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 rebounded +1% today, recovering some ground after recent declines. The index remains down -5% over the past five days but has gained +6% year-on-year.
THE MAIN GAINERS
Investore Property (IPL, #46) led the market with a sharp +9% gain, despite being down -4% over five days and -2% year-on-year. Vector (VCT, #12) and Vulcan Steel (VSL, #26) both rose +5%. Vector has lost -1% over five days but remains up +7% in the past six months and +2% year-on-year. Vulcan Steel gained +6% over six months and is now up +7% year-on-year. Mercury Energy (MCY, #5) followed with a +4% gain but remains down -1% over five days and -9% year-on-year.
Investore Property
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THE MAIN DECLINERS
On the downside, 25 stocks declined, led by NZX50 heavyweight F&P Healthcare (FPH, #1), which fell -2% today and -4% over five days, though it remains up +37% year-on-year. The Warehouse Group (WHS, #49) dropped -1%, extending its -30% year-on-year decline. Air New Zealand (AIR, #19) slipped -0.4% today and -7% over five days. Spark (SPK, #11) edged down -0.3%, with a steep -55% loss year-on-year.
Fisher and Paykel Healthcare
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +2.0% | +4.6% | -1.1% | -2.7% | +3.0% |
| NZ Top 10 ETF (TNZ) | +0.9% | -5.9% | -5.6% | -8.7% | +1.3% |
| S/P NZX50 ETF (NZG) | +1.1% | -4.1% | -1.9% | -4.3% | +4.2% |
| NZ Dividend ETF (DIV) | +0.1% | -6.4% | -6.3% | -5.5% | -3.8% |
KEY ANNOUNCEMENTS
Scales Corporation (SCL, #37) reported strong FY2024 results, with reported NPAT attributable to shareholders rising to $30.7m (FY2023: $5.2M) and underlying NPAT reaching $34.3m (FY2023: $19.0m). Group revenue grew +3% to $584.6M, with underlying EBITDA up +36% to $91.7m. The Global Proteins division delivered strong results, Horticulture performance normalised, and Logistics achieved record earnings. Scales advanced its growth strategy with key acquisitions, including orchards from Bostock Group and full ownership of Profruit, while increasing its stake in Meateor Australia to 50%. The company maintains a strong financial position with net cash of $12.5m. A first dividend instalment of 7.25 cents per share was paid in January, with a second instalment to be announced in May.
Vector (VCT, #12) CEO Simon Mackenzie will step down in June 2025 after leading the company since 2008. Board Chair Doug McKay praised Mackenzie's significant contributions, including growing competitive businesses like Vector Metering (now Bluecurrent) and Ongas, forming key partnerships with Amazon Web Services and Google X, and driving infrastructure investment to support Auckland’s growth. Mackenzie also championed innovation, sustainability, and strategic acquisitions. Vector has built strong internal succession, and a recruitment process for his replacement is underway. Mackenzie will remain a director at Bluecurrent and assist in the transition.
Vector Group also reported a strong first half of FY2025, with net profit after tax from continuing operations at $118m and adjusted EBITDA up +16% to $202m. Gross capital expenditure reached $261m, and the company will pay an unimputed interim dividend of 12 cents per share. The board has revised its dividend policy to align with the Commerce Commission’s five-year regulatory cycle. Vector completed the sale of Ongas and Liquigas, introducing a new financial reporting structure focused on electricity, gas distribution, and other segments. Electricity revenue rose +8% to $372m, while gas distribution revenue increased +3% to $34m. For the full year, adjusted EBITDA is expected between $400-$415m, with gross capex in the $495-$525m range. The next regulatory period (DPP4) begins on 1 April 2025.
Meridian Energy (MEL, #2) reported a significant drop in operating cash flows to $50m for the six months ending 31 December 2024, down from -$303m a year earlier, with a net loss of -$121m compared to a $191m profit last year. The decline reflects the $200m cost of replacing hedge contracts due to a gas shortage and demand response with NZ Aluminium Smelter. EBITDAF fell from $443m to $257m, while underlying net profit dropped from $175m to -$5m. Despite this, the Board maintained the interim dividend at 6.15 cents per share, 85% imputed, with the Dividend Reinvestment Plan applying at a 2% discount. Meridian retains a strong balance sheet with a BBB+ credit rating. The full financial report is available on their website.
Argosy Property (ARG, #32) has announced a third-quarter cash dividend of 1.6625 cents per share for the 2025 financial year, with imputation credits of 0.206074 cents per share attached. Overseas investors will receive a supplementary dividend of 0.093513 cents per share. The record date is 12 March 2025, with payment on 26 March 2025. Argosy’s Dividend Reinvestment Plan remains open, offering a 2% discount for participating shareholders.
NZX50 Industrial Sector
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