Mainfreight shares hit $90 as market bounces

The S&P/NZX 50 Index rose 230 points, or 1.9%, to 12,289.64. Turnover was $152 million.

Global logistics firm Mainfreight led the rally after an 85% jump in pre-tax profit, reported in a trading update, sent its shares up 6% to $89.99.

Managing director Don Braid said the results weren’t surprising, reflecting a continuation of increasing freight volumes and trends seen in its first-half results.

Forsyth Barr’s head of research, Andy Bowley said in November the company would continue to benefit from climbing freight prices for the next six to nine months.