NZX 50 slumps in global rout; Crimson makes play for Kip McGrath

Mainfreight hit a six-month high. (Image: Supplied)

New Zealand’s S&P/NZX 50 index joined a global rout as the Federal Reserve kept investors focused on rising long-term interest rates, while the renewed conflict in the Middle East threatened to fuel inflation.

Infratil was among the main drags on the local bourse as results from Magnificent 7 alumni Microsoft and Meta Platforms kept cash flow in focus for the artificial intelligence infrastructure spending, while South Korea’s Samsung Electronics advanced amid surging demand for its memory chips.

Across the Tasman, Jamie Beaton’s Crimson Education lobbed in a A$38.6 million bid at a 62% premium for Aussie tutoring firm Kip McGrath, which counts local fund manager Pie Funds Management as its biggest shareholder.