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 finishes the trading week little changed, rising +2.4% over the past five days. Year-on-year, the index is up +5.1%.
THE MAIN GAINERS
There are 45 gainers in the equity market today. Skellerup Holdings (SKL, #31) rises +2%, gaining +6% over the past five days. While it is down -9% over the last six months, it gains +20% year-on-year. Ryman Healthcare (RYM, #18) also lifts +2% today, though it falls -8% over the month and -34% year-on-year. The Warehouse Group (WHS, #49) climbs +2%, up +14% over the past five days, though it remains -8% lower year-on-year. NZX Limited (NZX, #41) also gains +2%, up +1% for the month and +41% year-on-year.
Skellerup Holdings
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THE MAIN DECLINERS
Among the 34 decliners, Fletcher Building (FBU, #14) leads losses, falling -4% today and -2% over the week. It is up +4% over six months and +3% year-on-year. Gentrack (GTK, #24) drops -2%, though it gains +5% over the week. It is down -11% in the last six months, but up +27% year-on-year. Kathmandu Holdings (KMD, #50) also falls -2%, down -7% for the week, -28% over six months, and -35% year-on-year. Oceania Healthcare (OCA, #44) slips -2% today and -3% over the week, though it remains up +13% year-on-year.
Fletcher Building
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.3% | +2.2% | -2.7% | -3.3% | +4.1% |
| NZ Top 10 ETF (TNZ) | -0.5% | +1.4% | -6.2% | -8.4% | -1.9% |
| S/P NZX50 ETF (NZG) | +0.3% | +2.0% | -3.1% | -4.3% | +2.9% |
| NZ Dividend ETF (DIV) | -0.3% | +1.9% | -2.6% | -3.5% | +3.7% |
KEY ANNOUNCEMENTS
SkyCity Entertainment Group (SKC, #35) has announced it will file legal proceedings against Fletcher Building and The Fletcher Construction Company, seeking over $330m in liquidated damages. The claim relates to prolonged delays in the delivery of the New Zealand International Convention Centre (NZICC)—now nearly six and a half years late—and alleges gross negligence and serious breaches of contract, including those linked to the 2019 fire. Despite efforts to resolve the matter amicably, SkyCity is now taking formal legal action. CEO Jason Walbridge reaffirmed confidence in a February 2026 opening, with handover expected in the second half.
Fletcher Building (FBU, #14) has acknowledged SkyCity’s legal proceedings over the NZICC project, stating it has already paid significant liquidated damages and will vigorously defend claims for further payments beyond the contractual cap. The company rejects allegations of contract breaches and confirms construction work is complete, with defect remediation and commissioning now underway ahead of an expected handover in H2 2025. Fletcher expects to take a further provision of $12–15m for final project stages (excluding legal dispute costs) and continues to pursue over $100m in insurance recoveries and legal action related to the 2019 fire.
Synlait Milk has set its opening forecast base milk price for the 2025/26 season at $10.00 per kgMS, citing a positive price outlook and its commitment to matching or exceeding industry advance rates. The current 2024/25 forecast also remains at $10.00 per kgMS, up 25% from the initial forecast of $8.00. Synlait notes that ongoing geopolitical uncertainty could impact next season's pricing. The final milk price for the 2024/25 season will be confirmed on 29 September 2025 alongside the company’s full-year result.
NZX50 Industrial Sector
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