Here are the key changes to know about in the New Zealand equity market; Channel Infrastructure and Gentrack surge; F&P Healthcare and Vista Group also rise but Kathmandu, Briscoes, Summerset and Tourism Holdings ease

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 set to gain +0.7% today following the OCR announcement, up +1.8% over the past five days. Year‑on‑year the index has gained +3.5%

THE MAIN GAINERS
There were 31 gainers on the board, led by Channel Infrastructure (CHI, #31) and Gentrack (GTK, #36), both up a strong +6%. Channel Infrastructure has gained +11% over the past five days and is up +60% year‑on‑year. Gentrack's rise for another day adds +34% over five days, though it remains down -19% annually. Fisher & Paykel Healthcare (FPH, #1) tracked closely with a +5% rise, up +7% month‑on‑month and +2% year‑on‑year. Vista Group (VGL, #42) gained +4%, though it is down -6% for the month and -12% annually.

THE MAIN DECLINERS
On the downside, 42 stocks fell, led by Kathmandu Brands (KMD, #50), which dropped -4%. The retailer is down -11% over six months and -35% year‑on‑year. Briscoe Group (BGP, #27) eased -2%, though it remains up +9% over six months and +1% annually. Summerset Group (SUM, #16) and Tourism Holdings (THL, #45) each slipped -1%. Summerset is up +7% for the month but down -4% year‑on‑year, while Tourism Holdings has surged +70% over six months and +25% compared with a year ago.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Fisher & Paykel Healthcare (FPH, #1) delivered strong first‑half FY26 results, with operating revenue up +14% to $1.09bln and net profit after tax rising +39% to $213mln. Hospital revenue grew +17% to $692.2mln, driven by consumables and hardware demand, while Homecare revenue lifted +10% to $395.9mln. Gross margin improved 110bps to 63% despite US tariff impacts, supported by efficiency gains. The board declared an interim dividend of 19.0cps, up from 18.5cps. Full‑year guidance has been raised to revenue of $2.17-$2.27bln and NPAT of $410–$460mln, with CEO Lewis Gradon noting broad‑based strength across Hospital consumables and OSA masks, though second‑half growth will depend on Northern Hemisphere winter respiratory trends.

Channel Infrastructure (CHI, #31) has acquired a 25% stake in Melbourne’s Somerton jet fuel pipeline for A$14.2mln, funded through existing debt facilities. The 34km pipeline, operated by ExxonMobil, is a critical link in Australia’s jet fuel supply chain and serves Melbourne Airport. The investment is expected to be cash‑flow accretive from FY26 and aligns with Channel’s strategy of measured growth step‑outs in New Zealand and Australia. CEO Rob Buchanan said the deal positions Channel to benefit from strong aviation growth, including Melbourne Airport’s planned third runway, while Chair James Miller noted it complements the company’s Auckland market footprint and disciplined capital allocation. FY25 EBITDA and dividend guidance remain unchanged.

Stride Property Group (SPG, #37) reported HY26 profit after tax of $42.6mln, up $24.2mln on HY25, with distributable profit steady at $24.1mln. Management fee income rose $2.3mln to $11.7mln, while NTA lifted to $1.75. Assets under management increased to $3.3bln, with SPL’s balance sheet LVR at 22.9% and bank LVR at 32.1%, providing growth headroom. Key transactions included a conditional $17.5mln North Wharf ground lease with Auckland Council, the $114mln sale of Silverdale Centre to Investore, and completion of a $27mln Industre industrial facility in Hamilton. Portfolio activity delivered rental growth across SPL, Investore, Industre and Diversified, with sustainability initiatives advancing and debt maturities extended to FY30-31. A combined quarterly dividend of 2.0cps was declared, with FY26 guidance reaffirmed at 8.0cps.

Genesis Energy (GNE, #18) told investors at its 2025 Investor Day in Taupō that strategy execution and earnings growth remain on track, underpinned by demand‑led growth, renewables expansion and energy security. The company now has a 2.5GW development pipeline anchored by hydro, with 500MW of solar build progressing and larger wind and battery projects outlined. Genesis confirmed firming capability across hydro and wind scenarios out to FY35, with Huntly cash‑positive in all modelled cases. Its 500,000‑strong customer base is expected to deliver ~2% annual demand growth, supporting new generation investment and distributed energy monetisation. Free cash flow is improving under the Gen35 plan, with capital discipline maintaining BBB+ credit metrics. The board reaffirmed dividends as appropriate for the FY25‑28 phase, subject to annual review.

Restaurant Brands (RBD) confirmed the close of Finaccess Restauración’s full takeover offer, with acceptances lifting its holding to ~98%. Finaccess has issued a compulsory acquisition notice for the remaining shares at NZ$5.05 each, with shareholders able to voluntarily transfer by the 17th of December or face compulsory acquisition by the 24th of December. Payments to accepting shareholders must be made by the 2nd of December. Trading in RBD shares will be suspended ahead of delisting from NZX and ASX, subject to final conditions being met.

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