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 looking at a -0.5% drop, leaving the index down -1.3% over the past five days but still +5.2% higher year‑on‑year.
THE MAIN GAINERS
Among 23 gainers, Serko (SKO, #49) led with a +9% rise, though the stock remains down -17% over six months and -29% year‑on‑year. Kathmandu Brands (KMD, #50) gained +4% but is still -8% lower over the past month and -34% down annually. a2 Milk (ATM, #7) advanced +2%, extending a +23% six‑month gain and nearly doubling (+98%) year‑on‑year. SkyCity Entertainment (SKC, #33) added +1%, up +12% over five days but -34% lower over the year
Serko
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THE MAIN DECLINERS
Decliners outnumbered gainers two‑to‑one, with 48 stocks in the red. Investore Property (IPL, #48) led losses, down -3%, though it remains +9% higher year‑on‑year. Meridian Energy (MEL, #2) and Freightways Group (FRW, #19) each fell -2%. Meridian is up +2% over six months but down -1% annually, while Freightways has gained +26% over six months and +29% year‑on‑year. Briscoe Group (BGP, #27) eased -1%, though it is up +11% over six months and +6% annually.
Investore Property
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.5% | -0.1% | +7.4% | +5.0% | +5.3% |
| NZ Top 10 ETF (TNZ) | -0.6% | -0.8% | +1.3% | -5.4% | -3.1% |
| S/P NZX50 ETF (NZG) | -0.03% | -1.2% | +4.8% | +1.5% | +2.7% |
| NZ Dividend ETF (DIV) | -1.0% | -1.6% | +15.0% | +13.0% | +10.2% |
KEY ANNOUNCEMENTS
Sanford (SAN, #44) delivered a record FY25 result, with revenue steady at $584.1mln, adjusted EBIT up +42% to $105.2mln, EBIT up +88% to $102.1mln, and NPAT surging +224% to $63.7mln. Operating cashflow rose +85% to $135.3mln, enabling net debt reduction of $92.1mln to $93.4mln. Strong aquaculture performance saw salmon profit contribution lift +23% and mussels up +150%, offsetting weaker Wildcatch earnings. The board declared a final dividend of 5cps fully imputed, taking the full‑year payout to 10cps, payable 8th of December.
Investore Property (IPL, #48) reported HY26 profit after tax of $12.8mln, up $3.1mln on HY25, with distributable profit rising to $15.2mln (4.02cps). Portfolio value stood at $1.0bln with 99% occupancy and a 6.6% yield. Key transactions included the $43mln purchase of Bunnings New Lynn, the $24.4mln sale of Woolworths Browns Bay, and the $114mln acquisition of Silverdale Centre (settled post balance date). Net debt metrics improved with LVR reduced to 34.2% following a $62.5mln subordinated notes issue. The board declared a Q2 dividend of 1.625cps, payable 4 December, and reaffirmed FY26 dividend guidance of 6.5cps.
Synlait Milk (SML) has appointed Hamish Yates as Chief Revenue Officer, effective December 2025. Yates brings extensive experience in brand strategy, international sales and market expansion, with previous roles at Coca‑Cola Amatil, DB Breweries and the NZ Merino Company. He has spent the past decade at Westland Milk Products, serving on its executive team since 2017 and most recently as GM Sales and Marketing.
Contact Energy (CEN, #5) reported October 2025 mass‑market electricity and gas sales of 385GWh, up from 320GWh a year earlier, with netback rising to $146.09/MWh. Wholesale contracted sales lifted to 997GWh from 699GWh, while generation rose to 1,018GWh at lower unit costs of $35.93/MWh. Futures prices for Q1 2026 eased to $160/MWh by mid‑November, down from $172/MWh at end‑September. Hydro storage levels remained well above average, with Clutha inflows at 195% of mean. Contact also highlighted progress on renewable projects, including Glenbrook‑Ohurua BESS (Q1 CY26, $163mln), Kowhai Park Solar (Q2 CY26, $273mln) and Te Mihi Stage 2 geothermal (Q3 CY27, $712mln).
EROAD (ERD) has signed a five‑year agreement with Cleanaway Waste Management (ASX:CWY) to supply vehicle monitoring and compliance solutions across Cleanaway’s fleet of more than 3,000 heavy vehicles in Australia. The package includes tracking, fatigue cameras, rollover alerts, duress buttons and satellite connectivity, with installation underway and full rollout due by November 2026. The deal is expected to contribute over AU$5mln in annual recurring revenue with fixed escalators, and includes a three‑year extension option. EROAD said the partnership highlights its investment in safety technology and commitment to the Australian market, while Cleanaway emphasised the role of smart technology in safer operations. Guidance remains unchanged.
Serko (SKO, #49) reported unaudited 1H26 results showing total income up +45% to $61.8mln, driven by momentum in Booking.com for Business and the GetThere acquisition. EBITDAFI rose to $6.1mln, while free cash flow improved +128% to $3.0mln. Completed room nights lifted +32% to 2.1mln and active customers grew +40% to 262,000. Despite stronger operating performance, Serko posted a net loss of -$9.5mln, reflecting FX impacts and a non‑cash loss on the sale of its US InterplX expense business. The company remains well capitalised with $65.2mln cash and no debt, and reaffirmed FY26 income guidance of $115mln–$123mln, while trimming spend guidance to $124mln–$128mln.
Fletcher Building (FBU, #14) acknowledged media speculation about a potential sale of its Residential Development business, reiterating that a strategic review of the division is underway. The company said a range of outcomes, including divestment options, are being assessed and it is in discussions with interested parties. Fletcher added it will update the market if and when material developments occur.
Santana Minerals (SMI) reported further high‑grade intercepts from infill drilling at the Rise & Shine (RAS) deposit’s Northern Honeypot zone, strengthening underground mining potential. New holes include 21.1m at 5.3g/t Au (MDD482), 13.5m at 8.6g/t Au (MDD481), and 19.3m at 4.0g/t Au (MDD480), confirming a tabular high‑grade core within the Rise & Shine Shear Zone. The results build on a previously reported 31.9m at 5.3g/t Au intercept, with continuity northward supported and grades tapering at the western fringe.
NZX50 Property Sector
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