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 gained +0.4% today. Over the past month the index is up +0.5%, declining -0.8% over the last six months but advancing +2.2% for the year.
THE MAIN GAINERS
There were 45 stocks in the gains, with the top four performers all rising +2%: Serko (SKO, #49), Vector (VCT, #12), Chorus (CNU, #13), and Infratil (IFT, #4). Serko declined -6% over the last five days and was down -13% over the past month. Compared with this time last year, Serko has fallen -31%. Vector gained +3% for the month, extending its year-on-year rise to +17%. Chorus was up +7% for the month and +15% year-on-year. Infratil gained +9% over the last six months and +10% from this time last year.
Serko
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THE MAIN DECLINERS
There were 29 decliners, with the top four drops all down -1%. Briscoe Group (BGP, #24) fell -9% over the past month, though it gained +18% over the last six months. Year-on-year, the NZX50 newcomer was up +24%. Tourism Holdings (THL, #44) gained +4% over the last five days and was up +3% year-on-year. Vista Group Limited (VGL, #33) dropped -10% over the last five days but held just above level for the year, up +1%. Tower (TWR, #41) gained +17% over the past six months and a strong +49% year-on-year.
Briscoe Group
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.3% | -0.03% | -2.9% | -0.9% | -0.7% |
| NZ Top 10 ETF (TNZ) | +0.6% | +0.4% | -4.1% | -6.3% | -4.5% |
| S/P NZX50 ETF (NZG) | +0.3% | -0.2% | -2.7% | -2.3% | -0.4% |
| NZ Dividend ETF (DIV) | +0.1% | -0.9% | +2.5% | +3.4% | +1.6% |
KEY ANNOUNCEMENTS
Freightways (FRW, #19) delivered a solid FY25 performance despite challenging economic conditions, with total revenue up +6.6%, EBITA up +6.3%, and NPAT up +12.9%. The EPBM division grew revenue and margins, while IMWR had mixed results due to Waste Renewal. Labour costs remain high, but recruitment has improved, and margin recovery is targeted through efficiency and pricing. The Board declared a final dividend of 21cps, bringing total FY25 dividends to 40cps. Freightways continues to diversify geographically and across services, with significant growth in Australia, investments in technology and automation, and initiatives like TIMG’s digital medical records and Kiwi Oversize’s new revenue stream. Near-term focus remains on margin improvement, service quality, and modest organic growth across market-leading operations.
Longroad Energy received positive U.S. Treasury guidance on qualifying wind and solar projects for tax credits under the One Big Beautiful Bill Act, providing clear timelines and rules for construction start. The updated guidance allows projects to qualify via two pathways: those starting before 2 September 2025 can use existing rules, while projects starting after must meet new physical work requirements through 4 July 2026. This aligns with Longroad’s safe-harbour strategy, and the company expects to have over 5 GW of projects qualified by September, positioning it to meet its medium-term target of an 8.5 GW fleet built or in construction by the end of FY2028.
a2 Milk (ATM, #8) reported strong FY25 results, with revenue up +13.5% to NZ$1,902 mln, EBITDA up +17.1% to $274.3 mln, and NPAT rising +21.1% to $202.9 mln, driven by growth across China & Other Asia, USA, and Mataura Valley Milk, while ANZ was flat. Total IMF sales grew +9.9%, liquid milk up +14.4%, Other Nutritionals up +23.1%, and ingredients sales up +41.9%. Gross margin improved to 46.1%, SG&A costs declined as a percentage of sales, and EBITDA margin reached 14.4% (2H25: 15.4%). Basic EPS rose +20.9% to 28 cents, and net cash strengthened to $1,061 mln. The company declared a total dividend of 20 cents per share and managed supply constraints with prioritised distributor stock and airfreight, while collaborating with Synlait to address manufacturing challenges.
Contact Energy (CEN, #7) has extended its partnership with New Zealand Steel, signing an 11-year, 50MW electricity supply agreement and a 35-year option and lease for land adjacent to its Glenbrook-Ohurua battery site. The supply deal, starting December 2025, supports NZ Steel’s new Electric Arc Furnace and mirrors the off-peak structure of an existing 30MW agreement, helping decarbonisation and long-term renewable energy supply. The land agreement advances NZ Steel’s Energy Hub, while Contact plans a 200MW battery in FY26, bringing total operational battery capacity to 300MW, reducing peak gas reliance and supporting New Zealand’s energy system.
Michael Hill International has appointed Jonathan Waecker as its new CEO, effective 27 August 2025. Waecker brings extensive global experience across retail, brand, digital, and customer experience, having held leadership roles at The Walt Disney Company, Yahoo, and The Warehouse Group. He will relocate from Auckland to Brisbane and succeed interim CEO Andrew Lowe, who will return to his role as CFO and Supply Chain Officer during a six-month transition. The Board highlighted Waecker’s commercial acumen, digital expertise, and customer-centric leadership as key to driving Michael Hill’s next phase of growth and transformation.
NZX50 Freight Sector
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