Here are the key changes to know about in the New Zealand equity market; a2 Milk, Tourism Holdings, Vulcan Steel, and Gentrack lead gains with Meridian, Fletcher, Mercury, and Ryman the main 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 index is currently down -0.4%, down -2.3% over the last five days. In the last six months it has gained +1.3%, up a small +0.6% year-on-year.

THE MAIN GAINERS
There were 28 gainers today with the biggest gain out of companies within the NZX50 coming from a2 Milk (ATM, #7) up +5%. Month-on-month the stock is down -5%, but grows +33% year-on-year. Tourism Holdings (THL, #44) and Vulcan Steel (VSL, #30) both gain +3%. Tourism Holdings declines by -9% for the month, up +27% year-on-year. Vulcan Steel is down -11% over the month, down -3% year-on-year. Gentrack (GTK, #36) gains +2%, down -4% over the past five days. Year-on-year Gentrack has lost a heavy -44%.

THE MAIN DECLINERS
There were 53 decliners on the board putting the index at a decline for the day. Meridian Energy (MEL, #2) was down -3%, falling by -8% year-on-year. Fletcher Building (FBU, #13) also declined by -3%, down -9% month-on-month. Year-on-year it gains +11%. Mercury Energy (MCY, #6) declined -3%, down -5% for the month. Year-on-year it declines -5% followed by Ryman Healthcare (RYM, #16) who also fell -3%, down a large -37% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Contact Energy (CEN, #5) has made a non-binding indicative offer to acquire the remaining 24.98% stake in King Country Energy from the King Country Trust for approximately $47 mln. Contact currently owns around 75% of the company and operates its five hydropower stations, which have a combined installed capacity of about 53MW and average annual generation of roughly 190GWh. If completed, the transaction would give Contact full ownership of the assets. The Trust will undertake a Special Ownership Review and public consultation process before deciding whether to proceed. Subject to agreement following consultation, a sale and purchase agreement could be signed and completed in Q2 CY26, with consideration expected to be paid in Contact shares.

a2 Milk (ATM, #7) reported strong financial and operational performance for the six months ended 31 December 2025, with revenue increasing +18.8% to $993.5 mln and net profit after tax rising +9.4% to $112.1 mln, supported by growth across all regions and product categories. Underlying EBITDA increased +25.9% and underlying NPAT rose +19.6%, driven primarily by strong demand for infant milk formula, liquid milk, and expanding nutritionals products, particularly in China & Other Asia and the USA. Revenue growth was supported by product innovation, favourable foreign exchange impacts, and increased ingredient sales, while the company also declared an interim dividend of 11.5 cents per share, up +35.3%. Reflecting the strong first-half performance, the company upgraded its FY26 full-year guidance.

In January 2026 Air New Zealand's international passenger movements increased +2% year-on-year to 1.085 mln, supported by a +4% rise in seat capacity, although average load factors declined -1.4 percentage points to 85%. Growth varied by nationality, with increases in New Zealand, North and South American, and UK and European travellers, while Australian and Chinese passenger numbers declined, partly due to the later timing of Chinese New Year. Short-haul passenger volumes rose +2% alongside a +5% increase in capacity, reducing load factors, while long-haul routes recorded balanced +3% growth in both passengers and capacity with stable load factors. Domestic passenger movements fell -1% despite a +4% increase in seat capacity, leading to lower load factors across trunk and regional routes. Queenstown Airport recorded strong performance, with international passengers up +10% and domestic passengers up +1% compared with the prior year.

Freightways (FRW, #18) reported a strong first-half FY26 result, with revenue increasing +8.5% to $718.2 mln, EBITA rising +12.2% to $96.5 mln, and net profit after tax growing +17.2% to $52.5 mln, supported by improving economic conditions in New Zealand, stable trading in Australia, and continued focus on service quality, pricing discipline and operational efficiency. The Express Package and Business Mail division delivered solid growth and margin improvement driven by volume gains, pricing actions and market share increases, while the Information Management and Waste Renewal division recorded modest earnings growth despite flat revenue and one-off costs. Strong cash generation reduced net debt and strengthened the balance sheet, enabling a 21 cents per share interim dividend, up +10.5% year-on-year. Looking ahead, the company expects continued margin improvement and gradual volume recovery through FY26, supported by operational initiatives, system upgrades and disciplined expansion opportunities.

Tourism Holdings (THL, #44) has agreed to sell its UK and Ireland business assets to Indie Campers for net asset value plus goodwill of NZ$8.0 mln, following a strategic review aimed at releasing capital and improving group returns. The transaction, subject to landlord consent for depot lease assignments, is expected to generate a one-off gain of up to NZ$6.8 mln, with proceeds to be used to reduce debt. THL will underwrite a 15% vehicle resale margin for three years, capped at the goodwill value, and will be restricted from competing in the UK and Ireland markets over the same period. While the divestment supports disciplined capital management, it is expected to reduce underlying EBIT in H2 FY26 by NZ$1.1 mln due to the loss of peak-season earnings.

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