Here are the key changes to know about in the New Zealand equity market; The NZX50 drops almost -1%; The Warehouse, Vulcan Steel, Spark, and Mainfreight edge higher, while a2 Milk, Kathmandu, SkyTV, and The NZX decline

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 has dropped more than -0.9% so far today, after the OCR review, extending its six-month decline to -1.5%, though it remains up +7.6% year-on-year.

THE MAIN GAINERS
Only 25 stocks are in the green. The Warehouse Group (WHS, #49) rises +1% today, though it's still down -20% over six months and -15% year-on-year. Vulcan Steel (VSL, #33) also gains +1%, lifting +11% over the last five days but still down -3% for the year. Spark (SPK, #11) climbs +1%, although it’s fallen -14% over the past six months and -38% over the year. Mainfreight (MFT, #8) edges up +0.5%, though it’s down -1% over five days and -5% year-on-year.

THE MAIN DECLINERS
Meanwhile, 58 stocks decline. a2 Milk (ATM, #9) slips -4% today and -7% over the last five days. Despite that, it’s up +32% over six months and +7% year-on-year. Kathmandu Brands (KMD, #50) also falls -4%, extending a steep -37% six-month drop and -30% annual decline. Sky Network Television (SKT, #47) drops -2% today, though it remains up +9% over six months and +18% for the year. The NZX (NZX, #44) also sheds -2%, but it’s still gained a strong +34% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Infratil (IFT, #4) has provided a detailed update on U.S. legislation affecting its portfolio company, Longroad Energy. The recently passed "One Big Beautiful Bill Act," signed into law on 4 July 2025, included changes to tax incentives for renewable energy projects. While the original draft significantly reduced benefits under the Inflation Reduction Act, the final version was more favourable than anticipated. Longroad now has more time to meet eligibility for tax credits, with the construction-start window extended to 12 months and project deadlines pushed out to 4–5 years. Importantly, tax credit transferability remains, and the strict Foreign Entity of Concern (FEOC) rules are more navigable under phased thresholds. The company has ~2.6GW of projects already safe-harboured, with plans to scale this further in support of its 30GW pipeline and its target of 1.5GW of new project starts per year through 2027. Infratil says Longroad is well positioned to navigate the updated rules, viewing the legislation as a strategic opportunity to maintain eligibility and capitalise on strong clean energy demand. More detail is expected at Infratil’s Investor Day in September.

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