Here are the key changes to know about in the New Zealand equity market; Gainers dominate with a2 Milk, EBOS, Fletcher Building and Property for Industry lifting lift while Kathmandu, Scales Corp, Vulcan Steel, and Serko decline

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 index has surged +0.8% today, up +7.3% over the last six months. Year-on-year it has gained +3.5%.

THE MAIN GAINERS
The NZX50 recorded 52 gainers today, led by a2 Milk (ATM, #7) with a +3% rise. The stock is down -2% over the past month but remains up +67% year‑on‑year. EBOS Group (EBO, #9) gained +2%, though it is down -3% month‑on‑month and -24% for the year. Fletcher Building (FBU, #14) also lifted +2%, extending its +10% monthly gain and +31% annual rise. Property for Industry (PFI, #27) added +2%, though it is down -5% for the month and up +10% year‑on‑year.

THE MAIN DECLINERS
There were 30 decliners on the board, with NZX50 names seeing only modest moves. Kathmandu Brands (KMD, #50) fell -2%, up +2% month‑on‑month but down -36% year‑on‑year. Scales Corp (SCL, #36) eased -1%, declining -3% over the month while still up +47% annually. Vulcan Steel (VSL, #26) slipped -1%, up +2% over the past five days and +8% year‑on‑year. Serko (SKO, #49) also dipped -1%, up +13% month‑on‑month but down -21% year‑on‑year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Spark New Zealand (SPK, #12) has partnered with ASX‑listed Challenger Limited to establish a new financing structure for its interest‑free payment (IFP) plans, enabling Spark to sell both existing and future IFP receivables to Challenger. The initial sale of around $240mln in receivables will reduce net debt in H1 26, while ongoing sales will support the growth of IFP as a key acquisition and retention tool in Spark’s mobile business. Spark says the arrangement improves capital efficiency without affecting customer experience, with Spark continuing to manage credit checks, collections and device supply. Challenger described the receivables as high‑quality, resilient cash flows aligned with its strategy to expand whole‑loan investing across Australia and New Zealand.

Auckland Airport (AIA, #3) says the High Court has declined the merits review appeals brought by the New Zealand Airports Association and the country’s three major international airports over the Commerce Commission’s 2023 Airport Services Input Methodologies determination, specifically relating to the cost of capital. Auckland Airport expects the Commission to now consult on amendments addressing coding errors it has acknowledged, with that process likely to occur during 2026. Separately, Air New Zealand and Qantas have appealed the Court’s earlier judicial review decision on the same determination, with Auckland Airport awaiting details on when that matter will be heard. The full judgment is expected to be published on the Court’s website later today.

Tourism Holdings (THL, #45) will release its financial results for the six months to 31 December 2025 on Monday the 23rd of February.

Genesis Energy (GNE, #18) has announced that Director Catherine Drayton will step down from the Board effective the 23rd of June 2026. Drayton, who joined in 2019 and served as both a member and Chair of the Audit and Risk Committee, was acknowledged by the Board for her contributions to governance, strategy and risk management over the past six years. The company expressed its appreciation for her service and extended its best wishes.

Infratil (IFT, #4) has received an inaugural BBB+ issuer credit rating with a stable outlook from S&P Global Ratings, reflecting its stable funding base, permanent capital and strong investment track record. CFO Andrew Carroll said the investment‑grade rating is a key milestone that will broaden funding options, improve borrowing terms and support future growth. The rating applies to Infratil as an issuer and does not relate to its Infrastructure Bonds quoted on the NZX.

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