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 NZX 50 has dipped -0.4% today so far in a slipping trend, trimming its one-month gain to +3.7%. Over the past six months, the index is down -4.3%, but remains up +7.3% year-on-year.
THE MAIN GAINERS
Turners Automotive (TRA, #39) leads the 33 gainers, rising +3% today. The stock is up +1% over five days, +7% for the month, and has surged +50% year-on-year. Vital Healthcare Property (VHP, #25) adds +2%, though it's still down -6% over the year. SkyCity Entertainment (SKC, #35) also lifts +2%, but remains down -12% for the month, -31% over six months, and -43% year-on-year. Property for Industry (PFI, #26) gains +1%, up +3% for the month and flat over the year.
Turners
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THE MAIN DECLINERS
Among 46 decliners, Oceania Healthcare (OCA, #42) falls -5%. It’s down -16% over six months, but still up +10% year-on-year. Freightways (FRW, #21) drops -4%, falling -3% over five days but gaining +32% over the year. The Warehouse Group (WHS, #49) declines -3%, up +5% for the month but down -18% year-to-date. Vista Group (VGL, #32) also falls -3%, down -6% in the past five days, though up +14% over six months and 63% year-on-year.
Oceania Healthcare
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.1% | -0.4% | -4.6% | -2.5% | +4.6% |
| NZ Top 10 ETF (TNZ) | -0.1% | -0.7% | -6.8% | -6.8% | +2.4% |
| S/P NZX50 ETF (NZG) | +0.1% | -0.2% | -4.9% | -3.4% | +4.6% |
| NZ Dividend ETF (DIV) | -0.1% | -0.5% | -5.1% | -2.6% | +1.8% |
KEY ANNOUNCEMENTS
Chorus (CNU, #14) has opened its offer of up to $170m in unsecured, subordinated, redeemable, cumulative interest-bearing capital notes to New Zealand investors. The notes have a 31-year term maturing 6 June 2056, with potential for early redemption from 6 March 2031. Interest will be fixed for the first six years, with a minimum initial rate of 5.50% and an indicative margin of 2.10–2.25%, to be confirmed via bookbuild on 29 May. Chorus can defer interest payments for up to five years. The notes are rated BB+ by S&P and Baa3 by Moody’s.
Kiwi Property Group (KPG, #23) reported its FY25 results showing operational resilience amid economic headwinds, with net rental income up +5.0% to $194.1m and operating profit before tax rising +7.4% to $116.2m. Net profit after tax surged to $57.0m from a prior-year loss, while adjusted funds from operations declined -7.0% to $92.8m, impacted by tax changes and higher interest costs. Asset values were largely stable at $3.3b (-0.3%), and the company exceeded its expense target, reducing employment and admin costs by 23%. The dividend was 5.40 cps (-5.3%), and FY26 guidance of 5.60 cps implies 3.7% growth. Mixed-use developments progressed, with Resido 85% leased and spending by residents significantly higher. IKEA’s upcoming opening at Sylvia Park is expected to drive further foot traffic and rental growth. At Drury, the first land sale to Foodstuffs marked a milestone, with more deals in the pipeline. Kiwi Property will maintain tight cost control, recycle capital through asset sales, and continue investing in quality developments.
Turners Automotive Group (TRA, #39) has posted another record result for FY25, delivering a +17% lift in NPAT to $38.6m and increasing dividends 14% to 29 cps, marking nearly threefold growth since FY15. The company reported a +10% rise in NPBT to $54.3m and +6% growth in EBIT to $62.3m, with earnings per share up +17% to 43.3 cps. Despite early headwinds, including a tough economic backdrop and pressure on Auto Retail, a strong second-half rebound saw all core divisions return to growth. Finance and Insurance segments were standouts, supported by expanding net interest margins and resilient policy sales. The new Servicing & Repairs stream and digital momentum across the group signal continued diversification. Turners enters FY26 with strong momentum, targeting $65m NPBT by FY28—potentially ahead of schedule. Branch expansion, optimisation of retail operations, and improving macro tailwinds such as falling interest rates are expected to support further growth. The company reaffirmed its commitment to building a sustainable, shareholder-aligned business model, underpinned by culture, digital channels, and diversified revenue streams.
Westpac Group has appointed Dr Andrew McMullan as Chief Data, Digital and AI Officer, effective September 2025. Reporting to CEO Anthony Miller, McMullan will lead the bank’s data analytics, digital transformation, and AI efforts with a focus on responsible use to improve customer and employee experiences. Previously Chief Data and Analytics Officer at Commonwealth Bank, McMullan holds a PhD in Statistics and brings extensive global experience in financial services innovation. CEO Miller said McMullan’s leadership will accelerate Westpac’s digital strategy and support its UNITE program.
NZX50 Energy Sector
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