Here are the key changes to know about in the New Zealand equity market; NZX 50 lifts +0.2% as SkyCity casino, AirNZ, Precinct and Vista Group rise while the NZX, a2 Milk, Investore Property and Gentrack fall

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 rises +0.2% today, down -0.8% over the past five days and -1.5% over the last month. The index has fallen -6.2% over the past six months, gaining +3.1% over the past year. The market stayed relatively balanced, with 40 gainers compared with 41 decliners. 

THE MAIN GAINERS
SkyCity Entertainment (SKC, #37) is the strongest gainer, rising +5% and extending its five-day gain to +5%, while the stock is down -3% over six months but remains +3% higher over the past year. Air New Zealand (AIR, #26) gains +3%, bringing its one-month performance to +1%, although the stock remains down -8% over six months and -34% year-on-year. Precinct Properties (PCT, #20) rises +2%, although it remains under pressure over longer periods, down -6% over one month, -8% over six months and -28% over the past year. Vista Group (VGL, #40) also gains +2%, with the stock showing a particularly strong six-month performance at +62%, although it remains -8% lower year-on-year. 

THE MAIN DECLINERS
Among the decliners, the NZX (NZX, #45) falls -2%, despite remaining +1% higher over the past month, +11% over six months and +5% over the past year. a2 Milk (ATM, #8) also declines -2%, taking its one-month performance to -1% and extending its six-month decline to -30%, while it is down -18% year-on-year. Investore Property (IPL, #48) falls -1%, leaving the stock -5% lower over both the past month and six months and -19% over the past year. Gentrack (GTK, #47) rounds out the leading decliners with a -1% fall, extending its five-day decline to -4% and one-month decline to -21%. The stock is now down -44% over six months and -64% over the past year. 

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Meridian Energy (MEL, #3) will invest between $440 mln and $510 mln over the next decade to upgrade its 92-year-old Waitaki Power Station, with the project expected to be completed by 2036. The upgrade will replace all seven turbines and generators, along with supporting systems, headgates and associated equipment, increasing available generation capacity from 105MW to 120MW. The investment will comprise 15% growth capital expenditure and 85% repowering capital expenditure, with the latter excluded from operating free cash flow when incurred under Meridian’s dividend policy and subsequently added back over the station’s estimated 50-year useful life. FY27 total capital expenditure guidance remains unchanged at $370 mln-$410 mln, including $40 mln of repowering expenditure. The station will continue operating during the works, with outages planned to minimise the impact on generation, while the project is expected to improve seismic resilience, reliability and long-term performance alongside increased generation output. 

The Warehouse Group (WHS) reports a strong recovery in FY26 profitability, with reported net profit after tax rising to $11.2 mln from a $2.8 mln loss in FY25. Group sales were $3.0 bln, down -1.9% on the prior year’s 53-week period but +0.4% on a comparable 52-week same-store basis, while gross margin improved 40 basis points to 32.6% and cost of doing business fell 40 basis points to 31.8% of sales. Operating profit increased to $22.6 mln from $1.3 mln, supported by improved buying and retailing discipline, tighter inventory management, stronger full-price sales and sustained cost control. Operating cash flow increased to $193.5 mln, while net debt fell to $17.0 mln from $96.1 mln and free cash flow improved to $79.4 mln. Warehouse Stationery delivered particularly strong growth, with operating profit nearly doubling to $15.9 mln, while Noel Leeming increased operating profit to $21.8 mln from $11.7 mln. The Warehouse reduced its operating loss to $7.5 mln from $12.2 mln. The Group invested $21.1 mln in capital expenditure during the year, primarily across store upgrades, and returned to expanding its store network. No final dividend was declared, with the Board prioritising sustainable earnings and financial flexibility. Early FY27 sales are broadly in line with the prior year, while margins are ahead, although the Group expects retail conditions to remain challenging.

SkyCity Entertainment Group (SKC, #37) says it is progressing several strategic initiatives aimed at improving shareholder value, while also expanding its review of potential strategic opportunities. The company is targeting $275 mln-$300 mln in proceeds from its asset monetisation programme by the end of 2026, having already realised $74.5 mln from commercial property sales and entering advanced exclusive negotiations to sell The Grand Hotel. SkyCity remains on track to deliver $30 mln of cost savings in FY27, increasing to $70 mln in FY28, following a reduction of more than 200 corporate roles and a second phase focused on external spending. The company is also progressing regulatory discussions relating to its Adelaide business and will shortly commence a formal sale process for the asset, led by UBS, after receiving interest from potential buyers. Meanwhile, SkyCity says its non-binding approaches received earlier this year have not resulted in improved proposals, and the Board has appointed UBS and Chapman Tripp to engage with interested parties and evaluate potential transactions or other opportunities. There is no certainty that this process will result in a transaction. Underlying first-quarter results are in line with previous guidance, while progress on the cost-saving programme has been better than expected, with a further update due at the Annual Shareholders’ Meeting on the 21st of October.