Here are the key changes to know about in the New Zealand equity market; NZX 50 rises +0.2% as Serko, Precinct, Fletcher Building and Stride Property gain; Summerset, Vulcan Steel, Freightways and Investore Property decline

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 trading on a positive note to finish the week, gaining +0.2%, although the benchmark remains down -0.1% over the past five sessions. The index has also slipped -0.7% over the past month, but retains gains of +6.4% over six months and +2.0% over the past year. Market breadth was firmly positive, with 41 stocks advancing against 40 decliners.

THE MAIN GAINERS
Serko (SKO, #50) was the standout performer, climbing +7% on Friday to extend its five-day advance to +21%. The travel technology company has recovered some ground, although it remains down -5% over the past month, -25% over six months and -55% over the year. Precinct Properties (PCT, #19) followed with a +6% gain, taking its weekly increase to +5% and its monthly rise to +5%. Despite the recent improvement, the property investor remains down -3% over six months and -20% over the past year. Fletcher Building (FBU, #14) added +3%, bringing its five-day gain to +8%. The building materials group is still down -3% over the month, but has advanced +24% over six months and +7% over the year. Stride Property Group (SPG, #42) rounded out the leading gainers, rising +2% on the day. Its share price remains down -1% over the month, -4% over six months and -28% over the past year. 

THE MAIN DECLINERS
At the other end of the market, Summerset Group Holdings (SUM, #20) was the weakest performer, falling -2% and extending its five-day decline to -3%. The retirement village operator has lost -14% over the past month, -21% over six months and -45% over the year. Vulcan Steel (VSL, #31) also shed -2%, despite remaining up +2% over five trading days, +2% over the month and +10% over six months. It is down -19% over the past year. Freightways (FRW, #17) slipped -2%, but remains +3% higher over the week and +1% up over the month, while its annual performance sits -12% lower. Investore Property (IPL, #48) declined 2%, taking its five-day loss to -3%. The property company is down -2% over the month, -6% over six months and -20% over the past year. 

SMARTSHARES EFTs

KEY ANNOUNCEMENTS
Hallenstein Glasson (HLG, #35) reported a strong FY26 result, with group sales increasing +19.6% to $563.0 mln. Gross margin improved 240 basis points to 61.7%, while audited net profit before tax rose +43.8% to $83.9 mln and net profit after tax increased +49.9% to $59.2 mln. Glassons Australia sales grew +29% to $324.4 mln, with net profit before tax up +27% to $43.5 mln, while New Zealand sales increased +12% to $124.8 mln and pre-tax profit climbed 52% to $29.1 mln. Hallensteins sales rose +6.1% to $113.8 mln, with pre-tax profit more than doubling to $10.9 mln. Online sales increased +26.2%, accounting for 19.0% of group revenue, compared with 18.0% a year earlier. The board declared a final dividend of 40 cents per share, taking the full-year dividend to 69 cents. Trading momentum has continued into FY27, with sales for the first eight weeks up +18.4% on a constant currency basis, although the company cautioned that this growth rate is not expected to continue through the remainder of the first half, particularly ahead of the key Black Friday and Christmas trading periods. A further trading update is expected at the December 2026 annual shareholders’ meeting.

Fonterra has increased the midpoint of its 2026/27 season forecast Farmgate Milk Price by 25 cents to $9.75 per kgMS, while narrowing the forecast range from $8.50–$10.50 to $9.00–$10.50 per kgMS. The Co-operative attributed the upgrade to improving demand for whole milk powder and skim milk powder, with Global Dairy Trade prices for the two products rising approximately 5% and 7%, respectively, over the past two events. Demand has remained strong across Southeast Asia, the Middle East, Africa and China, while Fonterra said its sales book is well-contracted despite record milk collections. The forecast midpoint for organic milk has also increased from $14.30 to $15.25 per kgMS, with the range lifted from $13.30–$15.30 to $14.50–$16.00 per kgMS. CEO Richard Allen said the Co-operative would continue monitoring global dairy supply and demand conditions while seeking to maximise returns for farmers.

Precinct Properties (PCT, #19) will not proceed with its Downtown Car Park development in Auckland under current market conditions, citing higher long-term interest rates, inflation, increased construction costs and greater financing and escalation risks. The company will retain the site and continue operating the car park, targeting a yield on cost of around 5%, while keeping future development as an objective. In place of the project, Precinct will return surplus capital through a $103 mln pro rata special distribution of 5.555092 cents per stapled share, followed by a 17-for-16 share consolidation and an on-market buyback of up to $50 million, or 60 million stapled shares, over 12 months to 29 October 2027. The consolidation will reduce securities on issue from 1,854.2 million to 1,745.1 million. Precinct said its shares trade at a discount to its 30 June 2026 NTA of $1.13 per share, making the capital management initiatives an attractive use of capital. The board has also approved a rebased annualised FY27 dividend rate of 6.50 cents per stapled share, applying from the first quarter, payable in December 2026. The payout ratio is expected to exceed the company’s 80%–95% FFO policy range in FY27 before returning within the range in FY28 as the benefits of the capital initiatives and at least $3 mln in planned annual cost savings are realised.