NZ market doesn't like Mainfreight's update

The S&P/NZX 50 index fell 93.2 points, or 0.8%, to 12,118.67. Turnover was $123.5 million.

Mainfreight warned of slipping growth in its US and Asia operations, which accounted for about 35% of the logistics group's revenue.  

Pre-tax profit lifted 32% to $490.2m in the 43 weeks ended Dec 31. Total group revenue was up 17% at $4.82 billion, compared with $4.13b in the previous period. 

The stock ended the day down 3% to $74.60. Jeremy Sullivan, an investment advisor with Hamilton Hindin Greene, said Mainfreight’s quarterly update had shown things were starting to look less peachy for the freight sector.