Freightways’ share price lifted 2.32% or 32c to $14.11 after it announced it was expanding further into Australia through the A$71 million ($81m) acquisition of a Victoria-based express parcel and freight business.
The business plans to acquire VT Freight Express (VTFE) on or after January 30, subject to conditions being met.
“It’s not a huge acquisition for Freightways, who are worth over $2.5 billion, but it seems like a natural fit,” Sullivan said.
“The chief executive’s come out and said it was like being at home, so the business seems very similar to their existing operations and a follow-on from their previous acquisition over there.”
Comvita also held its annual meeting today, as the company addressed shareholders after a particularly tough 2025.
Two directors up for re-election faced strong opposition, only passing the resolutions by 59% and 53%.
“Recapitalisation remains the top priority for them. Their first-half update in February, that’s where the rubber’s going to hit the road for them.”
However, at market close it was the board’s largest inhabitants that brought the indices down.
Fisher & Paykel Healthcare’s share price fell 1.72% or 65c to $37.25 after 470,794 shares changed hands on turnover worth $17.5m.
Infratil followed suit, falling 2.50% or 28c to $10.90 after two million shares traded, worth $22.2m.
Elsewhere gentailers Mercury Energy, Contact Energy and Meridian Energy fell late in the day.
Mercury’s share price fell 0.95% or 6c to $6.26, Contact eased 0.32% or 3c to $9.22 and Meridian dropped 3.04% or 17c to $5.43.
The latest Global Dairy Trade auction was also held overnight Tuesday, with the price for whole milk powder falling for the ninth consecutive auction.
“That’s a key farmgate driver, so that may weigh on the farmgate milk price payout and the New Zealand economy as a whole, given the amount that goes through the primary industry sector.”
Sullivan agreed investors would be looking to the release of gross domestic product (GDP) figures tomorrow, and a potential announcement from US President Trump after his administration had surrounded Venezuela with an armada.
International news
Wall Street stocks were little changed early Tuesday as markets absorbed US data pointing to a slower employment market, while Ford advanced despite announcing a US$19.5 billion ($33.77b) cost hit.
The US unemployment rate climbed to 4.6% in November from 4.4% in September. The US economy lost 105,000 jobs in October but gained 64,000 in November.
The data is the latest sign of a weakening job market.
The Dow Jones Industrial Average closed down 0.62% at 48,114.26.
The broad-based S&P 500 was unchanged at 6815.34, while the tech-rich Nasdaq Composite Index edged up 0.2% to 23,093.20.
– Additional reporting AFP
Tom Raynel is a multimedia business journalist for the Herald, covering small business, retail and tourism.
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