Freightways edges up on ASX-listing plans

The S&P/NZX 50 index rose 83 points, or 0.7%, to 12,211.96. Across the main board, 44 stocks fell and 83 rose. Turnover was $166.8 million.

“With Australia now representing a more significant share of Freightways’ activities, a dual listing is expected to align with Freightways’ strategy,” the company said in a statement.

Devon Funds head of retail Greg Smith said the dual-listing made sense for Freightways as many of its acquisitions had been recently made in Australia and it was continuing to perform well operationally.

Freightways was up 1.8% to $9.57 by the end of the day. The company also announced it was going to change its name to Freightways Group Limited and its ticker code will change from “FRE” to “FRW” with effect from when the market opens on March 1. Overnight, the Global Dairy Trade (GDT) auction took place with the index lifting 3.2%, boosted by a 3.8% gain in whole milk powder prices.