NZ Herald
  • Home
  • Latest news
  • Herald NOW
  • Video
  • New Zealand
  • Sport
  • World
  • Business
  • Entertainment
  • Podcasts
  • Quizzes
  • Opinion
  • Lifestyle
  • Travel
  • Viva
  • Weather

Subscriptions

  • Herald Premium
  • Viva Premium
  • The Listener
  • BusinessDesk

Sections

  • Latest news
  • New Zealand
    • All New Zealand
    • Crime
    • Politics
    • Education
    • Open Justice
    • Scam Update
  • Herald NOW
  • On The Up
  • World
    • All World
    • Australia
    • Asia
    • UK
    • United States
    • Middle East
    • Europe
    • Pacific
  • Business
    • All Business
    • MarketsSharesCurrencyCommoditiesStock TakesCrypto
    • Markets with Madison
    • Media Insider
    • Business analysis
    • Personal financeKiwiSaverInterest ratesTaxInvestment
    • EconomyInflationGDPOfficial cash rateEmployment
    • Small business
    • Business reportsMood of the BoardroomProject AucklandSustainable business and financeCapital markets reportAgribusiness reportInfrastructure reportDynamic business
    • Deloitte Top 200 Awards
    • CompaniesAged CareAgribusinessAirlinesBanking and financeConstructionEnergyFreight and logisticsHealthcareManufacturingMedia and MarketingRetailTelecommunicationsTourism
  • Opinion
    • All Opinion
    • Analysis
    • Editorials
    • Business analysis
    • Premium opinion
    • Letters to the editor
  • Politics
  • Sport
    • All Sport
    • OlympicsParalympics
    • RugbySuper RugbyNPCAll BlacksBlack FernsRugby sevensSchool rugby
    • CricketBlack CapsWhite Ferns
    • Racing
    • NetballSilver Ferns
    • LeagueWarriorsNRL
    • FootballWellington PhoenixAuckland FCAll WhitesFootball FernsEnglish Premier League
    • GolfNZ Open
    • MotorsportFormula 1
    • Boxing
    • UFC
    • BasketballNBABreakersTall BlacksTall Ferns
    • Tennis
    • Cycling
    • Athletics
    • SailingAmerica's CupSailGP
    • Rowing
  • Lifestyle
    • All Lifestyle
    • Viva - Food, fashion & beauty
    • Society Insider
    • Royals
    • Sex & relationships
    • Food & drinkRecipesRecipe collectionsRestaurant reviewsRestaurant bookings
    • Health & wellbeing
    • Fashion & beauty
    • Pets & animals
    • The Selection - Shop the trendsShop fashionShop beautyShop entertainmentShop giftsShop home & living
    • Milford's Investing Place
  • Entertainment
    • All Entertainment
    • TV
    • MoviesMovie reviews
    • MusicMusic reviews
    • BooksBook reviews
    • Culture
    • ReviewsBook reviewsMovie reviewsMusic reviewsRestaurant reviews
  • Travel
    • All Travel
    • News
    • New ZealandNorthlandAucklandWellingtonCanterburyOtago / QueenstownNelson-TasmanBest NZ beaches
    • International travelAustraliaPacific IslandsEuropeUKUSAAfricaAsia
    • Rail holidays
    • Cruise holidays
    • Ski holidays
    • Luxury travel
    • Adventure travel
  • Kāhu Māori news
  • Environment
    • All Environment
    • Our Green Future
  • Talanoa Pacific news
  • Property
    • All Property
    • Property Insider
    • Interest rates tracker
    • Residential property listings
    • Commercial property listings
  • Health
  • Technology
    • All Technology
    • AI
    • Social media
  • Rural
    • All Rural
    • Dairy farming
    • Sheep & beef farming
    • Horticulture
    • Animal health
    • Rural business
    • Rural life
    • Rural technology
    • Opinion
    • Audio & podcasts
  • Weather forecasts
    • All Weather forecasts
    • Kaitaia
    • Whangārei
    • Dargaville
    • Auckland
    • Thames
    • Tauranga
    • Hamilton
    • Whakatāne
    • Rotorua
    • Tokoroa
    • Te Kuiti
    • Taumaranui
    • Taupō
    • Gisborne
    • New Plymouth
    • Napier
    • Hastings
    • Dannevirke
    • Whanganui
    • Palmerston North
    • Levin
    • Paraparaumu
    • Masterton
    • Wellington
    • Motueka
    • Nelson
    • Blenheim
    • Westport
    • Reefton
    • Kaikōura
    • Greymouth
    • Hokitika
    • Christchurch
    • Ashburton
    • Timaru
    • Wānaka
    • Oamaru
    • Queenstown
    • Dunedin
    • Gore
    • Invercargill
  • Meet the journalists
  • Promotions & competitions
  • OneRoof property listings
  • Driven car news

