Mainfreight drove New Zealand's sharemarket to a fresh record on November 12, 2026, after the Auckland-founded logistics group reported a 66.4% jump in half-year net profit to $155.39 million for the six months to September.
The S&P/NZX 50 index climbed to a new high as Mainfreight shares rose $3.90, or 5.86%, to $70.45, their strongest level in nearly 22 months, on trade worth $27.04 million, according to NZ Herald market close reporting. The Bottom Line noted the record came amid heavier than usual trading linked to the semi-regular rebalancing of the MSCI equity indices.
Mainfreight's rebound: what the numbers show
Revenue for the half-year rose 19.8% to $3.12 billion, and the company will pay a Christmas interim dividend of 85 cents a share on December 18. The result marks a sharp turnaround after a disappointing previous year, when the company's earnings went backwards, as News Wire reported.
Mainfreight said the growth came from a combination of increased customer activity and market-share gains, with freight volumes rising across all regions. Profit and revenue improved in both its Europe and Americas operations, a sign that the company's long-haul international expansion is paying off.
The transport division led the way, with revenue up 24.2% to $1.47 billion and gross profit up 99.2% to $116.36 million. Warehousing revenue rose 9.4% to $479.5 million, with gross profit up 69.4% to $35.03 million. The air and ocean division posted revenue of $1.1678 billion, up 19.1%, and gross profit of $67.82 million, up 28.9%.
How much of the gain came from fuel?
Not all of the surge reflects underlying demand. Greg Smith, an investment specialist with Generate, said a significant part of the lift came from passing on higher fuel costs, with $143 million of the transport revenue coming from fuel adjustments.
That detail matters for anyone reading the headline number. Strip out the fuel recovery and the picture is still positive, but less spectacular, and it raises questions about how much room New Zealand's freight sector has to keep growing if global fuel prices fall or freight demand cools.
Still, the volume growth was genuine and broad-based. The Post reported the 66% profit leap as evidence of a company firing on all cylinders after a soft stretch, and Mainfreight itself described the performance as satisfactory against a weak prior-year comparison.
Wall Street rebounds while Nvidia reels
Overnight, United States markets had rebounded before the Nvidia shock hit after-hours trading. The Dow Jones Industrial Average rose 0.49% to 52,486.49 points, the S&P 500 gained 1.31% to 7,619.38, and the Nasdaq Composite climbed 1.6% to 25,466.19.
The calm did not last. Nvidia, the world's second most valuable company after Apple, fell 8.61% to US$158.78 ($285.76) in after-hours trading after reports that chief executive Jensen Huang had a second extramarital affair with an employee, along with a suspected Chinese spy. Reports said the Nvidia board was meeting to consider Huang's future, with speculation he could be fired.
One commentator noted that Huang's departure would close an era in which he stoked the global artificial-intelligence boom and became a geopolitical star. For New Zealand investors with exposure to global tech, the episode is a reminder of how much of the AI rally rests on a handful of personalities and companies.
Rocket Lab, the New Zealand-founded space company, gained a further 5.49% to US$66.15 on the back of a solid third-quarter result, extending a strong run for one of the country's most visible innovation exporters.
Other movers on the local market
Elsewhere on the NZX, Ebos Group climbed 40c, or 1.87%, to $21.80, and Chorus rose 15c, or 1.84%, to $8.30. a2 Milk gained 11c to $8.98, Port of Tauranga added 14c, or 1.71%, to $8.35, and KMD Brands surged 23c, or 10.27%, to $2.47 on takeover speculation.
In the energy sector, Mercury rose 16c, or 2.41%, to $6.80, while Meridian fell 12c, or 2.02%, to $5.82. Retirement village operators were mixed: Summerset gained 12c, or 1.91%, to $6.40, Ryman Healthcare added 3.5c, or 1.89%, to $1.89, and Oceania Healthcare slipped 2c, or 3.08%, to 63c.
Smaller companies also had a strong day. Turners Automotive rose 39c, or 5.45%, to $7.54, Vulcan Steel gained 25c, or 3.57%, to $7.25, Metro Performance Glass added 4c, or 4.35%, to 96c, and Lodestone Energy rebounded 7c, or 3.29%, to $2.20.
Spark defends its accounts, Fonterra unveils share reform
Spark rose 3c to $2.16 after publicly countering a published letter that questioned the accounting treatment of the gain from selling 75% of its interests in its data centre business. Spark acknowledged the classification matter raised but said it did not consider it material to the 2026 financial statements, adding that it had provided full transparency on the transaction's financial impact.
Fonterra Co-operative fell 35c, or 6.03%, to $5.45 after unveiling a new structured approach at its annual meeting, starting June 1 next year, for farmers who no longer supply milk to sell their shares. Fonterra told shareholders the current settings could create a potential overhang of shares that could weigh on the market by 2036.
The co-operative pointed out its share price has more than doubled since 2021, a return of around 132%, or about 17% a year, which explains why many ceased suppliers are holding on to their shares for longer. Fonterra also said the 2027 financial year has started well, with a well-contracted sales book and record milk collections successfully processed across the peak.
Heartland and Xero round out the day
Heartland Group rose 1c to $1.26 and expects to complete its purchase of TSB Bank, forming TSB Heartland Bank, by March 1. The merger will create a larger challenger bank at a time when New Zealand households are hungry for competition in banking.
Across the Tasman, accounting software firm Xero jumped 6.45% to A$75.43 ($92.84) on the Australian Securities Exchange after reporting a 46% rise in half-year revenue to $1.75 billion. Net profit fell 86% to $18.5 million, but operating earnings rose 3% to $361.6 million.
Frequently asked questions
How much profit did Mainfreight make in the half-year?
Mainfreight reported net profit of $155.39 million for the six months ending September 2026, up 66.4% on the same period a year earlier, on revenue of $3.12 billion.
Why did Fonterra shares fall?
Fonterra fell 6.03% to $5.45 after announcing a new structured approach, starting June 1 next year, for ceased suppliers to sell shares, which investors read as adding potential supply to the market.
What happened to Nvidia?
Nvidia fell 8.61% in after-hours trading after reports about chief executive Jensen Huang's conduct, with the board reportedly meeting to consider his future.