Here are the key changes to know about in the New Zealand equity market; Friday trade sees Gentrack, Property for Industry, Vulcan Steel, and Investore Property rise as F&P Healthcare, Vista Group, Serko, and Heartland decline

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 NZX50 is moving towards a decline today, falling -0.6% to end the final session of the trading week, extending its five-day decline to -1.8%. The index is down -1.0% over the past month and -4.1% across six months, and its year-on-year gain is vanishing too, now just +0.5%. Market breadth was stronger overall with 47 gainers against 33 decliners, reflecting selective buying interest despite the weaker index finish.

THE MAIN GAINERS
Among the gainers, Gentrack (GTK, #46) led the market higher with a +3% rise, although the stock remained heavily lower over longer periods, down -36% over one month and -66% year-on-year. Property for Industry (PFI, #27) also gained +3%, building on a strong recent run with gains of +6% over one month and +12% year-on-year. Vulcan Steel (VSL, #31) advanced +2%, continuing its short-term recovery with gains of +8% over five days and +12% over one month, while Investore Property (IPL, #48) added +2%, holding positive momentum across shorter timeframes despite remaining down -13% year-on-year.

THE MAIN DECLINERS
On the downside, Fisher & Paykel Healthcare (FPH, #1) led the decliners, dropping -4% and extending losses to -15% over the past month. Vista Group (VGL, #43) declined -3%, although it remained up +11% over one month despite still being down -45% year-on-year. Serko (SKO, #49) also fell -3%, continuing its recent weakness with declines of -17% over one month and -38% over six months. Heartland Group Holdings (HGH, #29) slipped -3%, extending its five-day decline to -9%, although the stock remained up +24% year-on-year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Fletcher Building (FBU, #14) announced it has entered into an unconditional agreement to sell its surplus Iplex Australia industrial property in Elizabeth, South Australia for A$20.05 mln. The site will be leased back to Iplex Australia for up to 12 months following completion to support the relocation of operations, with settlement expected in June 2026. Fletcher Building expects to record an estimated gain on sale of approximately A$10 mln in FY26 EBIT, net of associated sale, remediation, lease and restructuring costs, as part of its ongoing property footprint optimisation strategy.

Meridian Energy (MEL, #2) reported strong operating momentum in its April monthly update, supported by rising hydro storage levels, higher electricity demand and continued retail sales growth. National hydro storage increased to 119% of historical average by 11 May, with North Island storage reaching 201% of average, while Meridian’s retail sales volumes rose +8.2% year-on-year across most customer segments. National electricity demand increased +3.7% compared with April 2025, and Meridian noted ASX forward electricity prices continued to decline amid growing renewable generation investment and improved system security.

Air New Zealand (AIR, #24) reported total international passenger movements of 846,000 in April 2026, up +1% on the same month last year, while international seat capacity declined -1%, lifting average load factors to 87%. Growth in US and Chinese passenger numbers offset softer travel demand from New Zealand, Australian and UK travellers, while Middle East route activity remained heavily impacted by ongoing regional conflict. Domestic passenger movements also increased +1% year-on-year, supported by stronger trunk route demand, while Queenstown Airport recorded international passenger growth of +3% and domestic growth of +9% compared with April 2025.

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