Here are the key changes to know about in the New Zealand equity market; Sky TV jumps +6% but SkyCity casino plunges -22%; a2 Milk, Heartland and Oceania Rise, while EBOS, Kathmandu and Vista 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 fallen -0.8% so far on Friday, closing the week lower but still posting a +1.6% gain across the past five trading sessions. Over the last six months the index is up +4.4% with a +5.0% increase year-on-year.

THE MAIN GAINERS
A total of 37 stocks advanced on the day. Sky Network Television (SKT, #48) rose +6%, bringing its five-day gain to +7% and lifting it +12% higher than a year ago. Heartland Group Holdings (HGH, #34) added +2%, up +8% over the week, though still -23% lower than the same time last year. a2 Milk (ATM, #8) climbed +2%, taking its monthly rise to +16% and marking a +54% increase year-on-year. Oceania Healthcare (OCA, #45) also gained +2%, though it remained down -6% over the past month and -20% lower across the year.

THE MAIN DECLINERS
On the downside, 47 companies ended in the red. SkyCity Entertainment (SKC, #36) slumped -22%, leaving the stock down -54% year-on-year. EBOS Group (EBO, #6) eased -2%, though it remained +7% higher over six months and up +11% year-on-year. Kathmandu (KMD, #50) also fell -2%, extending a -38% six-month decline and sitting -55% lower than a year earlier. Vista Group (VGL, #33) slipped -2%, down -12% for the month but still +8% higher year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
The NZX has reported a mixed set of results for the six months to 30 June 2025, with earnings supported by diversified revenue streams but net profit weighed down by prior year accounting adjustments.

• Operating earnings (EBITDA) rose +7.5% to $25.1mln (excluding integration and restructuring costs), reflecting resilience across its market operator, funds management, and administration businesses.

• Operating margin improved to 40.6%, up +1.4 percentage points on the prior year.

• Net profit after tax (NPAT) fell -46.4% to $8.3mln, largely due to one-off accounting adjustments in the prior period. On a comparable basis (excluding adjustments), NPAT was flat at $8.3mln, a +0.9% lift.

• Earnings per share (EPS) dropped -46.5% to 2.6 cps, with EPS steady year-on-year once adjustments are excluded.

• An interim dividend of 3.0 cps (fully imputed) was declared.

New Zealand-listed property company NZL reported HY25 adjusted funds from operations (AFFO) of $3.9mln, or 2.70 cps, driven by CPI-linked rental increases and higher-yielding recent acquisitions, in line with guidance. Net asset value (NAV) per share grew to $1.589 since its 2020 IPO, delivering total shareholder returns of +34.8%. The company held total assets of $445.2mln, NAV of $230.5mln, and gearing of 29.8%. NZL declared an interim dividend of 2.16 cps, representing 80% of HY25 AFFO, supported by CPI-linked rental increases of +13.8% on part of the portfolio in June 2025 and +2.5% on another portion in April.

Fonterra Co-operative Group agreed to sell its global Consumer and associated businesses, excluding Greater China, to Lactalis for NZ$3.845bln, subject to farmer shareholder approval, regulatory consents, and separation of the businesses. The sale includes Fonterra’s Consumer brands, Oceania and Sri Lanka Foodservice and Ingredients businesses, and the Middle East and Africa Foodservice operations, with potential to increase the total transaction value to NZ$4.22bln if Bega licences in Australia are included. The co-op aims to return $2.00 per share in a tax-free capital distribution to farmers and will continue supplying milk and ingredients to the divested businesses under long-term agreements. The farmer vote is expected in late October or early November, with completion targeted for the first half of 2026. Fonterra’s FY25 earnings guidance of 65–75 cps remains unchanged.

SkyCity Entertainment (SKC, #36) successfully completed the institutional component of its NZ$159mln accelerated entitlement offer and NZ$81mln institutional placement, raising approximately NZ$195mln in total. Eligible institutional shareholders took up 95% of their entitlements, with all bidders receiving at least their pro-rata allocation. The equity raise is expected to strengthen SkyCity’s balance sheet and support near-term priorities. New shares from the institutional offer and placement are due to commence trading on 28 August 2025. The retail component of the entitlement offer opens 26 August and closes 4 September, with eligible retail shareholders able to apply at NZ$0.70 per share and request additional shares up to 60% of their entitlement.

Sky Network Television (SKT, #48) reported FY25 results with adjusted revenue of $755.1 mln and adjusted EBITDA of $148.5 mln, while fully imputed dividends rose +15.8% to 22 cents per share. The results were delivered amid satellite migration challenges, integration work for the Discovery NZ acquisition, and a complex economic environment. Sky confirmed a new five-year partnership with New Zealand Rugby and SANZAAR, securing exclusive live coverage of all major domestic and international rugby competitions through to 2030, including All Blacks and Black Ferns matches, Super Rugby, NPC, and the British & Irish Lions tours. The deal supports Sky’s FY26 programming cost target of 47 to 49% of revenue. Stand-alone FY26 guidance includes revenue of $745–770 mln, EBITDA of $142–162 mln, capex of $60–70 mln, and a dividend target of at least 30 cents per share.

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