Here are the key changes to know about in the New Zealand equity market; Gentrack, Property for Industry, Spark, and Kathmandu lead the NZX50 gains while Serko, Mainfreight, Napier Port, and Precinct are the major 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 NZX50 INDEX IS DOING
The index is currently set to have a rebound up +1.1%, but still down -2.4% over the past five days. Year-on-year it has gained +1.0%.

THE MAIN GAINERS
There were 48 gainers today. Gentrack (GTK, #36) had the largest gain up +4%. Over the past month Gentrack has declined by -11%, falling -41% year-on-year. Property for Industry (PFI, #28) and Spark (SPK, #12) each shared the next biggest gains up +3%. PFI has declined -7% month-on-month, up +5% year-on-year. Spark has dropped -13% in the last six months, down -25% year-on-year. Kathmandu Brands (KMD, #50) gained +2%, down -4% over the past five days. Year-on-year Kathmandu has declined -38%.

THE MAIN DECLINERS
There were 29 decliners today. Serko (SKO, #49) declined -2%, losing -30% over the past month alone. Year-on-year the share tanks -44%. Mainfreight (MFT, #8) lost -1%, down -4% over the past five days. Year-on-year Mainfreight has declined -12%. Napier Port Holdings (NPH, #38) also declined -1%, down -5% for the month. Year-on-year NPH declined by -25%. Precinct Properties (PCT, #20) has dropped by -1%, down -7% month-on-month. From this time last year the stock is down -10%.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Fletcher Building (FBU, #13) reported first‑half FY26 revenue of $2.87 bln, broadly in line with last year, with EBIT before significant items at $145 mln and a stable 5.1% margin despite soft trading conditions in New Zealand and Australia. Operating cash flow improved to $156 mln and net debt fell to $1.16 bln, with liquidity of around $0.8 bln. CEO Andrew Reding said the Group continued to simplify its portfolio, strengthen the balance sheet and embed a decentralised operating model, noting the recently announced sale of the Construction division as a major step in reshaping the business. Market conditions are expected to remain subdued through FY26, with a more meaningful recovery not anticipated until 2027, but Fletcher expects cost reductions and portfolio changes to support performance over time. No interim dividend was declared.

Spark (SPK, #12) reported a steady first‑half FY26 performance, with adjusted revenue down -1.1% to $1.92 bln but adjusted EBITDAI up +5.1% to $471 mln and adjusted NPAT rising +30.4% to $73 mln, supported by 1.6% mobile service revenue growth and $51 mln in net cost‑out. Mobile, broadband and cloud all grew, while legacy revenues declined, and free cash flow lifted to $107 mln. Spark invested $271 mln in capex, including $54 mln in data centres, and continued to advance its SPK‑30 strategy with network upgrades, customer experience improvements and expanded use of AI. The Board declared an 8‑cent interim dividend and reaffirmed FY26 guidance, including EBITDAI of $1.01–$1.07 bln, free cash flow of $290–$330 mln and BAU capex of $380–$410 mln.

Argosy Property (ARG, #32) has declared a third‑quarter cash dividend of 1.6625 cents per share for the period to 31 December 2025, payable as part of its FY26 distribution programme.

Tower (TWR, #41) has appointed Naomi Ballantyne as its new Chair following the retirement of Michael Stiassny at today’s Annual Shareholder Meeting. Ballantyne, a highly respected insurance leader with more than 40 years’ experience and the founder of Partners Life, brings extensive executive and governance expertise and has served on the Tower Board since May 2025. She said she is honoured to lead the company as it continues to build momentum and thanked Stiassny for his significant contribution during his tenure.

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