Here are the key changes to know about in the New Zealand equity market; Sanford jumps +16% to lead NZX50 gainers but overall benchmark falls -0.8%; Serko, Vista and Channel Infrastructure also rise, offset by Ryman, Mainfreight, Vector and Summerset

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 set to decline -0.8% putting the trading week on the back foot as selling pressure outweighed gains among a smaller group of stocks. The benchmark is down -0.2% over the past five trading days and -1.5% over the past month, although it remains up +6.8% over six months and +1.7% year-on-year. Market balance was firmly negative, with 52 decliners compared with 32 gainers.

THE MAIN GAINERS
Among the gainers, Sanford (SAN, #43) led the market, surging +16% on the day and over the past five trading days. The seafood producer is also up +5% over the past month and +15% year-on-year, although it remains down -5% over six months. Serko (SKO, #50) rose +6%, extending its five-day gain to +1%, but the travel technology company remains under significant pressure over longer timeframes, down -19% over the month, -39% over six months and -61% year-on-year. Vista Group International (VGL, #40) gained +5%, matching its five-day advance and lifting its six-month performance to +49%, although it remains down -1% year-on-year. Channel Infrastructure (CHI, #26) advanced +4%, taking its five-day gain to +2%. The fuel import terminal operator is down -7% over the past month but remains up +11% over six months and +32% year-on-year. 

THE MAIN DECLINERS
Among the decliners, Ryman Healthcare (RYM, #18) fell -4%, extending its losses to -5% over the past five trading days, -7% over the month, -18% over six months and -37% year-on-year. Mainfreight (MFT, #7) dropped -3%, taking its five-day decline to -3%, although the logistics group remains up +12% over six months and +10% year-on-year. Vector (VCT, #10) also declined -3%, extending its five-day loss to -2%. The electricity and gas distributor is down -5% over the month, -6% over six months and -12% year-on-year. Summerset Group Holdings (SUM, #20) shed -3%, taking its five-day decline to -7%. The retirement village operator remains under pressure across longer timeframes, down -14% over the month, -21% over six months and -45% year-on-year. 

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Channel Infrastructure (CHI, #26) has released an updated long-term fuel demand outlook from Envisory, forecasting an additional 1.3 billion litres of fuel throughput at Marsden Point by 2050 compared with its October 2024 forecast. Petrol and diesel demand are expected to remain higher for longer as weaker economic conditions delay vehicle replacement and the transition to electric vehicles, while diesel demand is forecast to strengthen as economic activity recovers. The outlook also anticipates Channel increasing its share of national petrol and diesel demand, supported by Auckland’s population growth and its fuel distribution infrastructure. Envisory has lowered its near-term jet fuel forecast due to revised passenger projections and elevated fuel prices, although its longer-term outlook remains broadly unchanged. Channel said the updated forecast reinforces the importance of fuel security, with the company estimating New Zealand’s nine-day strategic diesel reserve carries an economic insurance cost of around 1 cent per litre. Channel’s FY26 guidance remains unchanged, including assumed jet fuel volume growth of 2% in 2026.

Serko (SKO, #50) expects to raise its FY27 total income guidance modestly at its half-year results on the 16th of November, following stronger-than-anticipated first-half trading driven by accelerating completed room nights. The travel technology company expects this momentum to continue into the second half, with total income forecast to increase from its current guidance range of $128 mln to $134 mln, while total spend is projected to land around the midpoint of its $132 mln to $140 mln range. Serko also expects to report positive free cash flow for both the six months ended 30 September and the full FY27 year. Growth is expected to be driven primarily by its core business, as its strategic initiative targeting defined US corporate segments is not expected to make a material contribution to FY27 income. The company will provide an updated outlook and further details on its strategic initiatives alongside its half-year results.

Heartland Group Holdings (HGH, #28) remains on track to deliver FY27 net profit after tax (NPAT) of at least $102 mln and return on equity (ROE) of at least 7.5%, following continued quarterly improvements in profitability in the September quarter. First-quarter NPAT was $24.5 mln on a reported basis, including $0.9 mln in costs associated with its proposed acquisition of TSB Bank, while average net interest margin was 3.92%, above its guidance of greater than 3.88%, and its cost-to-income ratio improved to 54.7%, below the guided ceiling of 55.7%. Asset quality continued to strengthen, with Heartland Bank’s non-performing loan ratio easing to 1.87% from 1.92% in June. Reverse mortgage lending remained a key growth driver, with receivables rising 12.9% in New Zealand and 19.6% in Australia during the quarter, although Rural, Motor Finance and Business Finance portfolios contracted amid borrower-specific changes, competitive pressures and subdued credit demand. Heartland continues to target completion of its proposed TSB acquisition no earlier than December 2026, subject to remaining conditions, and will update its FY27 guidance following completion of the transaction.

Argosy Property (ARG, #34) will announce its interim financial results for the six months ended 30 September on Wednesday, the 18th of November.