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 experienced a sharp decline today, driven by significant drops among top-performing companies in the index. The index fell -1.2% since yesterday, reducing its five-day gain to +2.4%. Despite today's downturn, the index remains up +16% year-on-year, reflecting strong overall performance.
THE MAIN GAINERS
The market saw 36 companies posting gains today, once again led by Gentrack (GTK, #25) for the third consecutive day. Gentrack's share price increased by +2.3%, bringing its five-day gain to an impressive +21% and marking a remarkable +135% increase compared to this time last year. Tower (TWR, #40) also rose by +2.3% following the release of its full-year results, gaining +5.7% over the past five days and up +123% year-on-year. Vista Group (VGL, #35) added +1%, maintaining its strong year-on-year growth of +115%. Oceania Healthcare (OCA, #39) also gained +1% today and has achieved a solid +7% year-on-year increase.
Gentrack
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THE MAIN DECLINERS
The NZX50's sharp decline today was driven by significant drops among its largest companies. Ryman Healthcare (RYM, #14) led the losses, with its share price falling -6% following the release of its 1H25 results, leaving it down -7.3% for the month. Despite a +27% gain over the last six months, Ryman remains down -11% year-on-year. Genesis Energy (GNE, #18) dropped -3%, extending its yearly decline to -5%. F&P Healthcare (FPH, #1) slipped -4%, retreating from yesterday's strong performance but maintaining an impressive +64% gain year-on-year. Mercury Energy (MCY, #5) fell -2%, staying flat over the past five days, with a +9% year-on-year increase.
Ryman Healthcare
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -1.6% | -0.3% | +8.4% | +5.5% | +8.8% |
| NZ Top 10 ETF (TNZ) | -1.6% | +1.8% | +10.4% | +8.7% | +13.3% |
| S/P NZX50 ETF (NZG) | -1.7% | +0.7% | +9.5% | +9.0% | +12.8% |
| NZ Dividend ETF (DIV) | -2.5% | -1.5% | +4.1% | -2.1% | -1.3% |
KEY ANNOUNCEMENTS
Infratil Limited (IFT, #4) has launched an offer of six-year unsecured, unsubordinated fixed-rate bonds (IFT360) maturing on 13 December 2030. The offer comprises two parts:
- Firm Offer: Up to $50 million (with oversubscription options) available to New Zealand investors through joint lead managers and approved intermediaries. This offer closes at 11:00 am on 3 December 2024.
- Exchange Offer: Up to $100 million available to New Zealand resident holders of IFT260 bonds maturing on 15 December 2024. Eligible bondholders can exchange their holdings for new bonds between 4 December and 10 December 2024. Applications will be satisfied in full up to the amount of their existing investment.
The interest rate will be the higher of a minimum 6.00% per annum or the sum of the issue margin (2.25%-2.40%) and the base rate, determined on 3 December 2024. Final terms, including the set interest rate, will be announced following a bookbuild process. The bonds are expected to trade on the NZX Debt Market under the ticker IFT360.
Ryman Healthcare posted a 10% rise in revenue to $366.3mln for 1H25, driven by growth in care and village fees and the delivery of 667 new retirement units and aged care beds. However, reported net profit after tax (NPAT) declined by -50% to $94.4 mln, and cash flow from existing operations dropped to -7.8 mln, reflecting higher costs and lower capitalisation. Sales of occupation right agreements (ORAs) rose 5% to 827 mln, generating $651.4 mln in gross proceeds. Ryman's newly appointed CEO, Naomi James, steps into leadership amid ongoing restructuring aimed at cost reduction and operational efficiency. The company has already achieved $18 million in annualised savings and plans to further streamline operations. Dividends remain suspended, and net debt has risen slightly to $2.56bln.
The company has moderated its development pace, with no new projects planned before March 2026. FY25 guidance includes a build rate at the upper end of 850-950 units, negative free cash flow of $50-100 mln, and reduced capex of $625-675 mln, reflecting market conditions. Ryman continues to adjust its reporting to enhance transparency and comparability, aligning with sector standards. The company remains focused on improving cash flow and leveraging its strong market position for future growth once residential property markets recover.
Fisher & Paykel Healthcare posted record revenue of $951.2 mln for 1H25, up 18%, with net profit after tax rising 43% to $153.2 mln. Growth was driven by strong performance in hospital products (+21%) and homecare (+14%), including demand for new OSA masks. Gross margin improved to 61.9%, and the interim dividend increased to 18.5 cents per share. Full-year guidance remains unchanged, with revenue projected at $1.9–2.0 bln and net profit of $320–370 mln.
NZX50 Technology Sector
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