GR: Mainfreight’s shares jump

© Ognjen Stevanovic

GOOD RETURNS reports:

(…)

Mark Lister, head of private wealth research at Craigs Investment Partners, told BusinessDesk that Mainfreight had the “best performance” of the day thanks to its positive trading update and the rest of the New Zealand market had enjoyed the positive flow through from US markets overnight.

“We’re very beholden to what happens in international markets and at the moment that’s good because markets are in an optimistic mood and we’re seeing a bit of a rebound after a pretty ugly six months in NZ,” he said.

At Mainfreight’s annual meeting today, group managing director Don Braid told shareholders that in the past 16 weeks from April 1, group revenue was up by 32.5% to $1.4 billion, and profit up 82.9% to $178.83 million.

The result was driven by an increase in US revenue by 41.4% to US$257.5m and profit of US$37.20m, Braid said.

The company’s shares rose 6.3% to $75.50, up $4 from yesterday.

($ = NZ$)

The full post can be read here.