Steel & Tube has already taken F&P Appliances' place in the NZX50.

Firm that underwrote sale of Arrium's majority stake says it defies views the New Zealand equity market is a shell of itself, moribund or asleep.

The stock drops 8.3% today to $2.22.

Underlying profit up 75% as manufacturer bounces back.

Fletcher Building, Steel & Tube and Cavalier Carpets shares soared while Tower shares plunged as investors assessed the implications of Saturday's destructive earthquake in Canterbury on the corporate sector.

Brokers said at times the reaction was knee-jerk as Tower's losses will be limited to $3.5 million after-tax because of re-insurance, and the flow of work for builders will be over a period of time.

Many companies issued statements detailing the impact on their assets in the quake zone and banks moved to offer support packages to customers.

A stronger second half is expected after Steel & Tube’s interim results for the beginning of the financial year presented a 85% drop in interim earnings.

Today the company announced an interim after tax result of $3.2 million, down $17.6 million when compared with the same period last year.

This was due to a 30.3% drop in revenue to $190.6 million. This was $83.1 million lower than the same period last year due to the effect of reduced demand and steel prices.