Irish housebuilder Cairn Homes scraps dividend and freezes share buyback as part of Covid-19 defence

Irish housebuilder Cairn Homes has scrapped its shareholder dividend, frozen earnings guidance, and is suspending its current share buyback programme; news of which initially pulled the company’s share price down by over 3% before it recovered.

Ultimately, the Cairn stock – which has held up over the past week — closed the day up by over 2% despite the negative measures to guard against the worst economic consequences of the Covid-19 spread.