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 NZX 50 is up +0.4% so far today, extending its gain over the past five trading days to +1.7%. The benchmark remains down -1.3% over the past month but is +6.9% higher over six months and +4.9% higher over the past year. Market breadth was positive, with 49 gainers compared with 37 decliners.
THE MAIN GAINERS
Among gainers, Vulcan Steel (VSL, #32) lead the market, rising +6% and extending its gain to +9% over five days, although the stock remains down -17% over the past year. Oceania Healthcare (OCA, #44) and a2 Milk (ATM, #8) each rise +4%, with Oceania also gaining +9% over five days and remaining +12% higher year-on-year. a2 Milk is up +2% over the past month but remains down -26% over six months. Skellerup Holdings (SKL, #23) gains +3%, adding to its strong longer-term performance, with the stock up +40% over six months and +51% over the past year.
Vulcan Steel Limited
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THE MAIN DECLINERS
Leading the decliners was Serko (SKO, #49) falling -6% extending its losses to -13% over five days, -30% over the past month and -59% over the past year. Port of Tauranga (POT, #9), Vista Group (VGL, #38) and Fletcher Building (FBU, #12) each fell -2%. Port of Tauranga remains +2% higher over five days and +11% over the past year, while Vista Group is up +6% over five days and +4% over the past month despite being down -4% year-on-year. Fletcher Building is down -2% over five days and -10% over the past month but remains +14% higher over six months and +18% over the past year.
Serko
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SMARTSHARES EFTs
| 1-day | 5-day | 6-month | YTD | 1Y | |
| NZ Top 50 ETF (FNZ) | +0.3% | +1.4% | +2.7% | -4.0% | -1.0% |
| NZ Top 10 ETF (TNZ) | +1.2% | +2.2% | +8.0% | +3.2% | +4.8% |
| S/P NZX50 ETF (NZG) | +0.5% | +1.4% | +5.2% | 0.0% | +1.9% |
| NZ Dividend ETF (DIV) | +0.5% | +2.2% | +1.8% | -1.3% | +1.8% |
KEY ANNOUNCEMENTS
Fonterra raised its 2026/27 Farmgate Milk Price forecast midpoint to $9.50 per kgMS from $9.25, while narrowing the forecast range to $8.50-$10.50 per kgMS from $8.00-$10.50. The revision reflects recent improvements in global dairy commodity prices, particularly whole milk powder and skim milk powder, alongside continued strength in global demand, although Fonterra retains a cautious outlook given ongoing geopolitical volatility and the season being only two months underway.
Tower (TWR, #40) has completed its FY27 reinsurance programme, securing comprehensive cover across its New Zealand and Pacific home, motor, boat and commercial portfolios. The catastrophe cover limit increases to $970 mln from $915 mln, while the third catastrophe limit rises to $100 mln from $85 mln, with event excesses unchanged at $20 mln. Reinsurance premiums are expected to represent 9.5% of Gross Written Premium in FY27, down from 10.6% in FY26, supported by favourable global reinsurance conditions, improved risk-based pricing and Tower’s portfolio management. The company has also secured several new multi-year agreements with global reinsurers, providing greater certainty around future reinsurance costs and catastrophe excesses.
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