Mainfreight shares hit a record $46.95 in early trading following a strong trading update and upbeat annual meeting yesterday. The shares rose 7.6 per cent to a record close $46.90, and are up 10.5 per cent so far this year, valuing the business at $4.27 billion.
Jarden analysts said the result was "remarkable" and upgraded their forecast for net profit in the March 2021 year by 25 per cent, due to increasing revenue in Australia and NZ.
Tourism Holdings led the market higher, jumping 9.9 per cent to $1.88 after it released a framework outline for its plan to stay cashflow positive while operating in a fully domestic environment for the 2021 financial year. The stock had been in decline since it reached $2.40 in early June when recovering from a sharp slump in March.
The campervan rental company plans to shrink its fleet by 30 per cent to keep cash in the coffers.
"That was a bit of a surprise, investors have been anticipating them to continue to see tough times and potentially have to raise new equity capital," Solly said. "Being cashflow positive in 2021 means they might not have to do that."
Auckland International Airport rose 2.6 per cent to $6.38 and Air New Zealand increased 0.8 per cent to $1.34.
Genesis Energy advanced 2.7 per cent to $2.91, Meridian Energy gained 1.5 per cent at $4.86 and Mercury NZ was up 1 per cent to $4.67.
Fisher & Paykel Healthcare increased 1.3 per cent to $36. Meanwhile, A2 Milk Company fell 3.1 per cent to $20.84, following a wider decline on Australia's S&P/ASX 200 Index.
Vista Group International posted the day's biggest decline, down 4.5 per cent at $1.28 and SkyCity Entertainment Group fell 3.1 per cent to $2.49.
The Australian banks dropped, giving back some of yesterday's gains. Australia & New Zealand Banking Group fell 1.5 per cent to $19.50 and Westpac Banking Corp fell 2.9 per cent to $18.46