NZ's Steel & Tube hits near 29-yr low, scraps dividend payout on virus risk

Steel & Tube Holdings

20/03/2020 02:35

** Steel & Tube Holdings Ltd  STU.NZ  slides as much as 8.9%
to NZ$0.510, its lowest since June 1991
    ** The stainless steel and plastics distributor cancels the
earlier announced FY20 interim dividend payment of 1.5 NZ cents
per share due to uncertainty caused by coronavirus outbreak
 urn:newsml:reuters.com:*:nNZS6jB7a
    ** Says it is currently trading in-line with expectations,
but due to rapid development and future uncertainty posed by
outbreak, believes it best to cancel payout, which was due in 7
days
    ** Stock down 29.1% this year, as of last close

 (Reporting by Rashmi Ashok in Bengaluru)
 ((Rashmi.Ashok@thomsonreuters.com; +918061822604;))