$32 mln vs
previous guidance of NZ$28 mln to NZ$32 mln 
    ** Shares post their biggest intraday pct gain since June 30
    ** STU shares down 11% YTD, as of last close 
    

($1 = 1.5818 New Zealand dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))