The benchmark ended Friday stronger with bubbling consumer confidence buoying some consumer stocks.
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New Zealand’s S&P/NZX 50 index snapped six months of gains to fall 0.4% in November, with Vital Healthcare Property Trust at the bottom of the leaderboard having outlined plans to bring its management contract inhouse.
Meanwhile, the benchmark index closed out the month on the up, with Hallenstein Glasson Holdings and SkyCity Entertainment Group leading the NZX50 higher into the weekend as the latest ANZ consumer confidence survey showed an improving mood among households.
The last trading day of the month also saw earnings from a smattering of smaller companies such as Rakon, Green Cross Health and ikeGPS, who were among the leaders outside the top 50.
And Westpac Banking Corp’s New Zealand arm copped a $3.6 million penalty for breaching responsible lending rules, when some customers didn’t receive the required information about their loans and agreed discounts.
The NZX50 rose 56.95 points, or 0.4%, to 13,489.15 on Friday, with 27 stocks gaining, 17 declining and six unchanged. Turnover across the main board was $130.8 million, of which Fisher & Paykel Healthcare accounted for $19.8 million as it slipped 1.2% to $37.30.
That slowed the benchmark’s monthly decline to 0.4%, ending a run of six monthly gains, with Vital Healthcare Property Trust’s 13% fall in November the steepest. Vital this month announced plans to pay Northwest Healthcare Properties Management $214 million to bring its management inhouse, and raised $220 million at $1.95 per unit to fund the deal.
The units slipped 0.5% to $1.935 on Friday.
Meanwhile, Spark New Zealand shed 7.8% in November to end the month at $2.26, while Goodman Property Trust declined 5.7% across the month to close at $2.
And while the benchmark index nudged lower in November, Sanford posted the biggest gain, climbing 22% to $7.49 in the month after reporting record earnings, while Gentrack climbed 17% to $10.75.
The local stock market’s momentum stalled this week when the Reserve Bank’s widely expected rate cut delivered signals that central bank was at the end of its easing cycle, spurring gains for the kiwi dollar and lifting wholesale interest rates.
The kiwi dollar traded at 57.21 US cents at 5pm in Auckland from 57.27 cents yesterday, and edged down to 87.52 Australian cents form 87.68 cents.
Still, the March and September balance date earnings season provided more commentary on the economy being on the mend, coinciding with generally more upbeat data.
“Our market is set to outperform in 2026, depending on whether interest rates stay stable over the next six-to-nine months,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “You can feel a bit of momentum starting to happen.”
ANZ’s business outlook survey this week showed firms’ confidence in the broader economy at an 11-year high, while the consumer sentiment survey today showed households are also getting more upbeat.
Retailer Hallenstein Glasson Holdings led the NZX50 higher on Friday, up 4% at $9.83, while casino operator SkyCity Entertainment Group advanced 3.7% to 84 cents. Exporters Scales Corp rose 3.4% to $6.05 and Tourism Holdings was up 3.2% at $2.55.
Fletcher Building was the most heavily traded stock on the day with a volume of 3.7 million shares as it rose 2.1% to $3.27.
Meanwhile, KMD Brands posted the biggest decline on the day, down 3.6% at 27 cents, while Vulcan Steel decreased 2.8% to $8 and Channel Infrastructure slipped 1.1% to $2.68.
Westpac Banking Corp was unchanged at $42.95, despite a soft day across the Tasman for the big four banks. Westpac’s New Zealand arm was ordered to pay $3.6 million by the High Court over breaching responsible lending rules.
Outside the top 50, ikeGPS jumped 7.9% to $1.13 after reporting a 47% increase in annualised platform subscription revenue, with a narrowing first-half loss of $4.3 million.
Rakon climbed 6% to 89 cents after reporting a 30% gain in first-half revenue and more than doubling underlying earnings, while Green Cross Health advanced 5.9% to $1.07 after declaring a heftier interim dividend on a 27% gain in first-half profit.
New Talisman Gold Mines was unchanged at 4 cents, having halted trading of its shares while the board waits to hear back from a potential investor while it weighs up the firm’s financial position.
Reporting by Paul McBeth.
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