Here are the key changes to know about in the New Zealand equity market; Vista Group, Summerset, Port of Tauranga, and Contact lead lead today's gainers with Kathmandu, Meridian, NZX, and F&P Healthcare all topping 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 NZX 50 INDEX IS DOING
The NZX50 was little changed today, ending the week with a -2% decline. Over the past month, the index has dropped -4%, leaving it up +7% year-on-year.

THE MAIN GAINERS
There were 43 gainers in the market today. Vista Group (VGL, #34) led the way with an +8% gain, following the announcement of its lifted long-term margin and record revenue. The company has gained +13% in the last five days and a massive +119% year-on-year. Summerset Holdings (SUM, #16) followed with a +5% rise, bringing its year-on-year gain to +11%. Port of Tauranga (POT, #10) climbed +4%, having gained +26% over the last six months and +29% from this time last year. Contact Energy (CEN, #7) was also up +3%, with a +14% year-on-year increase.

THE MAIN DECLINERS
Among the 45 decliners, Kathmandu Brands (KMD, #50) led the losses, falling -5%. Over the last five days, it has only dropped -1%, but it remains down -26% year-on-year. Meridian Energy (MEL, #2) fell -2%, matching its year-on-year decline. The NZX (NZX, #39) also dropped -2%, though it remains strong for the year, up +60%. F&P Healthcare (FPH, #1) slipped -2%, bringing its six-month decline to -7%, though it is still up +36% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Port of Tauranga (POT, #10) delivered a strong performance for the six months ended 31 December 2024, with group net profit after tax rising +27.4% to $60.2m. Trade volumes increased +6.9% to 12.4 million tonnes, while container volumes rose +10.2% to 591,934 TEUs. Log exports declined -10.5%, but bulk imports and other key exports remained steady. The port cited improved productivity and reduced vessel wait times but noted berth capacity constraints, which it aims to address through the Stella Passage development, now under fast-track legislation. Revenue grew +12.5% to $225m, with EBITDA up +17.9% to $114.3m. Given the strong first half, the company lifted its FY25 profit guidance to $115-$125 m, up from the $102.7m underlying profit in FY24.

Summerset Group (SUM, #16) posted a record FY24 underlying profit of $206.4m, up +8%. Revenue increased +18% to $319.9m, while total assets grew +16% to $8.1b. The retirement village operator saw 1,238 sales of occupation rights (+12%) and delivered 708 new homes. Despite a challenging economic environment, development margins remained strong at 28.9%, and the company maintained high resident satisfaction (97%). Summerset continues to expand, acquiring three new sites in NZ and two land extensions. The company declared a final dividend of 13.2 cents per share and continues to push forward with its Australian expansion, marking progress with its Cranbourne North village and new construction at Chirnside Park.

Vista Group International (VGL, #34) delivered its best-ever annual revenue of $150m in 2024, a +5% increase from 2023. The company also reported positive free cash flow in 2H24, net profit before tax of $1.8m, and strong SaaS growth (+21%). Looking ahead, Vista expects 2025 revenue of $167-173m, with EBITDA margins targeted at 16-18%, while upgrading its long-term EBITDA margin aspirations to 33-37% (previously 25-30%+). In leadership changes, CFO Matt Cawte has resigned, with Matt Thompson, Vista’s Global Head of Finance, set to take over by 31 March 2025. CEO Stuart Dickinson praised Cawte’s contributions, particularly through the pandemic and the company’s cloud transition, and expressed confidence in Thompson’s ability to continue the momentum.

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