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 gained +1.3% so far today, lifting its five-day rise to +2.6%. Over the past six months the index was up +1.6%, and +4.3% year-on-year.
THE MAIN GAINERS
There were 40 gainers in the equity market, led by Kathmandu, Contact Energy, Vulcan Steel, and Heartland Group Holdings, all up +2%. Kathmandu (KMD, #50) rose +4% over the last five days but was down -7% for the month, -38% over six months, and -52% year-on-year. Contact Energy (CEN, #7) added +1% for the month and +4% over the year. Vulcan Steel (VSL, #31) showed pockets of growth during the year-to-date but remained down -11% from a year earlier. Heartland Group Holdings (HGH, #34) climbed +5% over the last five days, though it fell -21% over six months and -11% year-on-year.
Kathmandu
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THE MAIN DECLINERS
There were 32 decliners. Tourism Holdings (THL, #44) fell -2% but was up +3% over the past five days, +16% over six months, and +2% year-on-year. Oceania Healthcare (OCA, #45) slipped -1%, declining -6% over the month and -21% year-on-year. Gentrack (GTK, #28) also fell -1%, down -15% for the month, while remaining flat year-on-year. Stride Property Group (SPG, #37) eased -1%, down -13% year-on-year.
Tourism Holdings
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.3% | +1.2% | -1.8% | -0.5% | +0.5% |
| NZ Top 10 ETF (TNZ) | +1.0% | +1.9% | -1.2% | -5.9% | -3.2% |
| S/P NZX50 ETF (NZG) | +0.2% | +1.2% | -0.7% | -1.9% | +0.8% |
| NZ Dividend ETF (DIV) | +0.3% | +0.6% | +3.5% | +4.4% | +2.6% |
KEY ANNOUNCEMENTS
Spark (SPK, #11) announced FY25 results, delivering within updated guidance despite revenue, earnings, and profit declines. Reported revenue fell -2.5% to $3.73bln, EBITDAI dropped -7.7% to $1.05bln, and NPAT declined -17.7% to $260mln. A final dividend of 12.5cps was declared, bringing the full-year dividend to 25cps. Spark advanced its transformation strategy, including $356mln from non-core divestments and $85mln in cost savings. The sale of a 75% stake in its data centre business is expected to deliver ~$486mln in proceeds, with a retained 25% stake for long-term value. A new five-year strategy will refocus investment on Spark’s core connectivity business, with FY26 free cash flow guidance of $290–$330mln and a dividend payout ratio of 100% of FCF.
Fletcher Building (FBU, #14) reported a FY25 net loss of $419mln, widening from a $227mln loss in FY24, as revenue fell -9% to $7.0bln and EBIT before significant items dropped $125mln to $384mln, with margins contracting to 5.5%. The result was impacted by $702mln of significant items, largely from continuing operations. Operating cash flow declined to $501mln, while capital expenditure was reduced to $313mln. Net debt was cut to $999mln from $1.77bln following a capital raise, asset sales, and cost controls. CEO Andrew Reding said FY25 was highly challenging but highlighted progress on reshaping the portfolio, addressing legacy issues such as Puhoi-Warkworth and NZICC, and initiating reviews of the Construction and Residential & Development divisions. Fletcher warned of subdued demand into FY26 but said cost discipline and portfolio simplification were positioning the company for more sustainable long-term returns.
Mercury (MCY, #5) announced the appointment of Rachel Taulelei to its Board of Directors, effective 20 August 2025, with unanimous support and standing for election at the September ASM. Taulelei, a prominent business leader and advocate for the Māori economy, brings extensive governance experience including roles with Moana NZ, Sealord, The Warehouse Group, Wellington Airport, and ANZCO Foods. Her appointment aligns with Mercury’s focus on deepening stakeholder relationships and sustainability, while long-serving directors James Miller, Lorraine Witten, and Mike Taitoko will retire in September, with Chair Scott St John thanking Taitoko for a decade of leadership in strengthening Mercury’s ties to Māoridom.
AFC Group Holdings (AFC) announced that Jenny Liang resigned as Chief Financial Officer, effective immediately, for personal reasons. The company appointed former CFO Hao (Howard) Long as Interim CFO and has begun a search for a permanent replacement, with the Board expressing confidence in Mr Long’s capabilities.
NZX50 Telecommunication Sector
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