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 looking to end today's session higher, rising +0.6%, although the index remains down -1.5% over the past five trading days and -4.4% over six months. Despite the softer mid-term trend, the benchmark has stayed marginally positive year-on-year, up +1.0%.
THE MAIN GAINERS
There were 59 gainers, Mainfreight (MFT, #8) led the market higher, climbing +5%, although the stock is down -17% year-on-year. Serko (SKO, #49) gained +3% following its FY26 earnings release, despite remaining sharply lower over longer periods, down -40% over six months and -51% year-on-year. Air New Zealand (AIR, #23) also rose +3%, adding to its recent five-day recovery, while Vital Healthcare Property (VHP, #22) advanced +3%, although the stock continues to track below year-ago levels.
Mainfreight
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THE MAIN DECLINERS
On the downside of 25 decliners, Turners Automotive (TWR, #36) was the session’s weakest performer, falling -7%, while still remaining up +31% year-on-year. Contact Energy (CEN, #6) declined -6%, trimming recent strength and leaving the stock broadly flat over the past year. Tourism Holdings (THL, #44) eased -2%, although it continues to hold strong annual gains of +39%, while Kathmandu (KMD, #50) also slipped -2%, extending its significant longer-term weakness with the stock down -69% year-on-year.
Tower
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +1.5% | -1.1% | -7.3% | -7.5% | -1.5% |
| NZ Top 10 ETF (TNZ) | -0.4% | -1.3% | -4.9% | -5.9% | -4.9% |
| S/P NZX50 ETF (NZG) | +1.6% | -1.0% | -5.2% | -5.2% | -1.9% |
| NZ Dividend ETF (DIV) | +0.1% | -1.1% | -1.2% | +0.3% | +14.5% |
KEY ANNOUNCEMENTS
Investore Property (IPL, #48) reported resilient FY26 earnings growth, with profit before other income and tax rising to $36.6 mln from $35.2 mln in FY25, while distributable profit increased to $30.7 mln. The property group expanded its portfolio to $1.1 bln following the acquisitions of Silverdale Centre and Bunnings New Lynn, while also continuing its capital recycling programme through selected asset disposals. Net rental income increased +5% to $65.5 mln, occupancy improved to 99.5%, and like-for-like rental growth reached 4.7% for the year. Investore declared a FY26 cash dividend of 6.50 cents per share, in line with guidance, and confirmed it currently intends to maintain the same dividend level in FY27.
Tower (TWR, #36) reported a solid HY26 result, delivering underlying net profit after tax of $36.8 mln and reported profit of $22.9 mln, while declaring a fully imputed interim dividend of 5 cents per share. Gross written premium rose +1% to $301 mln and customer numbers increased +5% to 327,000, supported by continued strength in home insurance policy growth. The insurer noted a more challenging operating environment during the half, with elevated weather-related claims activity, competitive pricing pressures and ongoing global volatility impacting earnings compared with the exceptionally strong prior period. Tower maintained its FY26 underlying NPAT guidance of $55 mln to $65 mln, while revising gross written premium growth expectations lower to low-single digits amid softer market conditions and lower average premiums.
My Food Bag (MFB) reported FY26 revenue of $170.2 mln, up +5.0% on FY25, with second-half revenue growth accelerating to 6.2% year-on-year. EBITDA increased to $16.4 mln, while net profit after tax rose +5.3% to $6.7 mln, supported by stronger customer retention, higher order frequency and continued operational improvements. The company reduced net debt to $1.9 mln and generated free cash flow of $8.5 mln during the year. My Food Bag declared a fully imputed final dividend of 1.15 cents per share, taking the total FY26 dividend to 1.90 cents per share. Management said early FY27 trading had remained positive, with revenue growth of +5.1% over the first seven weeks of the new financial year, while the company also confirmed its strategic review process remains ongoing.
Turners Automotive Group (TRA, #34) reported a record FY26 result, with normalised net profit before tax rising +16% to $63.2 mln as all three core automotive divisions delivered profit growth and Q4 marked a record quarter for the business. Revenue increased +9% to $451.2 mln, while normalised NPAT lifted +18% to $45.6 mln and the company declared a fully imputed final dividend of 9.0 cents per share, taking the full year dividend to 33.0 cents per share. Turners said the result brought forward its $65 mln NPBT target from FY28 into FY27, keeping the group on track toward its FY31 target of $100 mln NPBT, despite softer trading conditions emerging late in the year following geopolitical uncertainty.
NZX50 Property Sector
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