Here are the key changes to know about in the New Zealand equity market; Kathmandu, Vista Group, Infratil, and Vulcan Steel lead the NZX50 higher; Spark, Serko, Sanford, and SkyCity casino weigh on the index

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 continues to move higher today rising +0.7%, extending its five-day gain to +3.1% and monthly advance also to +3.1%, although the index remains down -2.0% over the past six months. Year-on-year it has risen +4.6%.

THE MAIN GAINERS
Among the 45 gainers, Kathmandu Holdings (KMD, #50) surged the most up a sharp +14% on the day, lifting its five-day performance to +17%, while trimming its six-month and one-year declines to -56% and -59% respectively. Vista Group (VGL, #41) gained +4%, extending its one-month rise to +29%, while holding a +3% gain over five days despite remaining down -29% annually. Infratil (IFT, #2) climbed +3%, contributing to a strong +27% one-month gain and a +38% rise over the past year, despite easing -2% over the previous five sessions. Vulcan Steel (VSL, #30) added +2%, building on gains of +3% over five days and +11% over one month, although the stock is down -17% over six months.

THE MAIN DECLINERS
On the downside 32 stocks declined, Spark (SPK, #13) fell -3%, extending its one-month decline to -7%, while remaining down -14% over six months and -15% annually. Serko (SKO, #49) dropped -2%, despite a +3% five-day increase, with the stock still down -39% over six months and -47% over the past year. Sanford (SAN, #37) eased -2%, slipping -1% over five days, while remaining broadly flat over the month and still up +38% year-on-year. SkyCity Entertainment (SKC, #42) declined -1%, adding to losses of -3% over five days and -20% over one month, with the stock down -41% over the past year.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Vista Group (VGL, #41) announced that Mexican cinema operator Cinemex has signed a new five-year agreement to transition its Mexican circuit back to Vista Group’s platform, following the successful rollout across Cinemex’s US operations during 2025. The agreement covers Cinemex’s 289-site Mexican circuit, representing more than 2,800 screens across over 100 cities, alongside its existing 23-site US business. The circuit is expected to begin transitioning onto Vista Group’s on-premises solutions and Vista Cloud’s Data Empowerment capability throughout 2026, with both parties set to regularly review progress toward a full Operational Excellence transition over the term of the agreement. Vista Group CEO Stuart Dickinson said the company was pleased to welcome Cinemex back to the platform, highlighting the successful deployment across the exhibitor’s US circuit and the opportunity to further support Cinemex’s customer experience strategy through Vista Cloud’s digital capabilities.

KMD Brands (KMD, #50) reported continued momentum in Q3 FY26 as its “Next Level” strategy supported stronger sales growth, margin expansion, and operational discipline across the group. Group sales increased +5.2% year-on-year in Q3 and +6.6% year-to-date, led by Kathmandu with +12.0% quarterly sales growth and continued same-store sales momentum across Australia and New Zealand. Group gross margin improved 258 basis points to 58.2%, reflecting improved product mix, pricing discipline, and lower promotional activity across all brands. Alongside the update, KMD announced a comprehensive business review to assess opportunities to improve shareholder returns, including reviewing the group’s capital structure, portfolio configuration, and broader value-creation initiatives while continuing execution of its transformation strategy.

PaySauce (PYS) reported growth in its core New Zealand payroll business during FY26 while advancing its Australian expansion strategy following the launch of its Global Payroll Platform. Operating revenue increased +3% to $9.2 mln, with processing fee income rising +13% to $7.2 mln driven by a +5% increase in customer numbers to 8,600, while EBITDA remained steady at $1.2 mln despite increased investment in product capability, sales, and offshore expansion. Net profit before tax eased to $171k from $460k in FY25 as the company increased spending to support its Australian rollout and future growth initiatives. PaySauce also completed a $5 mln capital raise during the year, ending FY26 with net cash of $4.5 mln, as management highlighted Australia’s large micro-business payroll market as a key long-term growth opportunity.

Scales Corporation (SCL, #33) reiterated FY26 guidance for Underlying Net Profit after Tax Attributable to Shareholders of between $50.0 mln and $55.0 mln, with management reporting positive trading performance across the group during the first five months of the year despite disruption from the Iran war. In Horticulture, Mr Apple completed harvesting with a gross pick of 4.7 million TCEs, above expectations, although the forecast packout rate of 77% was lower than FY25 due to adverse weather impacts during the growing season, while pricing remained in line with forecasts. In Global Proteins, Scales said challenges continued following the receivership of Dutch subsidiary Esro Vlees BV, which disrupted operations at joint venture Esro Petfood BV, although trading across the group’s US, Australian, and New Zealand protein businesses remained strong. The Logistics division also delivered a solid start to FY26, supported by stronger airfreight volumes which partially offset softer seafreight margins.

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