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 currently down -0.2%, though the index remains up +7.1% over the past six months and +7.0% year-on-year.
THE MAIN GAINERS
There were 38 gainers on the market today. The top three performers were Kathmandu (KMD, #50), Gentrack (GTK, #33), and Channel Infrastructure (CHI, #30), each rising +2%. Fletcher Building (FBU, #14) also gained +1%. Kathmandu is down -5% month-on-month and -32% year-on-year. Gentrack has declined -7% for the month and -14% annually. Channel Infrastructure has surged +27% over the past six months and is up +49% year-on-year. Fletcher Building is up +7% over the past five days and has gained +12% year-on-year.
Kathmandu
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THE MAIN DECLINERS
There were 51 decliners on the board. Kiwi Property Group (KPG, #22) led the declines, falling -3% today and -6% for the month, though it remains up +12% year-on-year. Stride Property Group (SPG, #37) dropped -2%, down -6% month-on-month, but has gained +6% over the year. Precinct Properties (PCT, #21) also fell -2%, down -9% for the month and -3% year-on-year. Argosy Property (ARG, #29) declined -2% today but is up +11% year-on-year.
Kiwi Property Group
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.03% | -0.2% | +6.8% | +5.1% | +6.1% |
| NZ Top 10 ETF (TNZ) | -0.9% | +0.3% | +1.9% | -4.8% | -2.5% |
| S/P NZX50 ETF (NZG) | +0.3% | +0.8% | +5.7% | +2.8% | +4.4% |
| NZ Dividend ETF (DIV) | -0.3% | -1.5% | +18.7% | +14.5% | +12.6% |
KEY ANNOUNCEMENTS
Vital Healthcare Property (VHP, #23 has announced a conditional agreement to internalise its management from Northwest Healthcare Properties Management Limited, funded by a NZ$220 mln capital raising comprising a NZ$190 mln underwritten placement and a NZ$30 mln unit purchase plan, with proceeds used to pay a NZ$214 mln management termination fee (net after-tax cost NZ$177 mln) and support near-term developments including Coomera Stage 1A and Macarthur Stage 2. The internalisation, expected to settle by 31 December 2025 or early 2026, will retain CEO Chris Adams and CFO Michael Groth along with the majority of Northwest’s healthcare property team, deliver estimated annualised cost savings of NZ$20.9 mln, and is unanimously supported by the Independent Directors who believe it is accretive to AFFO and value. The capital raising, priced at NZ$1.95 per unit for the placement and offering up to NZ$50,000 per holder under the UPP, has been structured to treat Unit Holders fairly, with settlement and trading of new units commencing mid-November and the UPP closing on the 28th of November.
Veovo, the airport software division of Gentrack Group (GTK, #33), has secured a long-term contract with NAV CANADA to deliver a modern cloud-based billing system that will manage air navigation service charges across Canadian and international airspace, replacing the legacy platform with a scalable SaaS solution; the deal opens a new market for Veovo in air navigation service providers and supports continued growth of its airports division.
Kiwi Property (KPG, #22) has entered into a conditional agreement to sell Sylvia Park Lifestyle, its large-format retail site at 393 Mt Wellington Highway, Auckland, to a new Mackersy Property-managed fund for $90 mln, equal to its March 2025 valuation. As part of the transaction, Kiwi Property will subscribe for 50% of the units in the Mackersy LFR Fund and underwrite a further 25%, while continuing to manage and lease the property for a fee. The deal, expected to settle in Q1 2026 following a capital raise by the 19th of December, will see Kiwi Property receive between $52.9 mln and $65.3 mln in cash depending on underwriting levels, while retaining a significant stake in the fund to leverage its retail management expertise and support future growth in large-format retail assets.
Fletcher Building (FBU, #14) has completed the sale of its 13.4% stake in the NX2 Pūhoi to Warkworth toll road public-private partnership vehicle to a New Zealand-based infrastructure investor for NZ$20.2 mln, including a pre-completion dividend, marking the conclusion of its equity investment in the project since 2016; Chief Executive Andrew Reding said the divestment reflects Fletcher Building’s strategy to simplify its portfolio and focus on core manufacturing and distribution operations.
NZX50 Property Sector
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