NZX 50 Slumps on Global Market Woes, Mainfreight Bucks the Trend

The New Zealand stock market declined in line with global markets on Thursday, with the S&P/NZX 50 index plummeting 213.89 points or 1.5% to 13,762.78.

The downturn was attributed to the Federal Reserve's decision to keep interest rates steady and rising tensions between the US and Iran, which fueled concerns about inflation.

Mainfreight led the gains with a 8.2% surge to $69, its highest since January, after announcing an 18% increase in group revenue and a 6.5% rise in earnings for the first 16 weeks of the March 2027 financial year.

Crimson Education made a A$38.6 million bid for Kip McGrath at a 62% premium, with Pie Funds Management holding a 19% stake in the target company.