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 rose +0.3% on the final trading day of the week, but closes the week with a -0.3% decline. On a year-on-year basis, the index remains up +12.1%.
THE MAIN GAINERS
Among the 37 advancing company's, Infratil Limited (IFT, #4) led with a +2.1% increase today, contributing to a +2.3% rise over the past five days. Over the last six months, Infratil's share price has surged by +21.6%, culminating in a +20.5% year-over-year gain. Freightways Limited (FRW, #20) followed with a +1.9% uptick today, achieving a +34.1% increase compared to the same period last year. Scales Corporation (SCL, #38) advanced by +1.7% today, marking a +2% gain for the week. Over the past month, Scales' share price has climbed by +10.7%, resulting in a +36.5% year-over-year increase to $4.15 per share, nearing a two-year high. Auckland International Airport (AIA, #3) rose by +1.3% today but has experienced a -7% decline over the past year.
Infratil
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THE MAIN DECLINERS
Despite the NZX50 closing in positive territory, the market had slightly more decliners today. Frequent decliner The Warehouse Group (WHS, #48) led the losses, falling -3.9% to reach a four-week low. Over the past month, WHS has dropped -10%, extending its year-on-year decline to -41.8%. Stride Property Group (SPG, #35) posted the next largest decline, down -2.3% today and -7.9% over the past week. However, SPG's six-month performance remains positive, up +8.4%, though it still shows a year-on-year decrease of -4.4%. Investore Property (IPL, #43) fell -1.8%, marking an -8.4% weekly decline and pushing its monthly loss to -10.7%. Lastly, a2 Milk (ATM, #10) dropped -1.7% today but retains a strong year-on-year gain of +32%.
The Warehouse Group
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.1% | -0.3% | +8.9% | +4.1% | +6.3% |
| NZ Top 10 ETF (TNZ) | +0.5% | +0.2% | +8.5% | +6.3% | +9.1% |
| S/P NZX50 ETF (NZG) | +0.8% | +0.9% | +9.7% | +7.4% | +9.7% |
| NZ Dividend ETF (DIV) | 0% | +0.9% | +7.5% | -0.7% | +0.2% |
KEY ANNOUNCEMENTS
Sanford (SAN) announced improved financial performance for the year ended 30 September 2024, with key highlights including:
- Revenue: $582.9 million, a +5% increase from the prior year.
- Adjusted EBIT: A record $74.2 million, up +50% year-on-year.
- EBIT: $54.3 million, marking a +75% increase.
- Net Profit After Tax (NPAT): $19.7 million, up +96% from FY23, despite $19.9 million in adjustments related to asset impairments and tax law changes.
- Operating Cash Flow: Reached a record $73.0 million, a +78% increase.
- Net Debt: Reduced by 5% to $185.5 million.
- Dividend: Final fully imputed dividend of 5.0 cps, totalling 10.0 cps for FY24.
Sanford’s Managing Director, David Mair, highlighted strong demand and pricing across all divisions, improved margins, and cash flow benefits from inventory clearance and efficient cash collection. Operating expenses were reduced, aided by the now-stabilised Sancore ERP system, and capital expenditure dropped to $45.6 million, reflecting "prudent financial management".
Asset Review and Impairments: The company conducted a comprehensive asset review, leading to $19.9 million in impairments, including underperforming investments and ageing infrastructure. This exercise will continue into FY25 to ensure optimal asset utilisation and returns.
Strategic Outlook: Sanford is preparing for potential pricing pressures, particularly in the Chinese market, and rising operational costs in FY25. The company will focus on process optimisation and cost reduction, though significant benefits are expected to materialise in FY26. The Board remains committed to maximising shareholder returns through disciplined financial strategies and operational efficiency.
Chair Sir Rob McLeod emphasised the Board's support for ongoing strategic reviews to enhance total shareholder return.
Auckland International Airport (AIA, #3) has disclosed financial assistance under its Employee Share Scheme (ESS Plan), in compliance with section 80 of the Companies Act 1993. The ESS Plan, established to help employees acquire shares, involves shares being held in trust for three years.
Key Details:
- Shares Allocated: 152,200 ordinary shares, purchased at $5.8814 per share.
- Financial Assistance: Interest-free loans totaling $895,149.08 were provided to employees to fund the share purchase. Loans are repayable over three years.
This initiative reflects Auckland Airport’s commitment to employee investment and long-term engagement through equity participation.
Precinct Properties (PCT, #19) Announces FY25 First Quarter Dividends
- Precinct Properties New Zealand Limited (PPNZ): Declared a cash dividend of 1.4975 cents per share for Q1 FY25. This dividend has no imputation credits and no supplementary dividend.
- Precinct Properties Investments Limited (PPIL): Announced a Q1 FY25 dividend of 0.260138 cents per share, comprising 0.1900 cents in cash, 0.048245 cents in imputation credits, and a supplementary dividend of 0.021893 cents.
The record date for both dividends is 29 November 2024, with payment scheduled for 13 December 2024.
NZX50 Food Sector
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