Tourism Holdings advances as Forsyth Barr ups its target.
New Zealand’s S&P/NZX 50 index was one of the few stock markets to gain across Asia as US President Donald Trump continued his trip to the continent, meeting Japan’s prime minister Sanae Takaichi ahead of a widely anticipated meeting with China’s Xi Jinping on Thursday.
Local trading was relatively brisk as the NZX50 returned from the long Labour weekend holiday and led higher by utilities software developer Gentrack after a strong lead from Wall Street’s Nasdaq Composite, while Tourism Holdings advanced after getting a hike in its target price by Forsyth Barr analysts.
Across the Tasman, Australia’s tech sector stumbled after WiseTech Global plunged on news its offices were raided by federal police relating to claims founder Richard White sold shares during a blackout period.
And outside the local benchmark, IkeGPS rallied after reaffirming annual revenue and earnings guidance as its subscription income grew at an annualised pace of 47%.
The NZX50 increased 11.07 points, or 0.1%, to 13,402.66, with 27 stocks gaining, 18 declining, and five unchanged. Turnover across the main board was $179.2 million, with Fisher & Paykel Healthcare accounting for $27.3 million of that as the medical devices maker rose 0.3% to $35.95.
The local market was returning from the long weekend, having skipped a strong Monday across Asia, and was one of the better performers on the day.
Japan’s Nikkei 225 index was down 0.1% in late trading, as US President Donald Trump’s tour of Asia moved to the Japan, where he met new prime minister Sanae Takaichi. Trump’s tour includes a meeting with China’s President Xi Jinping on Thursday, which has built up expectations for a trade agreement to be reached between the two superpowers.
Australia’s S&P/ASX 200 index was down 0.3% as WiseTech Global sank 15% after federal police raided the company’s headquarters as it probes trading by founder Richard White and three staff. The Australian Financial Review this year reported White sold more than A$200 million of stock during a blackout period.
Meanwhile, CSL was down about 15% after the blood plasma giant cut its revenue guidance.
Wall Street’s Nasdaq set a strong tone for tech companies overnight with Qualcomm rallying on a supply deal with Saudia Arabia’s Humain artificial intelligence company.
Utilities software firm Gentrack led the NZX50 higher, climbing 4.4% to $9.32, while travel software developer Serko advanced 1.5% to $2.76. Cinema analytics firm Vista Group International fell 1.1% to $2.81, while outside the benchmark index Eroad slipped 0.5% to $2.07 and components maker Rakon declined 1.8% to 83.5 cents.
Health stocks were mixed on the NZX, with Fisher &Paykel Healthcare up while Ebos Group fell 1.4% to $28.
Australia’s major lenders provided a tailwind on both sides of the Tasman, with dual-listed ANZ Group Holdings up 3% at $42.55 on the NZX and Westpac Banking Corp advancing 2.7% to $45.
Tourism Holdings rose 0.8% to $2.50 after Forsyth Barr head of research Andy Bowley kept an ‘outperform’ rating on the stock and raised the target price 10 cents to $3.20, backing the rental campervan operator’s medium-term goals.
“While it is confident the business has turned a corner and expects a return to net profit growth in FY26, it also described FY26 as a ‘transitional year’, with the benefits of key strategic initiatives evident in FY27,” Bowley said in a note to clients. “We remain positive on THL’s medium-term outlook, and continue to view its growth strategy and $100 million net profit target as achievable.”
Commercial landlords were largely unperturbed by the Labour opposition’s plans to campaign on a narrow capital gains tax at next year’s general election, with Goodman Property Trust the only one on the red side of the ledger as it dipped 0.5% to $2.14.
Retirement village operators – whose fortunes are often linked to the residential property market – were softer with Ryman Healthcare down 0.7% at $2.80 and Summerset Group Holdings falling 1.3% to $11.74, while Oceania Healthcare was unchanged at 77 cents.
Fletcher Building declined 2.2% to $3.15.
KMD Brands posted the biggest decline on the NZX50 as it fell 3.3% to 29 cents.
Auckland International Airport was the most heavily traded stock on the day with a volume of 3.1 million shares changing hands as it dipped 0.4% to $8.17.
Outside the benchmark index, IkeGPS climbed 5.2% to $1.02 after reporting a 47% lift in its annualised subscription revenue and affirmed its annual revenue and earnings guidance, while probiotics firm Blis Technologies gained 6.3%, or 0.1 of a cent, to 1.7 cents after signing an extension to a distribution agreement with Probi AB.
Rua Bioscience slipped 2.9%, or 0.1 of a cent, to 3.4 cents after signalling plans to raise another $2 million of new equity at its annual meeting.
Meanwhile, Bremworth rose 0.6% to 88.5 cents after Godfrey Hirst applied to the Commerce Commission for clearance to buy the rival carpetmaker, and Restaurant Brands NZ was unchanged at $5.03 after its independent directors recommended shareholders accept the $5.05 takeover offer from Finaccess, despite it falling short of the independent adviser’s valuation range of $5.24-to-$6.20 a share.
Statistics New Zealand figures showed filled jobs rose 0.3% in September, beating expectations and raising the prospect of a lower quarterly unemployment rate than feared.
The kiwi dollar rose to 57.78 US cents at 5pm in Auckland from 57.56 cents yesterday.
Reporting by Paul McBeth.
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