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 declined -0.6% today, bringing its year-to-date loss to -7%. Year-on-year, the index has gained +1%.
THE MAIN GAINERS
The 29 gainers to start the week were led by The Warehouse Group (WHS, #49), which rose +3.5%. Despite today's gain, WHS is down -9% in the last month and has fallen -40% year-on-year. Oceania Healthcare (OCA, #45) followed with a +2% increase, though it has declined -3% over the last five days and -3% year-on-year. a2 Milk (ATM, #9) also gained +2%, adding +1% over the last month and delivering a strong +34% return for the year. Auckland Airport (AIA, #3) rose +1% but remains down -2% year-on-year.
The Warehouse Group
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THE MAIN DECLINERS
There were 49 decliners in the market today. Serko (SKO, #43) saw the largest drop, falling -5%, though it has gained +25% over the last six months. Year-on-year, SKO is down -1%. Mainfreight (MFT, #8) declined -3% today and -7% over the past five days, with its share price down -13% year-on-year. Stride Property Group (SPG, #36) also fell -3%, losing -10% in the last month and -14% year-on-year. Summerset Group Holdings (SUM, #16) matched the -3% decline, bringing its year-on-year drop to -3%.
Serko
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.7% | +0.3% | -2.6% | -4.8% | -2.6% |
| NZ Top 10 ETF (TNZ) | -1.6% | +0.6% | -6.3% | -10.8% | -3.5% |
| S/P NZX50 ETF (NZG) | -0.7% | -0.3% | -3.6% | -6.6% | -1.7% |
| NZ Dividend ETF (DIV) | -0.6% | -0.6% | -3.8% | -5.5% | -7.9% |
KEY ANNOUNCEMENTS
Downer has been awarded a NZ$600 million, 12-year Electricity Field Services Agreement with Powerco, commencing 1 July 2025. The initial five-year term is valued at NZ$250 million, with extension options for a further seven years. Under the contract, Downer will provide maintenance, minor capital works, and fault repair services across Powerco’s North Island electricity network. CEO Peter Tompkins highlighted the deal as a testament to Downer’s strong track record in power distribution and its leadership in New Zealand’s utilities sector.
Fonterra has appointed Liz Coutts ONZM as Chair-elect of Mainland Group, the proposed divestment entity for its global Consumer business. Currently Chair of EBOS Group, Oceania Healthcare, and 2degrees, Liz will lead the Board if an IPO proceeds. This follows the earlier appointments of CEO-elect René Dedoncker and CFO-elect Paul Victor. Fonterra is evaluating both trade sale and IPO options, assessing offers and meeting investors. The chosen divestment path, subject to shareholder approval, aims to maximise value for farmers and support the growth of Fonterra’s Consumer brands.
Auckland Airport (AIA, #3) will discount airline charges for the final two years of its 2022-2027 pricing period (PSE4), bringing its targeted return to 7.82%, aligning with the Commerce Commission’s reasonable range. However, weaker traffic volumes mean actual returns will likely fall below this target. The Commerce Commission confirmed Auckland Airport’s investment plans are reasonable, comparable to global standards, and essential for long-term resilience. The airport’s integrated terminal programme is 31% complete, with critical airfield upgrades also progressing. CEO Carrie Hurihanganui reaffirmed Auckland Airport’s commitment to balancing fair returns for investors with infrastructure investment, stating that New Zealand must remain competitive with major international airports. The Commission’s final report acknowledged Auckland Airport’s regulatory compliance and consultation processes, reinforcing the importance of timely investment to maintain service quality and encourage competition.
Air New Zealand’s (AIR, #18) group capacity fell 4.4% in February 2025 compared to the same month last year, with long-haul ASKs down 5.5%, domestic ASKs down 0.9%, and short-haul international ASKs down 3.9%. The decline reflects reduced aircraft availability due to global engine maintenance requirements. Despite capacity constraints, year-to-date underlying RASK improved by 0.9%. Short-haul RASK declined 1.1%, primarily due to softer domestic demand, while long-haul RASK increased by 2.1% year-on-year.
NZX50 Industrial Sector
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