Market rewards Mainfreight's 'bad news' – stock up 9%

Market rewards Mainfreight's 'bad news' – stock up 9%
The company's staff bonus has been cut from $51 million to $20m. (Image: Mainfreight)
Brent Melville
The market greeted Mainfreight’s 42.6% plunge in net profits and $640 million hit to its half-year revenue by pushing its share price up $5.22 or 9.06% to $62.52 by market close on Thursday.The freight, transport and logistics group, a bellwether stock that trades at a market capitalisation of $6.3 billion on the New Zealand stock exchange, fared slightly better than the market expected for the six months to September.That’s despite what its managing director Don Braid said was a “well-signalled” downturn in fr...

More Markets

NZ sharemarket up 0.5% ahead of long weekend
Markets Market Close

NZ sharemarket up 0.5% ahead of long weekend

Pacific Edge's share price fell 7.32%.

Tom Raynel 24 Apr 2025
Pacific Edge suffers another setback in US
Markets

Pacific Edge suffers another setback in US

Shares in cancer diagnostics company Pacific Edge are down 2.44% to $0.120 after another setback in the US market.The US District Court for the Middle District of Pennsylvania has determined that it does not have jurisdiction to review a Local Coverage Determination (LCD) that co...

Staff reporters 24 Apr 2025
Listed retailers stand to gain from Trump tariffs:  Forsyth Barr
Retail

Listed retailers stand to gain from Trump tariffs: Forsyth Barr

Forsyth Barr lifted its KMD Brands target price by 10.4% after Trump tariff walkbacks.

Gregor Thompson 24 Apr 2025
NZ sharemarket rises as Trump backs down
Markets Market Close

NZ sharemarket rises as Trump backs down

The S&P/NZX 50 Index closed up 1.01% or 119.78 points.

Tom Raynel 23 Apr 2025