Puzzles & Quizzes

  • Puzzles
    • All Puzzles
    • Sudoku
    • Code Cracker
    • Crosswords
    • Cryptic crossword
    • Wordsearch
  • Quizzes
    • All Quizzes
    • Morning quiz
    • Afternoon quiz
    • Sports quiz

Regions

  • Northland
    • All Northland
    • Far North
    • Kaitaia
    • Kerikeri
    • Kaikohe
    • Bay of Islands
    • Whangarei
    • Dargaville
    • Kaipara
    • Mangawhai
  • Auckland
  • Waikato
    • All Waikato
    • Hamilton
    • Coromandel & Hauraki
    • Matamata & Piako
    • Cambridge
    • Te Awamutu
    • Tokoroa & South Waikato
    • Taupō & Tūrangi
  • Bay of Plenty
    • All Bay of Plenty
    • Katikati
    • Tauranga
    • Mount Maunganui
    • Pāpāmoa
    • Te Puke
    • Whakatāne
  • Rotorua
  • Hawke's Bay
    • All Hawke's Bay
    • Napier
    • Hastings
    • Havelock North
    • Central Hawke's Bay
    • Wairoa
  • Taranaki
    • All Taranaki
    • Stratford
    • New Plymouth
    • Hāwera
  • Manawatū - Whanganui
    • All Manawatū - Whanganui
    • Whanganui
    • Palmerston North
    • Manawatū
    • Tararua
    • Horowhenua
  • Wellington
    • All Wellington
    • Kapiti
    • Wairarapa
    • Upper Hutt
    • Lower Hutt
  • Nelson & Tasman
    • All Nelson & Tasman
    • Motueka
    • Nelson
    • Tasman
  • Marlborough
  • West Coast
  • Canterbury
    • All Canterbury
    • Kaikōura
    • Christchurch
    • Ashburton
    • Timaru
  • Otago
    • All Otago
    • Oamaru
    • Dunedin
    • Balclutha
    • Alexandra
    • Queenstown
    • Wanaka
  • Southland
    • All Southland
    • Invercargill
    • Gore
    • Stewart Island
  • Gisborne

Media

  • Video
    • All Video
    • NZ news video
    • Herald NOW
    • Business news video
    • Politics news video
    • Sport video
    • World news video
    • Lifestyle video
    • Entertainment video
    • Travel video
    • Markets with Madison
    • Kea Kids news
  • Podcasts
    • All Podcasts
    • The Front Page
    • On the Tiles
    • Ask me Anything
    • The Little Things
  • Cartoons
  • Photo galleries
  • Today's Paper - E-editions
  • Photo sales
  • Classifieds

NZME Network

  • Advertise with NZME
  • OneRoof
  • Driven Car Guide
  • BusinessDesk
  • Newstalk ZB
  • Sunlive
  • ZM
  • The Hits
  • Coast
  • Radio Hauraki
  • The Alternative Commentary Collective
  • Gold
  • Flava
  • iHeart Radio
  • Hokonui
  • Radio Wanaka
  • iHeartCountry New Zealand
  • Restaurant Hub
  • NZME Events

