Here are the key changes to know about in the New Zealand equity market; NZX 50 down -0.5% despite gains for Kathmandu Brands, F&P Healthcare, Argosy and Hallensteins. Meanwhile Vulcan Steel, Napier Port, Freightways and Vector retreat

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 retreats -0.5% today, despite maintaining positive momentum across longer timeframes. The index remains +0.4% higher over five trading days, +1.5% over one month, +5.7% over six months and +3.1% year-on-year. However, the equity market is decisively negative, with 51 decliners against 33 gainers.

THE MAIN GAINERS
Kathmandu Brands (KMD, #50) leads the gainers, rising +1% to extend its five-day advance to +4%. The retailer remains down -56% year-on-year, highlighting the scale of its longer-term recovery still required. F&P Healthcare (FPH, #1) also gains +1%, taking its five-day increase to +4% and extending its strong performance to +13% over one month, +30% over six months and +37% year-on-year. Argosy Property (ARG, #34) adds +1%, lifting its monthly gain to +2%, although it remains down -9% over six months and -21% year-on-year. Hallenstein Glassons (HLG, #35) rounds out the advancing stocks with a +1% rise. Despite a -2% decline over five days, the retailer retains strong medium-term momentum, gaining +18% over one month, +45% over six months and +51% year-on-year. 

THE MAIN DECLINERS
Selling pressure is concentrated among several industrial and infrastructure stocks. Vulcan Steel (VSL, #30) and Napier Port Holdings (NPH, #36) both fall -3%, although their longer-term profiles differ markedly. Vulcan extends its five-day decline to -10% and is down -25% year-on-year, while Napier Port is down -3% over five days but remains +4% higher over six months and +9% year-on-year. Freightways (FRW, #17) also declines -3%, leaving it -2% lower over one month, -6% over six months and -7% year-on-year, despite retaining a +2% gain over five days. Vector (VCT, #10) slips -2%, extending its five-day decline to -1% and leaving it down -5% over six months and -7% year-on-year. 

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
PGG Wrightson (PGW) forecasts operating EBITDA of approximately $70 mln for FY27, up from $64.3 mln in FY26, representing an expected increase of around +8.9%. The company’s first-quarter performance has been encouraging, particularly across its Retail & Water division, while earnings from Livestock are expected to be weighted towards the second half of the financial year. The outlook is supported by favourable dairy and red meat returns, positive horticulture conditions and improving farm profitability, although elevated input costs continue to constrain spending. PGW also flagged risks from potential El Niño-related dry conditions, weaker commodity prices in parts of the arable and viticulture sectors, and broader geopolitical and economic uncertainty. The forecast remains subject to review following the key second-quarter trading period, with the company maintaining a cautiously optimistic outlook for the year ahead.