Here are the key changes to know about in the New Zealand equity market; The NZX50 gains +0.4% with Gentrack, Tourism Holdings, NZX, and Ryman Healthcare leading, while Fletcher Building, Auckland Airport, Scales Corp, and Vulcan Steel decline

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 gains +0.4% today, bringing its five-day growth to +0.8%. Over the past six months, the index has advanced by +9.5%, maintaining a +14.6% increase year-on-year.

THE MAIN GAINERS
A total of 52 companies recorded gains today, led by Gentrack (GTK, #27), which rose +3.3%. This brings its five-day performance to +1% and its impressive year-on-year growth to +103%. Tourism Holdings (THL, #44) followed with a +2.7% increase today, although it has declined -1.5% over the last five days and remains down -45% year-on-year. The NZX (NZX, #41) advanced +2.1%, contributing to a +0.7% gain for the week. The company’s strong performance over the past year is reflected in its share price, up +41% year-on-year. Ryman Healthcare (RYM, #15) also gained +1.9% today but remains down -10.3% over the past year.

THE MAIN DECLINERS
Fletcher Building (FBU, #14) led the 29 decliners with a -1.3% drop, extending its five-day loss to -2.6% and its year-to-date decline to -34%. Auckland International Airport (AIA, #3) fell -1.1% today but retains a +3.7% gain over the past five days. However, its share price is down -5.2% year-on-year. Scales Corp (SCL, #38) decreased by -0.7% today, though it has surged +36% year-on-year. Vulcan Steel (VSL, #25) dipped -0.5%, adding to its five-day decline of -3.5%. Despite this, the company’s year-on-year gain stands at +3.7%.

SMARTSHARES EFTs
 

KEY ANNOUNCEMENTS
My Food Bag Group Limited (MFB) reported a stable performance for the six months ended 30 September 2024 (FY25 H1), with revenue of $82.2 million (-1.9%), EBITDA of $7.8 million (+5.4%), and net profit after tax of $3.0 million (+20%). Gross margin improved to 49.8% from 47.9%, and net debt was reduced to $9.7 million. The company declared a fully imputed interim dividend of 0.65 cents per share, payable in December. Key developments included the launch of the My Food Bag Shop, offering care packages and ready-made meal bundles, and expanded offerings like low-carb options and the My Gluten Free Bag. Bargain Box continued to see year-on-year sales growth, leveraging affordability in the current economic environment. While market conditions remain challenging, My Food Bag expects to trade in line with FY24 in the second half, focusing on customer experience and long-term growth.

Infratil (IFT, #4) has announced plans to potentially offer 6-year unsecured, unsubordinated, fixed-rate infrastructure bonds maturing on 13 December 2030 (New Bonds) to New Zealand investors. The offer will likely include two components:

1. Firm Offer: Opening on 28 November 2024 and closing at 11:00am on 3 December 2024, this will be reserved for New Zealand resident clients of Joint Lead Managers, approved financial intermediaries, and other market participants invited to participate in the book build.

2. Exchange Offer: Available to New Zealand resident holders of IFT260 bonds maturing on 15 December 2024, this will allow investors to exchange some or all of their maturing bonds for New Bonds. The Exchange Offer is expected to open on 4 December 2024 and close at 5:00pm on 10 December 2024.

Investors interested in the offer can contact a Joint Lead Manager or their financial adviser. The offer will comply with the Financial Markets Conduct Act 2013, and if issued, the New Bonds are expected to be quoted on the NZX Debt Market. No money is currently being sought, and applications cannot yet be made.

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