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 has edged slightly higher, up +0.2% to close out the trading week extending its one-month gain to +3.6% and lifting annual performance to +7.8%, despite remaining down -1.6% over the past six months.
THE MAIN GAINERS
Among the 54 gainers, Tourism Holdings (THL, #45) surged +24% for the day, extending its one-month gain to +34% and more than doubling over the past year with a +101% annual rise, as investors reacted positively to improving travel demand and stronger sector momentum. Serko (SKO, #49) climbed +3% on the session, trimming its one-month decline to -2%, although the stock remained down -39% over six months and -43% over the year. Summerset Group (SUM, #20) lifted +2% and added +3% across the trading week, though the stock continues to sit -38% lower over six months and -28% down annually. Kiwi Property Group (KPG, #21) also advanced +2%, with the property stock gaining +4% over the month and holding a modest +4% annual increase despite remaining -14% lower over the past six months.
Tourism Holdings
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THE MAIN DECLINERS
Leading the 31 decliners was A2 Milk (ATM, #10) fell -3%, extending losses to -7% across the week and -26% over the month, while remaining down -39% over six months. Gentrack (GTK, #44) dropped -2%, deepening its one-month slide to -40% and leaving the stock down -66% over six months and -70% over the past year following continued pressure on growth expectations. Channel Infrastructure (CHI, #24) eased -2% on the day and declined -5% for the week, although the stock retained gains of +19% over six months and +54% year-on-year. Infratil (IFT, #2) slipped -1%, but continued to hold strong medium-term momentum with gains of +27% over one month, +35% over six months, and +48% across the past year.
A2 Milk
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.5% | -0.3% | -5.7% | -6.6% | +3.9% |
| NZ Top 10 ETF (TNZ) | +0.1% | +1.9% | -0.5% | -1.9% | +3.7% |
| S/P NZX50 ETF (NZG) | +0.4% | +0.4% | +2.7% | -3.2% | +5.7% |
| NZ Dividend ETF (DIV) | +0.4% | -3.0% | -1.3% | -2.1% | +16.9% |
KEY ANNOUNCEMENTS
Chorus (CNU, #11) advised that it had submitted its 2025 fibre regulatory Information Disclosure to the Commerce Commission, with the regulated asset base increasing to approximately $6.0 bln at the end of 2025 from $5.9 bln in 2024. The core RAB lifted to $5.1 bln, while the Financial Loss Asset reduced to $0.9 bln. Chorus also confirmed it had under-earned its maximum allowable revenue during 2025, with revenues sitting $101 mln below the allowable threshold, resulting in a wash-up balance of $76.3 mln to be carried forward into PQP3.
Tourism Holdings (THL, #45) updated FY26 guidance, lowering its expected underlying NPAT range to $40 mln-$43 mln from the previous $43 mln-$47 mln due to softer consumer confidence, weaker vehicle sales activity, foreign exchange impacts, and disruption linked to the Middle East conflict. The company also lifted expected year-end net debt guidance to $460 mln-$470 mln, although it confirmed it remained comfortably within banking covenants with more than $300 mln in available liquidity. Despite near-term pressure across Australian domestic rentals and vehicle sales markets, THL said medium and longer-term tourism demand remained encouraging, with Canada tracking towards a record summer season and positive forward booking trends continuing across key markets.
Taiko Critical Minerals reported an unaudited FY26 net loss of $8.7 mln, widening 194% from the prior year as the company continued progressing its Barrytown Critical Minerals Project while also completing its NZX listing in March 2026. The result was heavily impacted by $5.7 mln of convertible note-related costs, including interest expenses, derivative revaluations, borrowing cost amortisation, and foreign exchange movements. Taiko said project-related expenditure continued to be capitalised, while non-project costs such as listing and financing expenses were recognised through earnings. Net tangible assets remained at nil per share due to a $10.3 mln embedded derivative liability associated with convertible notes, which largely offset the company’s remaining net assets at balance date.
Spark (SPK, #13) announced that Spark Finance had refinanced its bank debt facilities following a review of its funding arrangements after the January 2026 sale of a 75% stake in its data centre business. The company established a new suite of committed bank facilities totalling NZ$500 mln, replacing its previous banking arrangements and providing funding flexibility for general corporate purposes. Spark said the new facilities offered improved tenor diversification with maturities of up to five years, while maintaining existing undertakings and negative pledge arrangements with lenders and bondholders. The refinancing was not expected to impact Spark’s FY26 guidance or broader capital management settings.
NZX50 Energy Sector
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