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 little-changed so far today, but down -2.5% over the past five days. Over the last six months the index has gained +2.1%, but is down -1.6% year-to-date. Year-on-year the NZX50 has risen +3.1%.
THE MAIN GAINERS
There were 38 gainers in the market. The biggest move came from Hallenstein Glassons (HLG, #43), which rose +5%. Over the past six months the company gained +6%, and is up a strong +43% for the year. Gentrack (GTK, #28) advanced +4%, though it has fallen -9% in the past six months. Year-on-year Gentrack is up +3%. a2 Milk (ATM, #8) climbed +3%, adding +10% in the last five days alone. Year-on-year a2 Milk has surged +71%. Channel Infrastructure (CHI, #32) also gained +3%, up +8% in the last five days. Over six months Channel’s share price advanced +20%, gaining +41% year-on-year.
Hallensteins Glassons
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THE MAIN DECLINERS
There were 30 decliners in the market. EBOS Group (EBO, #7) fell -6%, extending its five-day losses to -23%. Year-on-year EBOS is down -12%. Investore Property (IPL, #47) dropped -3%. Over the past month it slipped -4%, and is down -7% for the year. Kathmandu Holdings (KMD, #50) declined -2%, sliding -10% in the last five days. Over six months Kathmandu has dropped -38%, and is down -59% year-on-year. Ryman Healthcare (RYM, #18) also fell -2%, losing -4% in the past month. Over the last six months Ryman declined -23%, and is down -48% year-on-year.
EBOS Group
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.2% | -1.7% | +0.9% | -0.8% | +1.9% |
| NZ Top 10 ETF (TNZ) | -0.9% | -4.1% | -0.3% | -8.3% | -4.2% |
| S/P NZX50 ETF (NZG) | +0.1% | -2.2% | +1.2% | -2.4% | +1.2% |
| NZ Dividend ETF (DIV) | +1.2% | 0% | +10.4% | +6.5% | +6.5% |
KEY ANNOUNCEMENTS
Air New Zealand (AIR, #21) reported earnings before taxation of $189m for FY2025, down from $222 mln a year earlier but at the top end of guidance, with net profit after tax at $126 mmln. Passenger revenue fell -2% to $5.9b as ASK capacity declined -4% due to ongoing global engine maintenance constraints, though lower fuel prices cut fuel costs -12% (-$208 mln). Non-fuel operating costs rose +6% (+$235 mln) on higher labour, landing and material charges, partly offset by $100 mln in efficiency gains under its Kia Mau transformation programme. The airline declared a final unimputed dividend of 1.25cps and repurchased $38 mln of shares. Management cautioned that engine-related disruptions and cost inflation will persist into FY2026, with first-half earnings before tax expected to be similar to or below the $34m reported in 2H25, though fleet upgrades and new aircraft deliveries are expected to support medium-term recovery.
Summerset Group (SUM, #17) posted an underlying profit of $106.6 mln for 1H25, up +19% on 1H24, with IFRS net profit after tax rising +26% to $127.2 mln. Operating cash flow increased +19% to $228.7 mln, supported by record sales of 692 occupation rights (354 new, 338 resales), with new sales up +22%. Total assets reached $8.7 bln (+18%), while gearing stood at 36.7%. Care EBITDA surged +96% to $5.3 mln, aided by the rollout of Occupation Rights Agreements across more than 200 units. The group delivered 334 new units across NZ and Australia, where three villages are under construction and 50-80 homes are targeted for delivery in 2025. Resident satisfaction remained at a record 97% and staff engagement at 8.2/10. An interim unimputed dividend of 11.3 cps was declared, payable on 24 September 2025.
Hallenstein Glasson (HLG, #43) reported FY25 group sales of $470 mln, up +8.1% from $435 mln a year earlier, with gross margins steady. Net profit before tax is expected between $57.5 mln and $58.5 mln, an increase of around +11.4% on FY24’s $52.1 mln. The retailer highlighted a strong balance sheet with record cash reserves and well-managed inventory, with full audited results and a dividend announcement due on 26 September 2025.
Vulcan Steel (VSL, #31) has completed the institutional component of its fully underwritten 1-for-9 pro rata accelerated entitlement offer, raising A$59.4 mln (NZ$65.6 mln) through the issue of 10.0 mln new shares. The broader offer will raise around A$87.1 mln (NZ$96.3 mln) in total via 14.6 mln shares. Institutional take-up was 45% (75% excluding four large pre-IPO holders who did not participate), with the 5.5 mln share shortfall cleared in a bookbuild at A$6.45 per share — a A$0.50 premium to the A$5.95 offer price. Non-participating eligible and ineligible institutional shareholders will receive A$0.50 per entitlement sold, less withholding tax.
NZX50 Property Sector
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