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 trading towards a modest +0.2% gain today, up +0.7% month-on-month and +5.4% year-on-year.
THE MAIN GAINERS
There were 52 gainers on the board. Infratil (IFT, #4) led the market, rising +5% today and gaining +1% over the past five days. Over the last six months, Infratil is up +20%, with a +4% lift year-on-year. Stride Property Group (SPG, #35) and Kathmandu Brands (KMD, #50) both advanced +3%. Stride is down -4% over the past five days but up +5% annually. Kathmandu has surged +38% month-on-month, though remains down -30% year-on-year. Argosy Property (ARG, #29) rose +2%, up +17% year-on-year.
Infratil
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THE MAIN DECLINERS
There were 35 decliners weighing on the market. Channel Infrastructure (CHI, #30), Port of Tauranga (POT, #10), and Vista Group (VGL, #38) each fell -2%. Channel Infrastructure is up +8% for the month and +43% year-on-year. Port of Tauranga has gained +25% over the last six months and +31% year-on-year. Vista Group declined -6% month-on-month and -8% year-on-year. EBOS Group (EBO, #9) also eased, down -21% over six months and -19% year-on-year.
Channel Infrastructure
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.1% | -1.5% | +11.3% | +3.8% | +4.1% |
| NZ Top 10 ETF (TNZ) | +0.2% | -1.6% | +4.3% | -6.5% | -2.8% |
| S/P NZX50 ETF (NZG) | -0.3% | -2.4% | +8.6% | +0.2% | +1.8% |
| NZ Dividend ETF (DIV) | -0.9% | -1.8% | +22.5% | +12.8% | +11.9% |
KEY ANNOUNCEMENTS
Mercury Energy (MCY, #5) reported strong operational performance for the quarter ended 30 September 2025, driven by record July hydro generation of 566GWh, the highest since 1980 and 70th percentile inflows supporting elevated Taupō storage heading into Q2. Total Q1 hydro generation reached 1,389GWh, up +44% on PCP, while geothermal output rose to 691GWh and wind generation eased -14% due to low seasonal wind speeds. Spot electricity prices averaged $134/MWh in Auckland, with forward pricing at $182/MWh for FY26–FY28. National demand rose +3.5%, led by industrial recovery. Mercury’s Digital River platform contributed materially to hydro uplift. A 20-year PPA with Visy has commenced, supplying 115GWh annually over the initial 10-year term. Telco growth continued, surpassing 150,000 fibre connections, with 94% of Mercury’s 163,000 broadband customers now on fibre. Telco revenue per connection declined due to competitive acquisition offers.
Contact Energy (CEN, #6) has announced the commencement of a Euro Medium Term Note (EMTN) debt investor roadshow starting on Friday the 17th of October. A potential euro-denominated 7-year fixed rate benchmark transaction may follow, subject to market conditions, under Contact’s EMTN Programme established on October the 7th. Citigroup, Mizuho, MUFG Securities, and UBS are acting as joint lead managers on the prospective issuance.
a2 Milk (ATM, #7) has confirmed that the divestment of its 75% stake in Mataura Valley Milk Limited, alongside China Animal Husbandry Group’s 25% holding, to Open Country Dairy is now unconditional following completion of CAHG’s China regulatory filing. Transaction completion is scheduled for the end of October 2025.
Infratil (IFT, #4) CDC is set to announce a strategic partnership with Firmus Technologies and NVIDIA at today’s NVIDIA AI Day in Sydney. The first phase will deploy approximately 40MW of CDC data centre capacity to support AI Factory capability at its Melbourne site, with delivery expected by April 2026. Infratil CEO Jason Boyes said the partnership reflects surging demand for CDC’s future-proof campuses and highlights the emergence of neocloud providers as a new customer segment. CDC will leverage its expanding data centre footprint to support Firmus’ growth, with further updates to be provided at Infratil’s HY results on the 13th of November.
Westpac (WBC) has recognised a $273 mln (pre-tax) restructuring charge in 2H25 as part of its Fit for Growth productivity programme. While modest benefits were realised in FY25, the majority are expected in FY26 and FY27. The charge will be included in operating expenses and reported under Group Businesses, but will not be treated as a notable item. In addition, Westpac has revised its segment composition to improve operational alignment. Key changes include the transfer of merchant services from Business & Wealth to WIB, the reallocation of the sold auto finance portfolio to Group Businesses, and the centralisation of HR and Finance costs. These changes have been reflected in restated 1H25 figures but do not impact FY25 NPAT or line item composition.
NZX50 Energy Sector
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