Here are the key things you need to know about in the NZX markets over the past 24 hours. Changes are as at 3:00 pm and may change when the market closes at 4:45 pm.
WHAT THE NZX50 IS DOING
The NZX50 is down -0.5% today, down -2.5% for the month. Compared to this time last year the NZX50 is up +11%.
THE MAIN GAINERS
There are a total of 38 gainers today, the biggest by Investore Property (IPL, #41) up +1.7%. IPL has stayed positive this month up +3.45%. IPL is down -0.8% from this time last year. Second on the gainers list is the NZX (NZX, #43) up +1.6%. The NZX also held level recently up +2.4% for the month, gaining +12.3% over the year. Third is Infratil (IFT, #4) up +1.2% today as they keep their strong performance going up +13% for the month and +16.9% year-on-year.
Investore Property
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THE MAIN DECLINERS
There are 53 companies down since the start of the trading week. Kathmandu Brands (KMD, #47) has the biggest decline down -5.5%. For the month KMD is up +30%, a positive move as the company tracks to gain ground on their year-on-year decline of -32%. Serko (SKO, #44) is next down -3.6%. SKO is now at a decline of -18% year-on-year. Vista Group (VGL, #36) is down -2.9% today barely affecting the successes VGL has had over the recent full-year. In the last month VGL is up +4.5%, year-on-year a huge +97.4%.
Kathmandu
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.66% | -0.66% | +1.17% | +1.86% | +3.61% |
| NZ Top 10 ETF (TNZ) | -1.02% | -0.05% | +5.26% | +4.72% | +9.20% |
| S/P NZX50 ETF (NZG) | -0.20% | -0.32% | +5.17% | +5.61% | +7.86% |
| NZ Dividend ETF (DIV) | -0.35% | -0.43% | -1.88% | -2.71% | -1.03% |
THE KEY ANNOUNCEMENTS
Tower Insurance has finished its strategic review where they looked at options to add value for shareholders and optimise its capital structure. For nine-months TWR worked with their financial advisors Goldman Sachs, although no points of their discussion passed through to the formal proposal stage. TWR then reaffirmed their guidance and intended dividend, currently forecasting an NPAT of $45 million and a dividend of 5 cents per share.
Synlait Milk (SML) has completed their North Island strategic review. The review is part of the companies 'recovery plan'. Within the review SML covered a range of topics including potential ownership structures, the nature of their Pōkeno plant, and the balance of their dairy and non-dairy nutrition products. As a result, SML's Board and Management decided to focus the Pōkeno plant operations solely on the production of advanced nutritional products that don't require raw milk. Their Dunsandel facility will continue to be the main hub of dairy operations. SML CEO Grant Watson commented: “The review has been detailed and thorough. It’s given us the insight needed to lift the financial performance of these world-class assets. We now have a pathway to profitability in our North Island operations.”
Westpac Board of Directors have announced the appointment of Anthony Miller as the groups CEO and Managing Director, commencing on the 16th of December 2024. Miller is currently the Chief Executive of the groups Business and Wealth division. He will take the place of Peter King, retiring after 30-years at Westpac including five years as CEO. WBC Chair Steven Gregg commented on Miller's appointment saying “Anthony is an exceptional leader. He’s an individual of integrity and he’s ready to lead Australia’s oldest company. He has deep expertise in financial services and global banking and has built a considerable track record of delivery over 25 years." Prior to joining WBC Miller was Deutsche Bank CEO of Australia/NZ and Co-Head of Investment Bank, APAC. Miller also has 16 years of experience at Goldman Sachs, where has was a Partner.
If you haven't followed last weeks finance sector conference by the Minister of Commerce and Consumer Affairs Andrew Bayly, he has flagged reforms for companies law (modernisation and digitalising, and simplifying the companies act). This has given company directors a reason to celebrate as Kirsten Patterson (Chief Executive of the Institute of Directors) has led efforts for years by the Institute to allow the home addresses of directors to be made private. Currently this private information has to be made public, disclosed on the public companies register. Bayly commented on this legislation saying “There are legitimate safety concerns from directors about having to disclose their home addresses."
Bayly has also announced that future reforms are being considered in the capital markets to try and revive what he describes as "an underperforming New Zealand stock exchange". A starting point of the reform will be reducing the "unecessary" compliance costs in order to encourage companies to list their shares.
NZX50 Property Sector
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Click on the chart title to find more about this sector, including its components.
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