Here are the key changes to know about in the New Zealand equity market; Turners Automotive, Meridian Energy, Auckland Airport, and Investore Property show gains, while Kathmandu, Serko, Tower, and Freightways record the biggest declines

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 made a modest gain of +0.4% today, continuing a positive five-day performance with a +0.5% increase. However, the index remains down -0.9% for the past month. Over the last six months, the NZX50 has risen +9.2%, pushing towards a strong +14.3% gain year-on-year.

THE MAIN GAINERS
The market saw 46 gainers today, led by Turners Automotive (TRA, #46), which climbed +2.2%. The stock has gained +3.3% over the past five days and +13.4% over the last six months. Meridian Energy (MEL, #2) followed with a +2.0% increase today, adding to a year-to-date rise of +17.9%, though it has declined -3.2% in the past month. Auckland International Airport (AIA, #3) rose +1.9%, with a +2.6% gain over five days, but remains down -3.9% for the year. Investore Property (IPL, #45) gained +1.8% today but has struggled recently, falling -5.1% over the past week and -9.7% for the month.

THE MAIN DECLINERS
The market recorded 34 decliners today, led by Kathmandu Brands (KMD, #50), which fell -1.2%. The company's share price has dropped -13.3% over the past month and is down a significant -46% year-on-year. Serko (SKO, #42) declined -1.9% today and -4.2% over the last five days, but remains up +24.3% for the month. Tower (TWR, #40) decreased -1.5%, with a minor -0.8% decline over the week, yet has gained +24.3% over the month. Freightways (FRW, #20) slipped -1.3%, but with limited recent performance data, see that the company has gained +34% year-on-year.

SMARTSHARES EFTs
 

KEY ANNOUNCEMENTS
a2 Milk Company (ATM, #11) announced that David Wang will retire from the Board effective 31 December 2024. His departure follows the recent appointments of Tonet Rivera and Lain Jager as independent non-executive directors and the previously announced retirement of Warwick Every-Burns. Board Chair Pip Greenwood expressed gratitude for David Wang’s contributions since joining the Board in 2022.

KMD Brands (KMD, #50) reported a -5.8% year-on-year decline in group sales for Q1 FY25 (Aug–Oct 2024). Rip Curl sales fell -6.7%, Kathmandu decreased by -2.7%, and Oboz was down -8.6%. Despite these challenges, direct-to-consumer (DTC) sales showed improvement.

• Rip Curl: DTC sales were -3.4% lower compared to last year but outperformed the wholesale segment, which saw an -11.2% decline. Wholesale trends are expected to improve in the second half.
• Kathmandu: DTC sales in Australia rose +4.3%, offsetting a -15.4% drop in New Zealand. Overall sales were -2.7% lower, but gross profit dollars increased by +3.6% year-on-year.
• Oboz: Wholesale sales fell -8.5%, with second-half sell-in not yet finalised.

The Group’s gross margin improved compared to last year, with cost management strategies in place amid global inflationary pressures. CEO Michael Daly emphasised the importance of upcoming Black Friday and Christmas trading periods while noting improving sales trends and brand awareness for Kathmandu, particularly in Australia. The Group remains focused on sales growth, profitability, and inventory reduction in FY25.

Meridian Energy (MEL, #2) reported an increase in national hydro storage to 139% of the historical average by 11 November 2024, with South Island storage rising to 145% and North Island storage to 116%. October inflows were strong, with overall inflows at 128% of average, including 122% in the Waiau catchment and 129% in the Waitaki catchment. Snow storage in the Waitaki catchment reached 109% of average, and water storage in the Waiau catchment stood at 130%. Weather conditions were mild in October, with above-normal temperatures and higher rainfall across much of the South Island. National electricity demand decreased -4.4% compared to October 2023, and the New Zealand Aluminium Smelter maintained an average load of 417MW. Meridian’s retail sales volumes fell -0.6% year-on-year. Large business sales grew +20.5%, while sales declined in residential (-0.5%), small-medium business (-0.4%), agricultural (-3.5%), and corporate (-3.0%) segments.

Napier Port (NPH) announced a robust financial performance for FY24, driven by regional recovery and increased trade volumes following Cyclone Gabrielle. Revenue climbed 15.9% to $141.4 million, with operating activities up 39.5% to $52 million, reflecting strategic cost management and operational leverage. The port’s underlying net profit after tax surged 94.6% to $20.7 million, while reported net profit rose 49.7% to $24.8 million, bolstered by a $9.25 million insurance claim.

      Highlights:

• Revenue Growth: +$141.4 million, driven by increases across all trade categories and improved yields.
• Container Volumes: Up +3.4% to 230k TEU, supported by a rebound in fresh produce exports.
• Bulk Cargo: Increased +9% to 3.47 million tonnes, with log volumes rising 13.5% to 2.87 million tonnes.
• Cruise Season: 89 vessel calls contributed $9.1 million in revenue.
• Capital Management: Capital spend of $13.1 million on infrastructure, with $20.5 million in debt repayments.

The Board declared a fully imputed final dividend of 6 cents per share, bringing total dividends for the year to 9 cents per share, up from 5.25 cents last year, yielding 5.5%.

NPH is set to provide further updates at the Annual Shareholders Meeting on 19 December 2024.

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