Here are the key changes to know about in the New Zealand equity market; Kathmandu, AirNZ, Property for Industry, and Briscoes open the week with gains, while Serko, Vector, a2 Milk, and Stride deliver declines

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 is sitting slightly lower, down -0.1%, extending its five-day decline to -1.0%. Over the past month the index is down -0.7%, with six-month performance softer at -3.4%, maintaining a solid +9.0% gain year-on-year.

THE MAIN GAINERS
The NZX 50 opened the week with mixed sentiment, supported by 44 gainers across the board. Kathmandu Brands Limited (KMD, #50) led the upside, rising +3%, although the stock remains under significant pressure, down -36% over the past month, -62% over the last six months, and -66% year-on-year. Air New Zealand (AIR, #22) gained +2%, building on a +1% five-day lift and +3% monthly improvement, though it remains down -22% annually. Property for Industry (PFI, #28) and Briscoe Group (BGP, #30) also advanced +2%, with PFI holding a solid +12% year-on-year gain, while Briscoe remains up +7% annually despite softer medium-term performance.

THE MAIN DECLINERS
Decliners remained elevated at 39, led by Serko Limited (SKO, #49), which fell -4%, extending its decline to -41% over six months and -49% year-on-year. Vector Limited (VCT, #10) dropped -2%, though it retains a strong +20% annual gain. a2 Milk (ATM, #7) eased -1%, now down -21% over the past month while still up +3% year-on-year. Stride Property Group (SPG, #41) also slipped -1%, with flat monthly performance and a -17% six-month decline, though it remains up +4% annually.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Channel Infrastructure (CHI, #26) has confirmed a new agreement with the government to provide 93 million litres of additional diesel storage capacity at its Marsden Point Energy Precinct, equivalent to around nine extra days of national diesel demand, through to the 31st of December 2027. The storage is expected to be operational by the 31st of May and will generate incremental revenue of approximately $1.2 mln per month, contributing around $8 mln in additional revenue for FY26. Despite the positive contract, Channel has maintained its FY26 EBITDA guidance of $95–$100 mln, citing ongoing uncertainty around fuel demand in the current high fuel price environment, with a further update expected at its Annual Shareholders Meeting on the 6th of May.

Fletcher Building (FBU, #14) has announced that the sale of Fletcher Construction to VINCI Construction has received approval from the New Zealand Overseas Investment Office, while the New Zealand Commerce Commission has confirmed it will not take the transaction any further. With these key regulatory conditions now satisfied, completion remains subject to final counterparty consents and restructuring conditions, and is expected to be finalised by the end of FY26.

Scales Corp (SCL, #33) has advised that investigations initiated by the Netherlands Food and Consumer Product Safety Authority into the operations of Esro Food Group do not impact Esro Pet Food, its pet food joint venture. Scales confirmed that Esro Pet Food does not supply the human edible market, operates as a separate legal entity from separate premises, and holds its own licences and permits. The company stated that Esro Pet Food continues to trade normally with no disruption to operations.

Kiwi Property Group (KPG, #23) has confirmed that it will release its annual results for the year ended 31 March 2026 on Monday, 18 May 2026.

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