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 NZX 50 INDEX IS DOING
The NZX50 is in sharp decline today, down -1.6% so far, and has fallen -4% over the past five days. Year-on-year, the index has gained +7%.
THE MAIN GAINERS
Today, only 26 stocks are in the green, with Investore Property (IPL, #46) leading the gainers, up +1%. Over the past five days, Investore's share price has dropped -4%, but it has gained +12% year-on-year.
Investore Property
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THE MAIN DECLINERS
On the other hand, there are 58 decliners in today’s market drop and only nine of them have fallen less than -1%, the rest much more. Summerset (SUM, #16) saw the biggest decline, falling a sharp -6%. Over the last five days, its share price has dropped -8%. Despite these recent declines, Summerset is still up +8% year-on-year. Oceania Healthcare (OCA, #41) and Chorus (CNU, #13) both saw declines of -5%. Oceania Healthcare’s share price has dropped -16% over the past six months but is up +25% year-on-year. Chorus, meanwhile, has declined just -2% over the same period, with a +9% gain year-on-year. Gentrack (GTK, #24) also fell -3%, but has gained +16% over the past six months and a solid +47% year-to-date.
Summerset Group Holdings
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -2.2% | -3.9% | -0.6% | -2.2% | +3.5% |
| NZ Top 10 ETF (TNZ) | -1.0% | -4.6 | -3.9% | -7.1% | +3.1% |
| S/P NZX50 ETF (NZG) | -1.8% | -4.0% | -1.8% | -4.1% | +4.4% |
| NZ Dividend ETF (DIV) | -1.4% | -4.5% | -4.2% | -3.4% | -1.7% |
KEY ANNOUNCEMENTS
Chorus (CNU, #13) reported steady results for the six months ending December 31, 2024. Fibre connections grew by 14,000, reaching 1.1 million, and fibre uptake rose to 71.7%. Operating revenue was $500 mln, with EBITDA of $346 mln, similar to last year. However, a net loss of $5 mln was recorded due to accelerated depreciation from retiring the copper network.
The company continues to reduce copper connections, with plans to retire copper in fibre areas by FY26. Fibre data usage hit a record 644GB per month, with more daytime traffic peaks. Chorus also launched a trial to provide equitable fibre access to 1,500 low-income households. Chorus confirmed a 23-cent interim dividend and maintained full-year guidance: EBITDA of $700-720m, capital expenditure of $400-440m, and sustaining capital expenditure of $200-220m.
Ryman Healthcare (RYM, #17) has announced a $1 bln equity raising, comprising a $313 mln institutional placement and a $688 mln accelerated pro-rata entitlement offer. The aim of the offer is to strengthen Ryman's financial position, improve performance, and create shareholder value as market conditions recover. Ryman isn't trading while the equity raising is underway, so they are not part of today's NZX50 results. Ryman Chair, Dean Hamilton, stated that the equity raise will reduce gearing from 37.3% to 23.1%, supporting ongoing transformation efforts. CEO Naomi James outlined a business improvement programme targeting over $500m in cash release and annualised cash improvements of $100-150m over the next three to five years. Ryman isn't trading while the equity raising
The focus will be on delivering better retirement living and care services as demand for aged care rises in New Zealand and Australia. The offer will issue approximately 328 million new shares, representing 48% of existing shares, at $3.05 per share—a 21.9% discount to the theoretical ex-rights price. The offer is fully underwritten by Craigs Investment Partners, Forsyth Barr, and Jarden Partners. The entitlement offer will be non-renounceable, with eligible shareholders invited to subscribe for 1 new share for every 3.05 existing shares. The retail component of the offer opens on Thursday, 27 February.
For Michael Hill International Limited's (MHJ) first half of FY25, the group reported a slight decrease in revenue to $360.2m, down 0.7% from FY24, though it remained flat on a constant currency basis. Gross margin improved to 61.3%, up from 60.6% in FY24, driven by product and brand initiatives, higher-margin gifting products, and increased transaction volumes during the Christmas period. Comparable EBIT was $24.1m, and statutory net profit after tax increased to $16.9m. Active inventory management reduced inventory by $6.6m, and closing net debt dropped to $9.8m. Cost reduction initiatives for the second half are targeted at $5m.
Operationally, Canada saw record sales growth of +2.7%, Australia grew by +0.6%, while New Zealand faced a -7.8% decline due to economic challenges. Digital sales grew to $30.3m, and the company successfully launched the MH Pendant Bar and elevated its LAB diamonds to higher-quality specifications. New flagship stores opened in Melbourne, and the Queenstown store was refurbished. The store network was optimised, reducing from 302 to 294 stores, with Bevilles expanding to 38 stores. For FY25 H2, group sales are up 1.7%, with same-store sales growing 3.2%, driven by Australia’s +3.8% growth, Canada’s +6.7%, and New Zealand’s -1.9% decline. CEO Daniel Bracken noted the challenges but highlighted improving margins, ongoing cost reductions, and transformation efforts.
NZX50 Energy Sector
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