SubscribeSign In
Advertisement
Advertise with NZME.
Home / Business / Markets

Market close: Mainfreight slumps after failing to impress investors

By Graham Skellern
NZ Herald·
9 Feb, 2023 05:18 AM5 mins to read

Subscribe to listen

Access to Herald Premium articles require a Premium subscription. Subscribe now to listen.
Already a subscriber?  Sign in here

Listening to articles is free for open-access content—explore other articles or learn more about text-to-speech.
‌
Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Despite producing satisfactory earnings numbers, Mainfreight failed to impress investors and its stock fell $2.30 or 2.99 per cent to $74.60. Photo / George Novak

Despite producing satisfactory earnings numbers, Mainfreight failed to impress investors and its stock fell $2.30 or 2.99 per cent to $74.60. Photo / George Novak

Mainfreight, for so long a tearaway growth stock, disappointed investors with a subdued trading outlook and the New Zealand sharemarket fell more than half a per cent.

The S&P/NZX 50 tried to make some ground mid-afternoon but buckled on lower volume and selling pressure to close at 12,118.67 – down 93.29 points or 0.76 per cent. It was the index’s biggest single-day fall so far this year.

There were 49 gainers and 80 decliners on the main board with 33.02 million shares worth $123.52 million changing hands.

Jeremy Sullivan, investment adviser with Hamilton Hindin Greene, said volumes dry up just before the earnings season.

“Investors will be waiting for the latest company financial results and especially the outlook statements before they make decisions on changes in their portfolios.”

Advertisement
Advertise with NZME.

Contact Energy reports its half-year result on Monday, followed by Vulcan Steel, Fletcher Building, Steel & Tube and SkyCity over the next two days.

Sullivan said Treasury failed to fill a $200m, five-year government bond at 4.09 per cent, attracting $188m worth of buyers. “This is a real anomaly that doesn’t happen very often.”

In December, a $200m, five-year bond tender was not filled for the first time in a decade. Sullivan said Treasury commented then that this wouldn’t occur again and yet two months later it has happened.

Advertisement
Advertise with NZME.

“The interest rate obviously needs to be higher to get the tender away,” he said. Two other issues - a $150m 2034 bond at 4.25 per cent and a $50m 2051 bond – were oversubscribed.

Global transport and logistics company Mainfreight slumped $2.30 or 2.99 per cent to $74.60 after again producing satisfactory earnings numbers but reporting a downturn in trading conditions in late December and into January, particularly in the United States and Asia.

In its trading update for 43 weeks from April to December, Mainfreight earned revenue of $4.82 billion, up 17 per cent and profit before tax of $490.2m, an increase of 32 per cent. Its revenue in the US was steady at $1.34b and Asia’s fell 32 per cent to $217.33m.

The company said the combination of lower international sea freight and airfreight volumes and lower trading rates are reflected in reduced revenue and profit before tax levels for the US and Asia.

Overall, it was a satisfactory year-to-date result, but a less than satisfactory contribution from the US and Asia in the 17 weeks post its half year, Mainfreight told the market. The company is reviewing freight rates to address inflationary cost pressures and “we continue to find new customer opportunities in each region”.

Sullivan said Mainfreight is facing more competition now that borders have reopened and its margins are lower. “While the headline figures were good, their outlook was subdued and this disappointed the market. Mainfreight is a quality blue-chip stock and it will do well in the long run.”

Fisher and Paykel Healthcare was down 15c to $25.91; Spark declined 5.5c to $5.25; Chorus fell 25c or 2.87 per cent to $8.45; Mercury Energy decreased 18c or 2.8 per cent to $6.24; Auckland International Airport shed 9.5c to $8.53; and Meridian was down 6.5c to $5.395.

Contact Energy, declining 3c to $7.72, has won the contract to develop a 300ha solar farm on Christchurch Airport land along with its partner Lightsource bp. The farm will generate 290 GWh per year - equivalent to powering 36,000 homes or half of Christchurch’s domestic flights being converted to low-emission technologies.

Advertisement
Advertise with NZME.

