Here are the key changes to know about in the New Zealand equity market; NZX50 down -1.1%. Decliners dominate led by Gentrack and Skellerup. Among the few gainers were Heartland, Meridian, and Contact

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 by -1.1% today and is down 3.3% over the past six months. Year-on-year, however, the index remains up 1.4%.

THE MAIN GAINERS
There were 20 gainers in the equity market today. Heartland Group Holdings (HGH, #34) rose 1%, though its share price has dropped 26% over the past six months and 38% year-on-year. Meridian Energy (MEL, #2) also gained 1%, though it is down 2% year-on-year. Contact Energy (CEN, #7) rose 1% as well, and is up 9% compared to this time last year. Spark (SPK, #12) gained 0.5%, but remains heavily down, falling 56% year-on-year.

THE MAIN DECLINERS
The 62 decliners dragged the market lower. Gentrack (GTK, #26) led the losses, falling 7% today. Its share price is down 15% year-to-date but still up 27% year-on-year. Skellerup (SKL, #30) declined 5%, down 4% year-on-year. Tourism Holdings (THL, #47) also dropped 5%, taking its year-on-year loss to 47%. Kathmandu Brands (KMD, #50) slipped 4% and is now down 39% compared to a year ago.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
PaySauce reported solid year-on-year growth in Q4 FY25, with annualised recurring revenue (ARR) up 6% to $8.5m and customer numbers rising 11% to 8,204. Recurring revenue reached $2.1m for the quarter, while processing fees rose 13% to $1.6m. Interest income declined 13% year-on-year due to falling interest rates. CEO Asantha Wijeyeratne noted that despite economic headwinds, PaySauce is seeing strong customer growth momentum, supported by a focus on product improvements and market confidence returning.

The United States have announced new tariffs on products manufactured outside the US. Skellerup (SKL, #30) generates 35% of revenue from sales in the US market. Approximately 85% of this revenue comes from products manufactured at our own and partner facilities (in equal proportions) in each of New Zealand, China and Vietnam. CEO Graham Leaming said, “Due to actions already taken to increase inventory held in market, along with pricing and cost initiatives we do not expect the new tariffs to have a material impact on our FY25 results. Our guidance for net profit after tax of $52 to $56 million for the year ended 30 June 2025 remains in place. The new tariffs will increase costs in future financial years. We expect to offset a significant proportion of these costs with a combination of continuous improvement activities, pricing and cost initiatives and expanding our in-market manufacturing capability.”

Delegat Group has acknowledged a new 10% tariff on New Zealand wine exports to the US, following announcements from President Trump. The US accounts for 52% of Delegat’s export revenue, primarily through its Oyster Bay brand. While EU wine producers face higher tariffs, Delegat is working with NZ Winegrowers and US distributors to assess the impact and will provide further updates to shareholders.

Following the US announcement of a 10% tariff on New Zealand-manufactured goods, F&P Healthcare (FPH, #1) noted that 40% of its US sales are supplied from New Zealand, with the remaining 60% coming from its Mexico facility, which remains USMCA-compliant. While the tariff may increase costs in FY26, the company does not expect a material impact on FY25 net profit. Fisher & Paykel plans to offset cost pressures through continuous improvement and efficient scaling. Further guidance will be provided with full-year results in May.

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