“Steel & Tube highlighted the continuing challenging environment with residential and commercial construction slowing, and for some companies maybe they haven’t reached the bottom yet,” Solly said. Sales volumes declined 8 million to 35.5 million tonnes during the period ending October. Steel & Tube said some improvement is expected from mid-2025 as interest rate cuts start to stimulate activity in the construction and manufacturing sectors. Infratil gained 14c to $12.65; Restaurant Brands was up 7c or 2.07% to $3.45; and Millennium & Copthorne Hotels NZ increased 6c or 3.35% to $1.85. It will likely maintain lower margins for an extended period to achieve greater market penetration and boost profitability.

Source: New Zealand Herald November 15, 2024 06:05 UTC