Joseph Bonney, Senior Editor | Jul 03, 2012 9:36AM EDT
Matson Inc. stock rose 5 percent Monday in the company’s first day of trading after its separation from longtime parent Alexander & Baldwin.
The carrier and logistics provider’s stock closed Monday at $27.83 a share, up $1.33, on the New York Stock Exchange. Alexander & Baldwin’s stock rose 52 cents to $25.30.
Matson is the dominant carrier in the Hawaii and Guam trades and has a China-to-California service and a logistics unit that provides rail intermodal, truck brokerage and warehousing services.
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