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 down -0.7%, although it remains stronger over the past five days, up +1.9%, and continues to hold a +4.7% gain year-on-year. However, weakness is evident across shorter spans, with the index down -0.5% over the past month and -4.5% over six months.
THE MAIN GAINERS
There were 29 gainers on the board, led by Spark (SPK, #13), up +1%, continuing its strong long-term performance with a +31% gain year-on-year despite recent short-term pressure. Contact Energy (CEN, #6) also gained +1%, showing solid momentum with a +6% rise over the past five days and +7% year-on-year. a2 Milk (ATM, #7) edged +1% higher, attempting a rebound, although it remains under pressure, down -28% over the past month and -11% year-on-year. Tourism Holdings (TRA, #34) rose +1%, supported by strong medium-term performance, up +18% over six months and +50% year-on-year.
Spark
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THE MAIN DECLINERS
On the downside, 51 decliners weighed on the index. Gentrack (GTK, #40) led losses, falling -32%, adding to a sharp downturn with declines of -31% over five days, -37% over one month, and -66% year-on-year. Mainfreight (MFT, #8) dropped -4%, with performance remaining mixed, down -8% year-on-year despite a slight +1% gain over the past five days. SkyCity (SKC, #49) declined -4%, with continued weakness over longer periods, down -38% over six months and -55% year-on-year, despite a +12% gain over the past month. Vista Group (VGL, #32) fell -3%, with ongoing pressure reflected in declines of -11% over one month, -26% over six months, and -20% year-on-year.
Gentrack
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.6% | +1.9% | -7.4% | -6.3% | +2.6% |
| NZ Top 10 ETF (TNZ) | 0.0% | +2.3% | -4.9% | -4.0% | -1.1% |
| S/P NZX50 ETF (NZG) | -0.3% | +2.1% | -5.8% | -4.0% | +2.2% |
| NZ Dividend ETF (DIV) | +0.5% | +2.7% | -2.2% | +1.6% | +21.3% |
KEY ANNOUNCEMENTS
Synlait Milk (SML) has received two waivers relating to its syndicated bank facilities, as ongoing external headwinds continue to impact financial performance. The company requested its banking syndicate waive the quarterly minimum EBITDA event of review threshold and its interest cover ratio requirement for the 30th of April 2026 test date.
Fletcher Building (FBU, #14) has acknowledged recent media speculation regarding its ongoing strategic review of the Residential and Development division and the potential divestment of industrial property, reiterating that it does not comment on such speculation. The company confirmed the review remains underway and noted that, alongside the previously announced sale of the Felix Street property, sales processes for industrial land are in progress, with no further updates at this time.
Gentrack (GTK, #40) has updated FY26 guidance, expecting revenue of $229mln-$238mln, below previous forecasts, with recurring revenue growth of over 10% to around $174mln and weaker non-recurring revenue versus FY25. H1 revenue is expected to be about $110mln, including $85mln recurring, while FY26 EBITDA is forecast at $13.5mln-$20mln (H1 c.$7.8mln, excluding acquisition costs). The company reiterated its medium-term target of over 15% revenue CAGR and an EBITDA margin of 15%-20%, noting a strategic focus on growth and global expansion, including investment in its g2.0 platform to increase recurring revenue. The board also signalled intent, subject to conditions, to undertake an on-market share buyback of up to $20mln or 5% of shares over up to 12 months following H1 results, with further details to be provided on the 18th of May.
NZX50 Industrial Sector
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