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 INDEX IS DOING
The NZX50 fell -0.9% today, extending its monthly loss to -1.1%. Despite recent declines, the index remains up +13.9% year-on-year.
THE MAIN GAINERS
Only 22 companies posted gains in today’s market. Within the NZX50, a2 Milk (ATM, #10) led the advancers with a +0.9% increase, despite experiencing a sharp five-day decline of -9.3%. On a year-on-year basis, a2 Milk remains up +32.1%. Manawa Energy (MNW, #22) followed, gaining +0.8%, resulting in a modest monthly increase of +1.3% and a strong six-month performance, up +30.1%. Hallenstein Glassons (HLG, #44) and Kiwi Property Group (KPG, #23) both saw gains of +0.5% for the day. Year-on-year, HLG has appreciated +28.8%, while KPG has risen +17.5%.
A2 Milk
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THE MAIN DECLINERS
Fisher and Paykel Healthcare (FPH, #1) led the 53 decliners today, dropping -2.6%. Despite this decline, FPH’s share price has gained +3.9% over the past five days and remains up an impressive +71.7% year-on-year. Mercury Energy (MCY, #5) followed with a -2.5% decline but is still up +11.2% over the past year. Channel Infrastructure (CHI, #37) recorded a -1.7% decrease, though it maintains a solid year-on-year gain of +16.9%. Tower Limited (TWR) continued its downward trend, slipping -1.5%, but retains an impressive annual increase of +109.5%.
Fisher and Paykel Healthcare
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.4% | -0.1% | +7.5% | +3.6% | +7.5% |
| NZ Top 10 ETF (TNZ) | -0.8% | +0.9% | +7.5% | +5.9% | +11.0% |
| S/P NZX50 ETF (NZG) | -0.6% | -0.2% | +7.8% | +6.5% | +11.1% |
| NZ Dividend ETF (DIV) | -0.3% | +0.7% | +6.0% | -1.2% | +1.4% |
KEY ANNOUNCEMENTS
Contact Energy (CEN, #8) said it will build a new 101MW geothermal plant, Te Mihi Stage 2, at a cost of $712 million, as part of its strategy to replace the aging Wairakei geothermal power station. The plant, constructed by Ormat, is scheduled to be operational by Q3 2027. The Wairakei station will continue partial operations until 2031, with $74 million allocated for its extension. This redevelopment will boost geothermal output by 0.2TWh annually from FY28-31. CEO Mike Fuge emphasised that this phased approach maximises shareholder returns and is backed by extensive planning and successful drilling efforts.
Mainfreight (MFT, #6) reported half-year revenue of NZ$2.55 billion, up 8.4%, with profit before tax (PBT) at NZ$161.2 million, down 7.8%, and net profit at NZ$114.56 million, down 8.0%. Operating cash flows improved to NZ$191.7 million, and an interim dividend of 85 cents per share was declared.
Key Divisional Highlights:
- New Zealand: Revenue flat at NZ$554 million; NPBT down -22%. Transport volumes grew, but economic weakness and higher overheads affected profitability.
- Australia: Revenue rose +20% to AU$759 million, NPBT up +8%. Gains in market share and new customers drove growth across all divisions.
- Europe: Revenue increased +3% to €291 million; NPBT up +9%, with strong transport performance in the Netherlands and Belgium. Warehousing underperformed due to low utilisation.
- Asia: Revenue grew +34% to US$65 million; NPBT down -9%, with robust export volume but lower margins. China remains a top profit performer.
- The Americas: Revenue up +7% to US$347 million; NPBT down -30%, impacted by fixed transport costs and network expansion. Warehousing results were satisfactory.
Goodman Property Trust (GMT, #16) announced solid half-year results for the period ending 30 September 2024, driven by strategic investments in warehouse and logistics space. Key highlights include an +11.3% increase in net property income to $111.4 million and a +10.6% rise in operating earnings to $75.3 million before tax. Cash earnings were 3.74 cents per unit, with full-year guidance reaffirmed at 7.5 cents per unit, and distributions set at 6.5 cents per unit. Despite economic challenges, GMT achieved strong leasing outcomes with 98.1% occupancy and a weighted average lease term of six years. Development progress included three new projects adding over 50,000 sqm of logistics space, with future plans for nearly 400,000 sqm over the next decade.
CEO James Spence highlighted the Trust's focus on sustainable growth, internalised management functions, and prudent financial strategies, including the issuance of a $150 million green bond to support ongoing development and carbon reduction initiatives.
Fletcher Building (FBU, #14) announced that its subsidiary, Iplex Pipelines Australia, has finalised an Industry Response with the Western Australian Government to address plumbing failures affecting homes built with Typlex Pro-Fit pipes. The program, funded jointly by Iplex AU and the WA Government, covers remediation work at no cost to homeowners and provides eligible homes with leak detection units. Builders participating in the program will have costs reimbursed, while non-participating builders must handle repairs without reimbursement. Iplex AU has allocated a pre-tax provision of A$155 million (NZ$170m) for these obligations. CEO Andrew Reding emphasised the importance of this collaborative effort for delivering practical solutions to affected homeowners.
NZX50 Industrial Sector
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