NZ's Mainfreight set for best day in 10 months, YTD results upbeat

Mainfreight

17/03/2020 03:59

** Shares of freight services provider Mainfreight  MFT.NZ 
rise 3.3% to NZ$30.47, on course for best day in nearly 10
months
    ** Co says YTD results ahead of last year, sounds confident
despite some disruption from the coronavirus
pandemic urn:newsml:reuters.com:*:nNZW5pmpKq
    ** Stock set to snap a 4-day losing run and record best day
since May 28, 2019
    ** MFT says seeing a decline in air and sea freight in Asia
but trading across other international trade lanes, including
within New Zealand, Australia and Europe, "continues at
reasonable levels"
    ** Co adds volumes in China seeing an uptick as factories
and ports return to normal operations
    ** Broader sentiment in New Zealand also upbeat as the
country injects NZ$12.1 bln ($7.34 bln) to shore up the economy
 urn:newsml:reuters.com:*:nL4N2BA0MY  urn:newsml:reuters.com:*:nL4N2BA0J1
    ** Tuesday's gains help MFT shares claw back some of the
more than 28% loss incurred so far this year

($1 = 1.6488 New Zealand dollars)

 (Reporting by Shashwat Awasthi in Bengaluru)
 ((Shashwat.Awasthi@thomsonreuters.com))