Here are the key changes to know about in the New Zealand equity market; Kathmandu, Tower, Vector, and Ryman post gains while Scales, Tourism Holdings, The NZX and Serko all slip

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 slips-0.3% today, though remains up +0.6% over the past five days, +7.5% across the last six months, and +2.4% year‑on‑year.

THE MAIN GAINERS
There were 32 gainers on the equities board today, with NZX50 companies posting modest moves. Kathmandu Brands (KMD, #50) and Tower Limited (TWR, #41) each rose +2%. Kathmandu has declined -3% over the past five days, down -7% over six months and -32% year‑on‑year. Tower has gained +5% in the past five days, up +28% over six months and +49% annually. Vector (VCT, #11) and Ryman Healthcare (RYM, #17) each added +1%. Vector is down -4% over six months but up +26% year‑on‑year, while Ryman is up +18% over six months though still down -38% annually.

THE MAIN DECLINERS
On the decliners’ side, 55 stocks fell. The top four NZX50 declines came from Scales Corp (SCL, #34), Tourism Holdings (THL, #45), The NZX (NZX, #46) and Serko (SKO, #49), each down -2%. Scales remains strong, up +33% over six months and +42% year‑on‑year. Tourism Holdings has surged +69% over six months and +26% annually. The NZX is down -3% month‑on‑month but up +1% year‑on‑year, while Serko has gained +3% over the past five days yet remains -32% lower than a year ago

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Synlait Milk (SML) has lowered its forecast base milk price for the 2025/26 season to $9.50 per kgMS, down from $10.00. The figure excludes additional incentives paid to farmers for best practice and specialty milks.

Tower Limited (TWR, #41) delivered a record FY25 result with underlying NPAT rising to $107.2mln and reported profit at $83.7mln, driven by low large‑event costs, a reduced claims ratio and customer growth. Gross written premium lifted +2% to $600mln with customer numbers up +4% to 318,000, while the board declared total dividends of 24.5cps. Tower strengthened its home insurance portfolio, secured a new Westpac NZ partnership from 2026, and advanced digital initiatives including AI‑enabled customer platforms. Large event costs were $7mln in FY25, with October storms to be recorded in FY26 at $4.5mln. Guidance for FY26 is underlying NPAT of $55m-$65m, GWP growth of 5%-10%, and a MER of 31%-32%.

Ryman Healthcare (RYM, #17) reported its first positive free cash flow in a decade at $56.2mln for the six months to 30 September, as revenue rose +13% and costs fell -2% on the back of cost‑out initiatives and stronger sales momentum. The company posted a net loss of $45.2mln, reflecting lower fair value movements, but highlighted stabilisation following its $1bln equity raise and $2bln refinancing earlier this year. Sales volumes rebuilt to 704 in 1H26, with higher deferred management fees lifting average returns, while aged care occupancy and pricing strengthened across both New Zealand and Australia. Ryman has lifted FY26 sales guidance to 1,300-1,400 ORA sales and raised its cost‑saving target to $50-60mln, with capex expected at $235-265mln. CEO Naomi James said the result marks a turning point in the company’s transformation, with momentum returning and a stronger foundation for sustainable performance.

Kiwi Property (KPG, #22) has agreed to sell The Plaza shopping centre in Palmerston North to NZ Retail Property Group for $118.9mln, 0.9% below its FY26 interim held‑for‑sale value. Together with the earlier sale of Sylvia Park Lifestyle, the transactions will reduce pro forma gearing to 35.2% as at September 2025. The sale aligns with Kiwi Property’s capital recycling strategy, freeing balance sheet capacity to reinvest in its mixed‑use development pipeline, with settlement expected before year‑end.

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