Mainfreight shares rise after profit result

NZPA

Thursday 26th May 2011

Mainfreight shares rose early in a broadly lower New Zealand sharemarket, after the company reported a rise in full year net profit before non-recurring expenses to a record $47.2 million from $38.3 million the year before.

Mainfreight shares were up 7c early to $9.33, while key stock Telecom pulled back 4.5c to $2.44, after trading as high as $2.54 yesterday following Tuesday's announcement it had the major share of the Government's ultrafast broadband initiative.

Around 10.20am the benchmark NZX-50 index was down 2.31 points to 3552.05, after yesterday ending down 5.2 points.

OceanaGold lifted 15c to $3.17, Restaurant Brands was up 4c to $2.64, Abano Healthcare gained 3c to $4.65, Fletcher Building added 2c to $8.95, and Contact Energy eased 1c to $5.99. Retailer Hallenstein Glasson dropped 3c to $4.15.

In the United States stocks ended a three-day losing streak as recent underperformers led a thinly traded rally that wasn't seen as strong enough to overcome worries about waning global demand.

The Dow Jones industrial average gained 0.3 percent to end at 12,394.66, the Standard & Poor's 500 Index advanced 0.3 percent to 1320.47, and the Nasdaq Composite Index rose 0.6 percent to 2761.38.

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