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 is up marginally so far today, and it remains up +1.2% over the past five days, +1.4% in the past month, and +4.0% year-on-year.
THE MAIN GAINERS
A total of 39 stocks gained, led by a2 Milk (ATM, #8), up +2%. Over the past five days a2 Milk has gained +6%, rising +16% in the past month and +57% year-on-year. Scales Corp (SCL, #38) added +1%, up +5% over five days and +41% year-on-year. Mainfreight (MFT, #9) rose +1% but remains down -10% for the month and -19% year-on-year. Skellerup (SKL, #30) gained +1%, up +5% in five days, though it is down -2% in six months, with a modest +3% lift year-on-year.
A2 Milk
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THE MAIN DECLINERS
Meanwhile, 40 stocks declined. Kathmandu Holdings (KMD, #50) led losses, down -4%, extending its -10% fall over the past month, -40% over six months, and -58% year-on-year. Genesis Energy (GNE, #16) slipped -3% following its FY25 results, down -5% in the past five days, though still up +3% year-on-year. Gentrack (GTK, #28) fell -2%, though it is up +1% for the month and flat year-on-year. Oceania Healthcare (OCA, #46) dropped -2%, down -8% in the month and -22% year-on-year.
Kathmandu
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.1% | +1.3% | +3.2% | +0.5% | +2.2% |
| NZ Top 10 ETF (TNZ) | +0.3% | +1.3% | +2.6% | -5.7% | -2.4% |
| S/P NZX50 ETF (NZG) | -0.03% | +0.8% | +3.2% | -1.2% | +1.2% |
| NZ Dividend ETF (DIV) | 0% | +2.8% | +11.8% | +6.9% | +6.0% |
KEY ANNOUNCEMENTS
Channel Infrastructure (CHI, #32) delivered a solid HY25 result, reporting EBITDA growth on the back of stronger contracted revenue, PPI escalation and cost control despite the loss of legacy Wiri lease income. Throughput was steady at 1.7 bln litres, with jet fuel demand aligned with prior guidance. The company announced a nine-year extension to a major storage contract worth an estimated $50 mln in revenue from 2028, alongside a $20–26 mln capex programme, while its Z Energy jet storage project is now ahead of schedule and on budget. Channel also confirmed plans for an ASX Foreign Exempt listing in 2026, index inclusion in FTSE Global Small Cap from September, and declared a 6.25c interim dividend with a DRP at 1% discount. FY25 guidance remains unchanged.
Genesis Energy (GNE, #16) reported a strong FY25, with net profit after tax rising to $169 mln, up +29% from $131 mln in FY24, driven by portfolio flexibility, higher wholesale electricity prices, and integration of Ecotricity. The company delivered on multiple strategic initiatives, including signing 10-year Huntly Firming Options, advancing the Gen35 strategy, commissioning the Lauriston solar farm, progressing the Huntly BESS project, and expanding its EV charging presence via ChargeNet. Retail simplification, demand flexibility trials, and LPG business growth contributed to higher margins, while capital management remained disciplined with a final dividend of 7.17 cents per share (14.3 cps FY25 total). FY26 guidance for normalised EBITDAF is $430–460 mln, subject to hydrology, gas availability, and market conditions. Genesis also highlighted its continued investment in renewables, flexible generation, and digital infrastructure, alongside sustainability efforts including biomass development, emissions management, and community initiatives. Investor Day is scheduled for 26–27 November 2025.
SkyCity Entertainment Group (SKC, #33) has opened the retail component of its NZ$159 mln fully underwritten 1-for-3.35 accelerated non-renounceable entitlement offer. Eligible retail shareholders in New Zealand and Australia can subscribe for new shares at NZ$0.70 each (A$0.63) until 5:00pm NZST on 4 September 2025, with the option to apply for additional shares up to 60% of their entitlement. Entitlements will not be tradable on the NZX or ASX, and no shortfall bookbuild will be conducted for unsubscribed entitlements.
Vulcan Steel Group (VSL, #31) reported FY25 results amid challenging economic conditions in New Zealand and Australia, with revenue down -10.9% to NZ$948.2 mln, EBITDA falling -26.1% to NZ$109.0 mln, and NPAT declining -60.6% to NZ$15.7 mln. Adjusted NPAT was NZ$17.9 mln, with EPS of 13.6 cents. Sales volumes fell -6.4% to 213,827 tonnes, led by declines in New Zealand, while Australia showed modest improvement in the second half. Gross profit per tonne fell -4%, but overall gross margin rose slightly to 34.2% due to a favorable product mix. Vulcan maintained strong customer service at 98.4% DIFOT, expanded its hybrid site network, and implemented employee bonuses, positioning the company to capture growth as market conditions recover.
NZX50 Industrial Sector
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