Here are the key changes to know about in the New Zealand equity market; The NZX50 hits a two year high gaining +2.0% led by a2 Milk, Investore Property, F&P Healthcare, with Fletcher Building and Oceania, Kathmandu, & The Warehouse leading the decliners

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 surged to its highest level in over two and a half years, climbing +2.0% +1.3% to close the trading week. This big move brings the index’s five-day gain to +2.6% +2.0% and extends its six-month increase to +11.0% 10.3%. Year-on-year, the NZX50 boasts a solid growth of +16.5% 15.8%.

THE MAIN GAINERS
There are 43 gainers in the market to close the week on a strong note. Leading the pack is a2 Milk (ATM, #11) with an extraordinary gain of +14.1%, driving its weekly performance to +15.8%. Year-on-year, a2 Milk's share price has climbed an impressive +43.4%. Investore Property (IPL, #45) follows with a solid +5.3% gain for the day, though it remains down -4.8% for the month. On a year-on-year basis, the company has increased by +8.2%. Market leader F&P Healthcare (FPH, #1) posted a +3.2% rise today, adding to its six-month growth of +33% and pushing its year-on-year performance to an outstanding +72%. Fletcher Building (FBU, #14) also gained +3.0% but continues to face challenges, down -29% year-on-year.

THE MAIN DECLINERS
With 37 decliners today, Oceania Healthcare (OCA, #39) led the losses, falling -3.8%. Short-term performance shows declines of -1.3% over both the past five days and the last month, while year-to-date, the company holds a modest gain of +1.3%. Kathmandu Brands (KMD, #50) followed, dropping -2.3%, which extends its year-on-year decline to a steep -47%. The Warehouse Group (WHS, #49) slipped -1.9%, bringing its monthly decline to -5.6%, and its share price is down -39% year-on-year. Channel Infrastructure (CHI, #36) rounded out the list with a -1.7% fall today but remains up +12.1% over the last six months, contributing to a +17.3% year-on-year increase.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Oceania Healthcare (OCA, #39) reported a solid interim performance for the six months ending 30 September 2024, with underlying EBITDA rising +2.7% to $38.6m and operating cashflow increasing +23.1% to $70.4m. The company achieved strong care suite sales, boosting capital gains by +34.9% to $38.2m, while reducing gearing to 37.5%. Development progress included delivering 106 new care suites and plans for an additional 118 units by year-end. CEO Suzanne Dvorak emphasised priorities in improving sales execution, streamlining developments, and enhancing care service profitability. Despite reporting a $(17.1)m NPAT loss due to impairments, Oceania remains focused on modernising its portfolio and expects dividends to resume once sales-driven debt reduction targets are met.

The a2 Milk Company (ATM, #11) has updated its FY25 revenue guidance to mid to high single-digit growth, reflecting stronger-than-expected performance driven by increased ingredient sales at MVM, favourable pricing, and improved English Label IMF and Liquid Milk sales. EBITDA margins are expected to remain consistent with FY24, with a softer 1H25 and a stronger 2H25. The company also introduced its first-ever dividend policy, targeting a payout ratio of 60-80% of normalised NPAT, with the initial interim dividend planned for February 2025 at 60%. Chair Pip Greenwood highlighted the company’s progress and financial resilience, while CEO David Bortolussi emphasised rewarding shareholders while maintaining growth-focused capital allocation. Future semi-annual dividends, with potential special payouts, will reflect evolving market conditions and financial priorities.

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