Daily NZX update, Thursday, November 7, 2024

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 NZX50 INDEX IS DOINGThe S&P/NZX 50 Index rose by +0.2% today, bringing its monthly gain to +0.6% and its year-on-year increase to +12.9%. 

THE MAIN GAINERSThere were 44 gainers in the market today, with NZX Limited (NZX, #43) leading the way following its Investor Day. The company's share price saw a daily rise of +3.5%, contributing to an impressive +11.1% gain over the past five days and a substantial +48.5% rise year-on-year. NZX shares have now reached a one-year high of $1.50. Fletcher Building (FBU, #17) recorded the second-largest gain, rising +3.3% today and up +7.5% over the last five days, though it remains down -27.6% year-on-year. Tower Limited (TWR), a recent addition to the NZX50, climbed +3.1% and has been one of the index's best performers with an outstanding +114.3% year-on-year increase. Freightways (FRW, #20) also gained +2% today, with a solid +31.2% growth compared to the same time last year. 

THE MAIN DECLINERSWith 36 decliners in the market today, The Warehouse Group (WHS, #48) led the losses, falling another -2.9%. Over the past month, The Warehouse's share price has plunged -14.3%, hitting a four-week low and leaving its year-on-year decline at -43%. Kathmandu Brands (KMD, #50) followed, continuing its recent trend of declines with a -2.2% drop today and an -11.8% loss for the month. Compared to this time last year, Kathmandu's share price is down significantly by -47.7%. Investore Property (IPL, #41) slipped -1.6% but remains positive for the year, up +2.5%. Infratil (IFT, #4) also declined by -1.5%, yet maintains a strong year-to-date performance, with its share price up +21.1%.

SMARTSHARES EFTs 

KEY ANNOUNCEMENTSNZ Windfarms (NWF) Limited completed its shareholder meeting today, a single resolution was put to vote, fully supported by the Board. In compliance with NZX Listing Rule 6.1, voting was conducted by a poll. The resolution - authorising the Board to fix the fees and expenses of the auditor - was passed overwhelmingly, with 99.70% (108,463,965 votes) in favor and just 0.30% (330,612 votes) against. There were 438,348 abstentions.

Serko Limited (SKO, #44) has announced that Chief Operating Officer Charlie Nowaczek will depart the company after nearly eight years to assume a CEO position outside the travel technology sector. He will remain in his current role until late January 2025. CEO Darrin Grafton acknowledged Nowaczek's significant contributions, including scaling Serko and strengthening key partnerships, especially during the pandemic. Serko will initiate the search for a new COO and say they will provide updates as necessary.

Meridian Energy Limited (MEL, #2) has completed its on-market share buyback, acquiring 1,000,000 ordinary shares on the NZX Main Board at an average price of NZ$5.9068 per share. This buyback was conducted in connection with Meridian's FY25 long-term incentive scheme.

Northwest Healthcare Properties Management Limited, the manager of Vital Healthcare Property Trust (VHP, #24), has announced the results of voting from the Annual Meeting of Vital unit holders held on 6 November 2024. Graham Stuart has been re-elected as an Independent Director, with overwhelming support. The resolution was passed with 449,699,381 votes (99.90%) in favor, 288,641 votes (0.06%) against, and 175,133 abstentions (0.04%).

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