Tourism Holdings surged on a rosier outlook.
Fisher & Paykel Healthcare did the heavy lifting for the S&P/NZX 50 index as the medical device maker upgraded its earnings outlook, buoying the benchmark index on a day when US tariffs returning to the fore kept investors wary of riskier assets.
Tourism Holdings led the NZX50 higher after the rental campervan operator’s first-half result was well-received with a strong outlook and hike in the dividend, while broadband network operator Chorus also came in ahead of expectations.
Genesis Energy halted trading of its shares to let the institutions run their arm of a $400 million capital raising that has the backing of the government, coming hot on the heels of Contact Energy’s $525 million share sale.
And among the smaller companies, Comvita and Pacific Edge were both on the rise as the honey products maker delivered against its targets and said it’s got an investor interested in underwriting a capital raising at a premium to the share price, while the bladder cancer test maker got a positive response at a committee on regaining Centers for Medicare and Medicaid Services coverage in the US.
The NZX50 climbed 111.91 points, or 0.8%, to 13,420.43, with 27 stocks gaining, 19 declining, and four unchanged. Turnover across the main board was $111.9m, of which Contact Energy accounted for $13.4m as it dipped 0.3% to $9.22.
F&P Healthcare made the biggest contribution to the index’s gain as the medical device maker rose 3.8% to $38.75 after the company lifted its earnings and revenue guidance for the March 2026 year.
And that didn’t include any potential tariff refund after the US Supreme Court tossed out the White House’s Liberation Day tariff programme as being illegal, although that was soon followed by President Donald Trump imposing a new 15% tariff under a different authority.
“It’s not a bad upgrade considering where the foreign exchange rate has been over the last two, three, four weeks,” said Peter McIntyre, an investment adviser at Craigs Investment Partners.
The kiwi dollar extended its gain through the day, trading at 59.84 cents at 5pm in Auckland from 59.78 cents at 7am, up from 59.47 cents last week after the tariff ruling and response initially sapped demand for the greenback.
Stock markets across Asia were nervous through the session as investors digested the latest tariffs, with Australia’s S&P/ASX 200 index down 0.7% in late trading, while Japan’s Nikkei 225 index dropped 1.1% and Hong Kong’s Hang Seng jumped 2.3%.
“We’ve had little volume running through the market and it’s very much been a risk-off day due to what’s happened with the tariff situation in the US,” Craigs’ McIntyre said.
Tourism Holdings led gainers on the NZX50, jumping 11% to $2.66 after the rental campervan operator lifted first-half underlying earnings 11% and hiked its interim dividend 20% to 3 cents per share.
Chorus gained 1.9% to $9.69 after the broadband network operator met expectations as first-half earnings rose 3%, with a slightly sweeter dividend of 24 cents.
Trading of Genesis Energy shares was halted to allow for the $100m placement to institutions at $2.15 a share, which will be followed by a $300m retail offering at $2.05. The funds will repay debt, freeing up the company to pursue some of its development projects. The shares closed at $2.41 on Friday.
Retailers were broadly stronger after Statistics New Zealand figures showed stronger consumer spending in the December quarter than predicted. KMD Brands rose 2% to 25 cents and Briscoe Group gained 0.6% to $4.73, while Hallenstein Glasson Holdings increased 0.5% to $9.90.
The retirement village operators were at the bottom of the leaderboard on the day, with Ryman Healthcare falling 2.4% to $2.42, Oceania Healthcare declining 1.8% to 81 cents and Summerset Group Holdings decreasing 1.8% to $10.31. Kiwi Property Group dipped 2% to 97 cents.
Air New Zealand was the most heavily traded stock on the day with a volume of 2.3 million as it slipped 0.9% to 57 cents.
Outside the benchmark index, Comvita surged 18% to 72 cents after returning to first-half profitability and saying it’s received credible offers from investors to underwrite the planned capital raising to strengthen its balance sheet. That includes an overseas investor willing to underwrite an offer above the $25m minimum at a price of 80 cents per share.
Pacific Edge rose 6.1% to 24 cents after the bladder cancer test maker resumed trading, saying Novitas advisory committee’s panel of experts considering biomarker tests were broadly in favour of the tests receiving Medicare coverage.
Rua Gold jumped 16% to $1.895 in its debut on the NZX, in the latest junior miner to list in New Zealand. Gold futures rose 2.2% to US$5,192 an ounce at 5pm in Auckland.
And Rakon was unchanged at $1.47 after the company’s independent directors recommended shareholders accept a $1.55 per share offer from US manufacturer Bourns, saying the bid was within independent adviser Calibre Partners’ $1.46-to-$1.94 value range and was a significant premium to the pre-announcement price.
Reporting by Paul McBeth.
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