Here are the key changes to know about in the New Zealand equity market; Meridian, Heartland, F&P Healthcare, and Oceania lead the gainers with Ryman, EBOS, Skellerup, and Summerset the main 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 NZX 50 has fallen -0.4% so far today, bringing its five-day decline to -2.7%. Over the past six months, the index is down -6%, though it remains up +5% year-on-year.

THE MAIN GAINERS
There are 37 gainers on the market today, led by Meridian Energy (MEL, #2), which rises +2% and is up +4% for the month, though still down -9% year-on-year. Heartland Group Holdings (HGH, #35) gains +1%, despite being down -5% over the last five days, -20% over six months, and -21% year-on-year. Fisher & Paykel Healthcare (FPH, #1) also gains +1%, lifting its monthly return to +3% and its year-on-year performance to a +23% increase. Oceania Healthcare (OCA, #43) climbs +1% today, bringing its year-on-year gain to +10%.

THE MAIN DECLINERS
Meanwhile, 44 stocks finish in the red. Ryman Healthcare (RYM, #17) leads the decliners, down 6% today and 10% over the last five days. It has fallen 48% over the past six months and is down 33% year-on-year. EBOS Group (EBO, #6) sheds 5%, now down 4% over five days and 3% over six months, though still up 2% year-on-year. Skellerup (SKL, #31) slips 4%, with a 16% loss over the past six months, though it remains up 18% from this time last year. Summerset Group Holdings (SUM, #16) drops 3% today but is still up 13% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Fonterra has announced a Q3 normalised profit after tax of $1.16b, up +11% on last year, and narrowed its FY25 earnings forecast to 65–75 cents per share following strong third-quarter performance. The Co-op also confirmed a 2024/25 forecast Farmgate Milk Price of $10.00 per kgMS and set an opening forecast of the same for 2025/26, citing stable near-term demand but acknowledging a wide range of possible outcomes. CEO Miles Hurrell says Fonterra is focused on maintaining momentum and delivering value through its Ingredients and Foodservice businesses, with divestment plans for its global Consumer operations progressing on track. Return on capital sits at 11%, and the Co-op says it remains committed to a strong milk price, a robust balance sheet, and a targeted capital return to shareholders following divestment.

Infratil (IFT, #4) has opened an offer of new 7-year unsecured, unsubordinated, fixed rate bonds maturing 16 June 2032. The offer includes a Firm Offer of up to $50m (with the option to accept oversubscriptions) available to New Zealand clients through approved financial intermediaries, closing 4 June 2025. A separate Exchange Offer opens 5 June, allowing holders of the IFT250 bonds (maturing 15 June 2025) to swap their holdings for the new bonds, closing 11 June 2025. The new bonds will carry a minimum interest rate of 6.00%, with the final rate to be confirmed following a bookbuild on 4 June, based on a margin of 2.30%–2.45% over the base rate.

Mainfreight (MFT, #8) has reported its financial results for the year ended 31 March 2025, delivering revenue of $5.24b, up +11%, and net profit of $274.3m, up +31%, despite a -3% decline in profit before tax to $383.6m. Adjusted for foreign exchange, revenue rose +9% and profit before tax fell -4%. Operating cash flows improved to $584m from $505m, and a final dividend of 87 cents per share has been declared, bringing the full-year dividend to 172 cents. This result was buoyed by a record performance in Australia, now the Group’s largest contributor, offsetting weaker results in New Zealand, the Americas, and Asia, where margins were pressured by competitive environments, lower freight rates, and higher property costs.

Freight volumes grew across all modes, with airfreight kilos up +8%, sea freight TEUs up +6%, domestic transport tonnes up +3%, and warehouse orders picked up up +2%. The company’s Americas operations saw a -30% fall in profit before tax due to underperformance in its transport business, while Asia’s profit dropped -29.4% despite strong revenue growth. Europe saw solid improvement, with profit before tax rising +11%. Net capital expenditure was $234.5m, with property and infrastructure investment continuing at pace, although a more cautious approach is expected going forward. Planned capex through 2027 totals NZ$450m. The discretionary bonus pool of $30.5m will be shared among team members in Australia, Asia, and Europe, while staff in New Zealand and the Americas will miss out due to lower profits.

The Group remains optimistic, with strong sales activity and opportunities across all regions, particularly as global supply chains adjust to tariff uncertainties and manufacturing shifts. Mainfreight's global network of 337 branches across 27 countries positions it well to support customers amid ongoing disruption, and the company will provide its next financial update on 12 November 2025.

Goodman Property Services (NZ) Limited, as Manager of Goodman Property Trust (GMT, #15), has announced the establishment of a new open-ended property fund to hold the $2.1b Highbrook Business Park. Structured as a limited partnership, GMT will retain a 72% ownership stake, with Goodman Group and a global investment manager acquiring 16% and 12% respectively. CEO James Spence said the new international partners were drawn by the strong Auckland industrial market and GMT’s management expertise, with the partnership marking a strategic milestone following last year’s internalisation. The transaction will release $1.19b in cash to GMT—enabled through $350m in new equity from its partners and $840m in bank debt—allowing GMT to repay debt, reduce look-through gearing by 10%, and fund future investments.

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