Here are the key changes to know about in the New Zealand equity market; Vulcan Steel, Napier Port, Turners and Chorus gain as Mercury, Summerset, Tourism Holdings and Vector drag on the NZX50

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 weakens further today, falling -1.0% for the session to extend its five-day decline to -1.6%. The index also slipped -0.5% over the past month and remained down -4.4% over six months, although it continued to hold a modest +1.6% gain year-on-year. Market breadth remains heavily negative, with just 20 gainers against 55 decliners across the board.

THE MAIN GAINERS
Among the gainers, Vulcan Steel (VSL, #42) surged +18%, building on strong recent momentum with gains of +14% over the past five trading days and +29% over the month, despite remaining down -33% year-on-year. Napier Port (NPH, #37) lifts +3%, continuing its solid longer-term trend with gains of +30% over the last year. Turners Automotive Group (TRA, #34) added +1%, extending its six-month gain to +11% and yearly rise to +40%, while Chorus (CNU, #11) also rose +1%, maintaining steady strength with gains of +24% year-on-year.

THE MAIN DECLINERS
On the downside, Mercury Energy (MCY, #5) led losses, falling -4%, although the stock remains up +12% over the past year. Summerset Group (SUM, #20) also dropped -4%, continuing a softer trend with declines of -10% over the month and -34% year-on-year. Tourism Holdings (THL, #44) declined -3%, trimming some of its stronger annual performance despite remaining up +49% year-on-year, while Vector (VCT, #10) eased -3%, though it continues to hold gains of +21% over the last 12 months.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Infratil (IFT, #3) announced it had agreed to sell 53.5 million shares in Contact Energy (CEN, #6), representing a 5.0% stake, through a fully underwritten block trade priced at NZ$9.25 per share. The transaction is expected to generate gross proceeds of approximately NZ$495.2 mln and complete on 25 May. Following the sale, Infratil will retain a 9.08% holding in Contact and has committed to holding the remaining stake until at least Contact’s FY26 results announcement in August. Infratil said the divestment would provide additional flexibility to fund future growth opportunities across its portfolio while reaffirming confidence in Contact and the broader energy sector.

Vista Group (VGL, #42) announced that Cinépolis, the largest cinema exhibitor in Mexico, has signed a six-year agreement to transition its Mexican circuit of more than 500 sites and 4,100 screens onto Vista Cloud Operational Excellence. The agreement follows the successful rollout of Vista Cloud capabilities across Cinépolis’ Spanish circuit, Cine Yelmo, during 2024 and 2025. Commercial terms commenced from the 1st of January, with the transition of the Mexican circuit expected to occur progressively through 2026. Vista Group CEO Stuart Dickinson said the agreement highlighted strong global demand for Vista’s cloud-based cinema solutions and reinforced the long-standing partnership between the two companies.

Tourism Holdings (THL, #44) announced that Independent Director Gráinne Troute will resign from the Board at the end of May 2026. Troute joined the Board in 2015 and held several key governance roles during her tenure, including serving as Chair of the Remuneration and Nomination Committee from 2015 to 2023, while also contributing to the Health, Safety and Sustainability Committee. The Board thanked her for her significant contribution, leadership and governance experience over the past decade and wished her well for the future.

Napier Port (NPH, #37) reported continued earnings growth for the six months ended 31 March, with revenue rising +8.8% to $84.9 mln, driven by stronger container services activity, a solid growing season and ongoing productivity improvements. Underlying net profit after tax increased +21.5% to $17.9 mln, while reported net profit after tax fell -10.8% to $18.0 mln due to the prior corresponding period including Cyclone Gabrielle insurance proceeds. The company declared a fully imputed interim dividend of 5.25 cents per share, up 31% on the prior base dividend, while maintaining FY26 operating activity guidance of between $70 mln and $74 mln.

Argosy Property (ARG, #32) reported a solid FY26 result, with net property income rising +3.3% to $120.8 mln and net distributable income increasing +9.1% to $60.9 mln. The company recorded a $58.5 mln portfolio revaluation gain, contributing to a full year net profit after tax of $127.7 mln, while net tangible assets per share increased to $1.60 from $1.53 a year earlier. Occupancy remained steady at 94.6% with a weighted average lease term of 5 years, and portfolio gearing reduced to 36.1% following recent property settlements. Argosy also confirmed a FY26 full year dividend of 6.65 cents per share, in line with guidance, while continuing progress toward its target of a 50% green portfolio by 2031.

Serko (SKO, #49) reported strong FY26 audited results, with total income rising +34% to $120.9 mln, driven by continued growth in Booking.com for Business and the inclusion of a full year of GetThere revenue. Completed room nights increased +31% to 4.3 mln, while active customers grew +36% to 301,000. EBITDAFI surged +137% to $6.5 mln, reflecting improved operating leverage and cost discipline, while the net loss after tax narrowed by $4.2 mln to $17.7 mln. Serko also highlighted progress with its AI platform, Serko.ai, which is currently in closed beta testing in the United States ahead of an expected open beta launch in Q3 FY27.

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