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 has fallen -1.2% today so far, extending its five-day decline to -5.2%. However, the index remains up +5.7% year-on-year.
THE MAIN GAINERS
Only 19 stocks closed higher, with a2 Milk (ATM, #9) leading the gains, rising +2% and up +6% over the past five days. The company's share price has surged +34% in the last six months, bringing its year-on-year gain to +38%. Investore Property (IPL, #46) recorded a second consecutive day of gains, up +1.5%, though it remains down -2% for the year. NZX (NZX, #39) and Heartland Group Holdings (HGH, #33) both rose +1%. The NZX has seen a strong +23% increase over the past six months and is up +64% year-on-year. In contrast, Heartland Group Holdings has lost -4% over the last five days and -24% year-on-year.
A2 Milk
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THE MAIN DECLINERS
At the other end, 63 stocks declined, with Oceania Healthcare (OCA, #41) and Freightways (FRW, #20) leading the losses. Oceania is down -19% over six months but holds onto a +20% year-on-year gain. Freightways has climbed +15% in the past six months and remains up +27% year-on-year. Contact Energy (CEN, #7) and Tourism Holdings (THL, #47) both fell -3%. Contact Energy has now lost -7% over the past five days but remains up +8% year-on-year. Meanwhile, Tourism Holdings dropped -6% in five days, bringing its year-on-year decline to a steep -48%.
Oceania Healthcare
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.4% | -4.3% | -0.7% | -2.3% | +3.4% |
| NZ Top 10 ETF (TNZ) | -1.4% | -6.4% | +5.7%% | -8.8% | +1.2% |
| S/P NZX50 ETF (NZG) | -1.3% | -5.3% | -2.8% | -5.0% | +3.4% |
| NZ Dividend ETF (DIV) | -0.4% | -4.4% | -4.6% | -3.7% | -2.0% |
KEY ANNOUNCEMENTS
Property for Industry Limited (PFI, #27) reported a solid interim result for H1 FY25, with profit after tax rising to $28.8m, up +$7.6m on the prior comparable period (pcp), driven by a $16.6m fair value gain on its $2.1bn industrial property portfolio. Despite increased interest and tax costs, portfolio fundamentals remained strong, with occupancy at 99.9% post-balance date, rent reviews delivering a 6.6% annualised uplift, and leasing spreads exceeding 21%. PFI completed $220m in 5 Green Star developments and commenced Stage 2 of the 78 Springs Road project (~60% pre-leased). Disciplined capital management saw $550m in refinancing, a $100m bond repayment, and gearing at 33.4%. The company remains well-positioned for the remainder of FY25, guiding to an 8.50 cps dividend, up 2.4% on annualised FY24.
Tourism Holdings Limited (THL, #47) reported an underlying NPAT of $26.5m for H1 FY25, down -33%, with statutory NPAT falling -36% to $25.3m. While rental revenue grew +8% on an 11% fleet expansion, ongoing challenges in RV sales led to a 4% decline in vehicle sale revenue and lower margins. New Zealand rentals saw strong growth, but Australian retail dealerships faced headwinds. Cost-reduction initiatives remain on track to deliver at least $12m NPAT benefit by FY27. The company declared a 2.5 cps interim dividend, 100% imputed. THL remains focused on increasing NPAT in FY25 but acknowledges risks, including a prolonged RV sales downturn that may delay recovery until FY26, with earnings guidance expected in Q4 FY25.
Mercury Energy (MCY, #5) faced challenging conditions in HY25 due to low hydro inflows, impacting earnings. Despite this, 46% of earnings were reinvested into renewables, with $1B committed to new projects. EBITDAF was $418m (-$16m lower YoY), while a -$67m net loss was driven by non-cash derivative movements. Growth capital expenditure rose to $139m, funding projects like Kaiwaikawe Wind Farm and Ngā Tamariki expansion. Mercury secured major long-term contracts, including with NZ Aluminium Smelters. Customer initiatives continued, though residential electricity prices will rise approximately +9.7% from April. A 9.6cps interim dividend was declared, up +3% on HY24.
Channel Infrastructure (CHI, #35) has welcomed the government’s support for its Marsden Point Energy Precinct, a key development in enhancing New Zealand’s fuel and energy security. The government’s backing, which includes potential for a Special Economic Zone at Marsden Point, will help grow Channel's operations, create jobs, and drive economic growth in Northland. The Marsden Point projects could generate $3.3 bln in GDP and 20,000 FTE jobs during construction. Additionally, Channel’s large fuel storage capacity positions it as a vital player in strengthening New Zealand’s fuel resilience, as highlighted in the government’s Fuel Security Study.
Ryman Healthcare (RYM, #17) has successfully raised approximately $719 mln through its $313 mln underwritten institutional placement and the institutional component of its $688 mln entitlement offer. The offer, which closed on 25 February 2025, saw strong demand, with eligible institutional shareholders taking up about 77% of their entitlements. Ryman's Chair, Dean Hamilton, expressed satisfaction with the outcome, highlighting the strong support for the company’s capital management strategy and its prioritization of existing shareholders in the allocation policy.
NZX50 Property Sector
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