Other decliners were Freightways, down 15c to $9.42; Synlait Milk which shed 8c or 2.26 per cent to $3.46. Restaurant Brands decreased 11c to $6.45; AFT Pharmaceuticals fell 9c or 2.31 per cent to $3.80; and Comvita was down 7c or 2.05 per cent to $3.35.

Green Cross Health shed 3c or 2.21 per cent to $1.33; Rakon was down 3c or 2.78 per cent to $1.05; Winton Land declined 4c or 1.99 per cent to $1.97; Cooks Coffee decreased 2.5c or 6.41 per cent to 36.5c; and NZ King Salmon Investments gave up 1c or 4.55 per cent to 21c.

Gentrack rose 16c or 5.95 per cent to $2.85; Ventia Services rebounded 11c or 4.18 per cent to $2.74; Air New Zealand was up 1.5c or 1.88 per cent to 81.5c; NZME increased 2c to $1.17; MHM Automation gained 2c or 2.27 per cent to 90c; and Third Age Health improved 4c or 2.67 per cent to $1.54.

Tower, down 1c to 67c, provided a further update on the impact of the upper North Island flooding, including Auckland, saying 3600 customers have lodged 4810 policy claims – 2600 are home insurance claims. Tower’s full-year guidance remained unchanged.

Rua Bioscience was up 1.1c or 6.04 per cent to 19.3c after the appointment of Paul Naske, formerly chief operations officer, as chief executive, and interim managing director Anna Stove takes over as chairwoman, replacing Trevor Burt who is retiring.

Fellow medicinal cannabis company Cannasouth gained 1c or 3.45 per cent to 30c.

Save

    Share this article

    Reminder, this is a Premium article and requires a subscription to read.

Latest from Markets

Premium
Shares

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM
Premium
Technology

Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Shares

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM

Why Cambridge is the new home of future-focused design

sponsored
Advertisement
Advertise with NZME.

Latest from Markets

Premium
Market close: SkyCity loses spot on the 20

Market close: SkyCity loses spot on the 20

10 Jun 05:56 AM

Scales Corporation shares are up after it upgraded guidance.

Premium
Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

Tech Insider: A $529 phone, bought in March, can only make 3G calls; IRD’s AI warning; Musk’s pain is Beck’s gain; a self-employed Wellington man scores a $16K Google Cloud refund

10 Jun 03:14 AM
Premium
Market close: Index reshuffle lifts Briscoe Group

Market close: Index reshuffle lifts Briscoe Group

09 Jun 05:57 AM
Premium
NZ's power system well-placed for winter - analyst

NZ's power system well-placed for winter - analyst

08 Jun 11:00 PM
Clean water fuelling Pacific futures
sponsored

Clean water fuelling Pacific futures

NZ Herald
  • About NZ Herald
  • Meet the journalists
  • Newsletters
  • Classifieds
  • Help & support
  • Contact us
  • House rules
  • Privacy Policy
  • Terms of use
  • Competition terms & conditions
  • Our use of AI
Subscriber Services
  • NZ Herald e-editions
  • Daily puzzles & quizzes
  • Manage your digital subscription
  • Manage your print subscription
  • Subscribe to the NZ Herald newspaper
  • Subscribe to Herald Premium
  • Gift a subscription
  • Subscriber FAQs
  • Subscription terms & conditions
  • Promotions and subscriber benefits
NZME Network
  • The New Zealand Herald
  • The Northland Age
  • The Northern Advocate
  • Waikato Herald
  • Bay of Plenty Times
  • Rotorua Daily Post
  • Hawke's Bay Today
  • Whanganui Chronicle
  • Viva
  • NZ Listener
  • What the Actual
  • Newstalk ZB
  • BusinessDesk
  • OneRoof
  • Driven CarGuide
  • iHeart Radio
  • Restaurant Hub
NZME
  • About NZME
  • NZME careers
  • Advertise with NZME
  • Digital self-service advertising
  • Book your classified ad
  • Photo sales
  • NZME Events
  • © Copyright 2025 NZME Publishing Limited
TOP