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 up +0.6%, taking its five-day gain to +0.7%, while the benchmark is also +0.9% higher over the past month, +3.3% over six months and +6.8% year-on-year. The market is relatively evenly balanced, with 38 gainers compared with 40 decliners.
THE MAIN GAINERS
a2 Milk (ATM, #8) was among the strongest gainers, rising +4%, taking its five-day gain to +2%, although it remained -2% lower over the past month, -25% over six months and -15% year-on-year. SkyCity Entertainment (SKC, #37) also climbed +4%, extending its five-day gain to +18% and one-month increase to +9%, while it remained -16% lower over six months and -1% year-on-year. Gentrack (GTK, #47) gained +4%, taking its five-day increase to +8% and one-month gain to +18%, although it remained -43% lower over six months and -58% year-on-year. Heartland Group Holdings (HGH, #28) rose +3%, extending its five-day gain to +4%, while it was +5% higher over the past month, +3% over six months and +36% year-on-year.
A2 Milk
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THE MAIN DECLINERS
Vulcan Steel (VSL, #31) was the biggest decliner, falling -4%, taking its five-day loss to -2%, one-month decline to -5%, six-month fall to -19% and year-on-year loss to -13%. Serko (SKO, #49) dropped -3%, extending its five-day decline to -1%, although it remained +14% higher over the past month while sitting -19% lower over six months and -39% year-on-year. Chorus (CNU, #12) declined -2%, taking its five-day and one-month losses to -7%, while remaining -5% lower over six months and -8% year-on-year. Ryman Healthcare (RYM, #18) fell -1%, extending its five-day decline to -3%, one-month loss to -10%, six-month fall to -13% and year-on-year decline to -17%.
Vulcan Steel Limited
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | -0.1% | -0.8% | -1.1% | -3.2% | +0.8% |
| NZ Top 10 ETF (TNZ) | +0.4% | -0.2% | +3.5% | +4.5% | +5.6% |
| S/P NZX50 ETF (NZG) | +0.3% | -0.3% | +1.7% | +1.7% | +4.1% |
| NZ Dividend ETF (DIV) | +0.6% | -0.2% | -1.9% | -2.7% | +2.0% |
KEY ANNOUNCEMENTS
NZME (NZM) reported a stronger first-half result for 2026, with operating revenue and other income edging up to $167.0 mln and operating EBITDA increasing +11% to $26.5 mln. Statutory net profit after tax improved to $6.6 mln from a $0.4 mln loss, while net debt fell by $13.9 mln to $19.4 mln. Audio was the standout performer, with revenue up +8% and EBITDA up +19%, while OneRoof continued to grow and publishing earnings remained steady. Free cash flow increased to $7.3 mln, and the company declared a fully imputed interim dividend of 3 cents per share, while expecting full-year FY26 operating EBITDA to exceed the $62.3 mln reported in FY25.
SkyCity Entertainment (SKC, #37) revealed it received two confidential, unsolicited takeover approaches in May, including a NZ$0.70 per share cash proposal from an Oaktree Capital-managed fund and another proposal implying NZ$0.75 per share. The SkyCity Board unanimously rejected both offers, saying they undervalued the company and contained problematic conditions, including lengthy due diligence, financing requirements and restrictions on asset sales. SkyCity said neither party submitted an improved proposal and it remains focused on its strategic priorities, including its asset monetisation programme, which is expected to generate $275 million-$300 million in gross proceeds.
Tourism Holdings (THL, #40) reported a significantly improved FY26 result, with statutory net profit from continuing operations reaching $39.9 mln compared with a $14.1 mln loss in FY25, while underlying NPAT increased +34% to $46.1 mln. Sale of services revenue rose +11% to $517.5 mln, rental fleet grew +10% to 8,587 vehicles and net operating cash flow increased +67% to $67.3 mln. The company strengthened its balance sheet, reducing net debt to $436 mln, while lifting its full-year dividend 62% to 10.5 cents per share. However, THL said the Middle East conflict disrupted forward bookings and, alongside continued weakness in RV sales, had affected the significant earnings improvement previously expected for FY27.
The Warehouse Group expects to report FY26 Operating Profit of $20.0 mln to $24.0 mln for the 52 weeks ended August 2nd, ahead of current analyst consensus and up from $1.3 mln in the prior 53-week period. The unaudited guidance reflects modest gross profit margin improvement and continued cost discipline, with margin gains at Noel Leeming and Warehouse Stationery, while The Warehouse recorded broadly flat margins year-on-year but improved in the fourth quarter. Trading conditions remained broadly consistent with the third-quarter update, with subdued consumer confidence and customers continuing to prioritise value and promotional and seasonal events. Full FY26 results are due on 30 September.
MOVE Logistics Group reported a +1.5% year-on-year increase in FY26 revenue to $290.6 mln and returned to positive normalised earnings of $1.6 mln, from a $10.0 mln loss a year earlier. Three of its four divisions delivered profit, with Freight & Fuel, Specialist and International all improving, while Warehousing remained below expectations amid excess capacity, weak demand and pricing pressure. Gross margin continued to improve, while net profit after tax returned to $0.3 mln. Net debt fell -38% to $10.4 mln, operating cashflow increased $7.3 mln to $32.6 mln and free cashflow rose $4.2 mln to $6.3 mln. MOVE said its focus has shifted from structural cost reductions to topline growth and sustainable earnings improvement as economic conditions show early signs of recovery.
Vulcan Steel (VSL, #31) reported a +20% year-on-year increase in FY26 reported EPS to 14.4 cents and a +19% increase in reported EBITDA to $129.3 mln, while adjusted EPS rose +10.8% to 15.1 cents and adjusted EBITDA increased +16% to $130.3 mln. The company said underlying volumes recorded their first year-on-year growth since FY22, with second-half volumes improving and profitability stabilising. The recently acquired rollforming business contributed nine months of trading and performed ahead of expectations, while Vulcan maintained 98% delivered-in-full, on-time performance. Operating cashflow fell -30% to $73.0 mln, while net bank debt declined $5.1 mln to $227.3 mln. A final dividend of 4.5 cents per share was declared, taking the FY26 total dividend to 7.0 cents. Vulcan said New Zealand's market was showing signs of stabilisation, while conditions in Australia remained mixed, and it would focus on customer service and margin improvement to build momentum into FY27.
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