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...

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