Here are the key changes to know about in the New Zealand equity market; Gentrack, Investore Property, SkyCity casino and Meridian lead the gains, while Argosy, Tourism Holdings, Air NZ and Genesis are the big decliners

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 +0.4% gain, up +0.6% for the month. Year-on-year the index is up +2.1%.

THE MAIN GAINERS
A total of 50 companies were in the green to open the new week. Gentrack (GTK, #36), following the release of its FY results, surged +15%. Over the past month the company’s share price has gained +1%, though it remains down -11% year‑on‑year. Investore Property (IPL, #48) rose +3%, up +7% over the past six months and +5% year‑on‑year. SkyCity Entertainment (SKC, #33) advanced +2%, climbing +19% month‑on‑month, though down -37% year‑on‑year. Meridian Energy (MEL, #2) gained +1%, but is still -3% lower compared to the same time last year.

THE MAIN DECLINERS
There were 35 decliners, with the top four moves among NZX50 companies all easing by a modest -2%. Argosy Property (ARG, #29) has gained +5% over the past five days and is up +15% year‑on‑year. Tourism Holdings (THL, #45) has surged +68% over the past six months and +24% annually. Air New Zealand (AIR, #20) has risen +2% over the past five days and +11% year‑on‑year. Genesis Energy (GNE, #18) declined -3% for the month but remains +4% higher year‑on‑year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
The a2 Milk Company (ATM, #7) has received approvals from New Zealand’s MPI and China’s GACC to progress regulatory steps for transitioning two China label infant formula registrations from its Pokeno facility to a2MC branded products. The final application to China’s SAMR will be submitted in December with a review expected to take around six months. Despite approvals being granted earlier than anticipated, the company’s timeline for potential product launch remains unchanged, targeted for late 1H27.

Genesis Energy (GNE, #18) has reached Final Investment Decision for the $236mln Edgecumbe Solar Farm in the Bay of Plenty, a 136MWp project expected to generate ~238GWh annually, enough to power 29,800 homes. Construction will begin shortly with first generation targeted for late FY27, supported by contracts with Horizon Networks for grid connection and METLEN for EPC delivery. Initially funded on balance sheet, Genesis may pursue capital recycling post‑commissioning to optimise shareholder value. COO Tracey Hickman said the project, alongside Rangiriri Solar, advances the Gen35 strategy towards 500MWp of solar capacity and will complement hydro and battery assets while reducing reliance on gas generation.

Gentrack Group (GTK, #36) reported FY25 revenue of $230.2mln, up +8% with recurring revenue rising +13% to $155.4mln . EBITDA increased +18% to $27.8mln and statutory NPAT surged +119% to $20.9mln, while cash rose $18.1mln to $84.8mln. The Utilities division delivered its first full g2.0 deployment at Genesis Energy, with further rollouts planned at ACEN in the Philippines and Pennon Water Services in the UK, while airports arm Veovo grew revenue 15% and recurring income 18%. The board said all R&D and g2.0 investment costs were expensed and no dividend will be paid, with capital directed to growth opportunities.

Kiwi Property (KPG, #22) reported HY26 net rental income of $102mln, up +7%, with operating profit before tax rising +11.5% to $62.9mln. Net profit after tax fell -77.3% to $9.8mln due to unrealised fair value losses, while AFFO increased +7.2% to $51.9mln. NTA per share was $1.12, down -2.2%, and an interim dividend of 2.8cps was declared, up +3.7%. Leasing momentum remained strong with ASB North Wharf extended to 2040, Vero Centre occupancy at 94.3%, and Resido 99% leased. Strategic progress included establishing the Mackersy Large Format Retail Fund to release $53mln, conditional Drury land sales worth $115mln, and gearing stable at 38.5%. The portfolio was valued at $3.3bln, with management highlighting resilience, cost discipline, and positioning for growth as economic conditions stabilise.

Ryman Healthcare (RYM, #17) has completed a full refinancing of its $2.0bln syndicated loan facilities, extending the average tenor to five years and introducing a more flexible structure. The new $2,048mln facility, alongside Ryman’s $150mln retail bond, provides total debt facilities of $2,198mln and over $500mln of headroom at 30 September. Key terms include improved pricing, maturities of 4.5–7 years, and a new ICR covenant of 1.5x from September 2026, excluding designated development debt. CEO Naomi James said the refinancing completes Ryman’s balance sheet reset, enhancing resilience and positioning the company to deliver on strategic priorities. The board will review capital management and dividend policies in FY26.

Metroglass (MGL) reported unaudited HY26 revenue down -5% to $108mln, with net profit of $2.9mln broadly in line with guidance. Profit before interest and tax improved to $9.5mln from a $1.1mln loss a year earlier, while net debt fell sharply to $27.4mln following September’s capital raise. Management said market softness continues to weigh on trading but emphasised progress on its New Zealand turnaround, cost‑out programmes and efficiency gains, including $3mln savings in FY25 and a further $3mln targeted by FY26. Two large processing sites have been closed and operations consolidated, with DIFOT consistently above 90–95%. While Australian growth has been delayed, volumes in Auckland and the South Island are strengthening heading into Christmas.

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