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 edged down -0.2% today but has gained +0.5% over the past five days. Year-on-year, the index remains up +13.2%.
THE MAIN GAINERS
Only 28 companies posted gains in the equity market today. Stride Property Group (SPG, #35) led with a +3.1% increase, rebounding from a -4.4% loss over the last five days, though it remains unchanged year-on-year. The NZX (NZX, #41) rose +2.7%, contributing to a +6.3% monthly gain and an impressive +49% year-over-year increase. Oceania Healthcare (OCA, #39) and Gentrack (GTK, #28) both advanced +1.3% today. Oceania Healthcare is down -1.3% for the month but up +9.9% over the past year. Gentrack has climbed +5.3% over the last five days and an extraordinary +101.9% year-on-year.
Stride Property Group
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THE MAIN DECLINERS
There were 44 decliners today, led by Kiwi Property Group (KPG, #23), which dropped -2.6% but remains up +12.4% year-on-year. Serko (SKO, #42) and Fletcher Building (FBU, #14) both fell -1.3%. Serko has declined -6% over the past five days and -17.4% year-on-year, while Fletcher Building has gained +2.3% this month but is down -29% over the past year. Vulcan Steel (VSL, #29) slipped -1.1%, though it holds a +4.5% gain for the past five days and is up +15% over the last six months, with a +11.3% increase year-on-year.
Kiwi Property Group
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.03% | +0.1% | +7.5% | +3.5% | +7.1% |
| NZ Top 10 ETF (TNZ) | -0.4% | +0.6% | +6.6% | +5.5% | +10.6% |
| S/P NZX50 ETF (NZG) | -0.5% | +0.2% | +7.8% | +6.4% | +10.6% |
| NZ Dividend ETF (DIV) | +0.5% | +1.1% | +6.2% | -1.0% | +0.7% |
KEY ANNOUNCEMENTS
Investore Property (IPL, #43) reported resilient performance for the six months ended 30 September 2024. Key financial highlights include a slight dip in profit before tax to $17.1 million (from $17.6 million HY24), but a turnaround to a $9.7 million profit after tax, compared to a $66.5 million loss in HY24. Distributable profit fell to $13.9 million due to tax law changes, with net rental income rising to $31.2 million.
Portfolio Updates:
- Portfolio valued at $1.0 billion, with a WALT of 7.0 years and 99.3% occupancy.
- Strategic transactions included acquiring Bunnings Westgate for $51 million and selling two non-core properties for $54.3 million, increasing Auckland exposure to 42.5%.
- 33 rent reviews delivered a 4.6% average rental increase.
Capital Management:
- Refinanced $225 million in bank facilities as green loans, with no debt maturing until FY29.
- LVR stands at 41.6%, with a fixed interest rate of 1.76%.
Dividend: Declared a quarterly dividend of 1.625 cents per share, payable on 10 December 2024, with a 2% discount on the dividend reinvestment plan.
Outlook: Investore remains optimistic despite economic headwinds, reaffirming its FY25 cash dividend guidance of 6.50 cents per share and focusing on strategic growth opportunities and portfolio optimisation.
Sky’s (SKT, #47) 2024 Annual Meeting, held today, provided shareholders with key updates on the company’s performance and strategic priorities. Chairman Philip Bowman discussed the resilient FY24 results amid challenging economic conditions and outlined two main focuses: migrating to a new satellite by May 2025 and ongoing negotiations for a rights partnership with New Zealand Rugby and SANZAAR. Capital management updates were also provided.
CEO Sophie Moloney detailed the satellite migration plan from the Optus D2 satellite, emphasizing customer service continuity and ongoing testing. Sky is prepared to migrate to one of two satellite options by May 2025, with Optus offering financial support to mitigate costs. Satellite migration capex is now capped at $20 million, excluded from FY25 Capex Guidance, with the dividend of at least 21 cents per share unaffected. Sky acknowledged ongoing economic pressures impacting customer and ad revenues and highlighted increased first-half costs due to major events like the Paris Olympics and content-related expenses. Despite this, Sky reaffirms its FY25 financial guidance, with measures in place to manage costs effectively.
Fonterra shareholders (FSF, #40) approved all eight resolutions at the Annual Meeting. Key voting outcomes include:
- Remuneration Changes: Elected Directors (86%), Co-operative Councillors (84.88%), and Directors’ Remuneration Committee members (87%).
- Auditor Appointment: KPMG appointed, with 98% in favor.
- Director and Governance: Ratification of Alistair Field as Appointed Director (97%), amendments to the Constitution (97%), and By-laws of the Co-operative Council (97%).
- Council Budget: Approval of the Co-operative Council programme and budget (92%).
NZX50 Property Sector
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