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 NZX 50 Index is tracking toward a sharp decline, currently down -1.6% today so far, reflecting continued near-term weakness in the market. The index is now down -1.7% over the past month, though it remains up +7.1% on a year-on-year basis.
THE MAIN GAINERS
The NZX 50 Index came under notable pressure despite relatively balanced market breadth, with 41 gainers unable to offset broader weakness. Sky Network Television Limited (SKT, #46) and Tower Limited (TWR, #40) led the limited upside, each gaining +2%, with Sky up +31% year-on-year despite a -1% monthly dip, while Tower continues its strong momentum with a +7% monthly and +41% annual gain. Fletcher Building Limited (FBU, #14) and Chorus Limited (CNU, #12) posted more modest gains of +1%, with Fletcher down -12% over the past month and -5% year-on-year, while Chorus remains up +6% over six months and +20% year-on-year.
SKY Network Television
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THE MAIN DECLINERS
Decliners slightly outweighed gainers, with 44 stocks closing lower and dragging the index down, led by a sharp sell-off in The a2 Milk Company Limited (ATM, #7), which plunged -16%, extending its one-month decline to -18% while still holding a +8% year-on-year gain. Summerset Group Holdings Limited (SUM, #18) fell -5%, down -16% month-on-month and -24% year-on-year. Ryman Healthcare Limited (RYM, #19) and Serko Limited (SKO, #49) each declined -3%, with Ryman down -13% over the past month and -20% year-on-year, while Serko has fallen -37% over six months and -45% year-on-year.
A2 Milk
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -1.2% | -0.3% | -6.1% | -6.7% | +4.2% |
| NZ Top 10 ETF (TNZ) | 0.0% | +1.9% | +0.3% | -1.2% | +4.5% |
| S/P NZX50 ETF (NZG) | -1.3% | +0.04% | -3.8% | -4.2% | +4.6% |
| NZ Dividend ETF (DIV) | +0.1% | +0.6% | -3.3% | -1.8% | +19.5% |
KEY ANNOUNCEMENTS
a2 Milk (ATM, #7) has provided a trading and outlook update for its China infant milk formula (IMF) business, reporting continued strong underlying demand across both China label and English label products, supported by brand momentum and product innovation. However, the company is facing temporary supply chain constraints, including freight disruptions linked to the Middle East conflict, production backlogs following prior manufacturing challenges, tighter regulatory testing requirements, and slower customs clearance, which are expected to materially impact product availability through 4Q26, particularly in April and May. As a result, a2 Milk has downgraded its FY26 outlook, now expecting lower IMF sales, increased one-off supply chain costs, and delayed cash receipts, with revenue growth revised to low-to-mid double digits and EBITDA margins reduced to 14.0–14.5%. Despite near-term pressures, the company maintains that these issues are largely timing-related and plans to continue investing in brand and operational capability to support long-term growth.
Fonterra has confirmed the implementation of its approximately $3.2 bln capital return to shareholders, completed on the 10th of April via a court-approved scheme of arrangement under the Companies Act 1993. In a separate announcement they have also appointed Richard Allen as the next Chief Executive Officer, effective the 1st of May, succeeding Miles Hurrell. Chair Peter McBride highlighted Allen’s extensive experience across the co-operative’s global operations, including his most recent role as President Global Ingredients, as well as his background in supply chain, international markets, and farmer engagement. Hurrell will remain in an advisory capacity through to September to support the leadership transition.
Synlait Milk (SML) has responded to the recent update from a2 Milk, noting that enhanced testing requirements implemented earlier in 2026 have extended product release timelines and impacted working capital, while broader supply chain pressures continue to be managed in collaboration with a2 Milk. The company confirmed that production has recently returned to targeted levels following prior manufacturing challenges, with efforts ongoing to rebuild customer inventory.
NZX50 Food Sector
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