Here are the key changes to know about in the New Zealand equity market; NZX50 drops -0.9% as Precinct Properties, a2 Milk, Meridian, and Stride weigh on market; Summerset, Investore, Ryman, and Freightways lead the gainers

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 down -0.9% today, extending its decline over the past five trading days to -0.2%. Despite the weaker short-term performance, the index remains marginally ahead over the past month, up +0.2%, and has gained +1.2% over the past six months. However, the index is sitting +8.0% higher than it was a year ago. Market movement tilted to the negative, with 47 companies declining compared to 28 gainers.

THE MAIN GAINERS
Among the gainers, Summerset Group (SUM, #19) led the market higher, rising +7% during the session and extending its five-day gain to +8%. Despite the sharp short-term rebound, Summerset remains down -1% over the past month, -21% over six months and -20% year-on-year. Investore Property (IPL, #48) gained +2% for the day, although it is down -1% over five days, -5% over one month, -7% over six months and -9% over the past year. Ryman Healthcare (RYM, #18) added +1%, while Freightways (FRW, #17) also rose +1%, with Freightways continuing to hold a +10% gain year-on-year despite being down across its five-day, one-month and six-month periods.

THE MAIN DECLINERS
On the downside, Precinct Properties (PCT, #20) recorded the largest decline among the companies highlighted, falling -5% for the day. Its share price was also down -5% over five days, -10% over one month and six months, and -21% year-on-year. a2 Milk (ATM, #8) dropped -3%, giving back some of its recent gains, although it's still +4% higher over five days. Meridian Energy (MEL, #3) also fell -3%, leaving it down -5% over five days, -8% over one month and -6% over six months, while Stride Property Group (SPG, #38) declined -2% and stays lower over the month.

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Heartland Group Holdings (HGH, #28) confirmed that Toi Foundation trustees have approved the proposed sale of all TSB Bank shares to Heartland for $620 mln, marking a key milestone towards the planned merger of Heartland Bank and TSB. The merged entity would operate as TSB Heartland Bank Limited and is intended to create a larger New Zealand challenger bank, while retaining Taranaki as a key operational hub and maintaining a local branch network. The transaction remains subject to Heartland shareholder and regulatory approvals, with a Special Shareholder Meeting scheduled for September the 30th and completion targeted for December. Heartland also expects to submit its Reserve Bank application and dispatch its notice of meeting to shareholders on the 31st of August.

Precinct Properties (PCT, #20) reported investment property funds from operations of $149.9 mln for FY26, broadly in line with the prior year, while FFO increased to 7.31 cents per stapled security from 7.10 cents. Portfolio occupancy remained high at 97%, with a record 37,850 square metres of leasing activity completed and average rent reviews delivering a 3.3% uplift. Net tangible assets fell to $1.13 per security from $1.21, reflecting a $109.7 mln negative fair value movement, while the pro forma loan-to-value ratio improved to 29% from 41.6%. Precinct expanded its capital partnerships through the $205 mln acquisition of ASB North Wharf and the establishment of a $600 mln partnership for a 50% interest in PwC Tower, while completing the 55 Molesworth Street development and commencing construction at 256 Queen Street. The full-year dividend was 6.75 cents per security, representing a 92% FFO payout ratio.

Summerset Group (SUM, #19) reported a +92% increase in IFRS net profit to $171.4 mln for the six months ended 30 June, while cashflow from existing operations rose +291% to $31.0 mln. Total revenue increased +16% to $200.3 mln, with 813 total sales, up +17% year-on-year, including a +12% increase in new sales and +23% increase in resales. Underlying profit declined -3% to $103.4 mln, reflecting a change in the mix of homes sold, while 481 new homes were delivered across New Zealand and Australia at a 20% development margin. Summerset said it was maintaining its group build rate while focusing on cash generation, reducing net debt and strengthening balance sheet resilience amid an uncertain economic environment. A final dividend of 3.8 cents per share was declared.

Genesis Energy (GNE, #15) reported an +11% increase in normalised EBITDAF to $522 mln for FY26, supported by a +10% rise in gross margin to a record $949 mln and improved earnings quality. Operating free cashflow increased +24% to $322 mln, while reported net profit fell -50% to $85 mln due to revaluations. The company completed a $400 mln equity raise, reducing leverage to 1.6x and maintaining its BBB+ investment-grade credit rating. Genesis continued to advance its Gen35 strategy, including construction of the 136MW Tihori solar farm, FID on the 70MW Leeston solar farm, acquisition of the 271MW Rangiriri solar project and progress on its Huntly battery energy storage system. The company expects FY27 normalised EBITDAF of $480-$520 mln, with a pathway towards earnings in the upper $500 mln range by FY28.

One NZ and 2degrees have proposed combining their mobile radio access network infrastructure into a jointly owned wholesale business, RANCo, aimed at improving network efficiency, reducing infrastructure duplication and supporting faster deployment of new technologies. The companies would remain fully independent and continue competing across consumer and business markets, while retaining separate ownership of spectrum rights, core networks, fibre backhaul and other strategic assets. The proposal is expected to improve network resilience, reduce energy use and provide a stronger platform for future investment, including next-generation mobile technology. The transaction remains subject to regulatory approvals, including from the Commerce Commission and Overseas Investment Office, with completion targeted for the first half of 2027.

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