Infratil paces gains for NZX50; Hallenstein Glasson chief goes

Infratil paced gains for the S&P/NZX50 index as New Zealand’s stock market continued to outperform much of Asia, with the big rump of companies that recently reported earnings still carrying their dividends.

Meanwhile, Hallenstein Glasson Holdings nudged higher after chief executive Chris Kinraid unexpectedly announced his resignation with three days’ notice, coming after an upbeat trading update from the clothing chain.

Santana Minerals rallied as the gold price pushed near new highs and as the would-be miner pressed its case to the local community on the wider benefits to Otago’s regional economy if its project goes ahead.

And New Zealand’s terms of trade rose more than expected in the June quarter, with a series of revisions to low-cost imports seen trimming the current account deficit by 0.5% of gross domestic product.

Four-day run

The NZX50 rose for a fourth day, up 62.71 points, or 0.5%, at 13,133.16, with 30 stocks gaining, 19 declining, and one unchanged. Turnover on the main board was $115.9 million, with Spark New Zealand accounting for $12.9 million of that.

The local bourse was one of the better performers across Asia, with Australia’s S&P/ASX 200 index down 0.2% in late trading, Japan’s Nikkei 225 index largely unchanged, and Hong Kong’s Hang Seng slipping 0.6%.

New Zealand’s dividend-heavy exchange has 13 companies shedding rights to their dividends this week and another 11 next week.

Infrastructure investor Infratil paced gains on the local bourse, climbing 3.5% to $11.89 as Amazon Web Services officially launched its New Zealand datacentres.

Other companies held for their reliable dividends were also among gainers driving the benchmark index higher, with Mercury NZ up 1.4% at $6.72, Mainfreight gaining 2.3% to $63.25 and Port of Tauranga rising 2.4% to $7.40.

Oceania Healthcare led the benchmark index higher, up 4.8% at 66 cents, while Vista Group International advanced 4% to $3.12 and Serko rose 3.6% to 2.60.

Stock market operator NZX posted the biggest decline on the day, down 2.7% at $1.42, while Sky Network Television slipped 2.2% to $3.13.

Expect the unexpected

Hallenstein Glasson Holdings increased 0.5% to $8.75 after announcing chief executive Chris Kinraid’s sudden departure, effective from Sept 5, with chair Warren Bell saying he’d been instrumental in driving earnings and revenue growth and leaving the retailer in a strong position.

Spark was the most heavily traded stock with a volume of 4.9 million, dipping 0.2% to $2.615.

Statistics New Zealand figures showed the nation’s terms of trade – which measure the purchasing power of the country’s exports relative to imports – rose 4.1% in the June quarter as export prices gained 0.2% and import prices fell 3.7%.

The government agency revised down the value of imports in previous quarters after discovering the value of individual parcels has shrunk with the rise of low-cost importers such as Temu and Shein.

“The downward revision to imports is expected to reduce the current account deficit by about 0.5% of GDP (from 5.7% in March 2025),” Westpac NZ senior economist Darren Gibbs said in a note. “Additionally, the upward revisions to net exports of services reported today will also help.”

The kiwi dollar fell to 58.85 US cents at 5pm in Auckland from 59.09 cents at 7am and 59.01 cents yesterday, while courier company Freightways slipped 2% to $12.12.

Outside the benchmark index, Santana Minerals rose 2.1% to 71 cents. Gold price futures have been breaking new ground, up 1.3% at US$3,562 an ounce. The would-be miner also updated its economic impact statement on its planned mine in Cromwell, saying it’s projected to deliver a $360 million annual boost to Otago’s regional economy.

Eroad gained 0.8% to $2.43 after announcing Ciara McGuigan as its new chief financial officer. She left Sky TV earlier this year.

Being AI was unchanged at 5 cents after the company was censured and fined $50,000 for breaching rules requiring a minimum number of independent director after the mass exodus earlier this year.

And telco minnow Vital was unchanged at 42 cents after suitor Tait International said it won’t waive its condition to meet the 90% threshold letting it mop-up any hold-out shareholders in its 45 cents per share takeover bid. The offer, which has been recommended by the Vital board, closes in eight days.

Reporting by Paul McBeth. Image from appshunter.io on Unsplash.