NZX50 breaks into positive territory for 2025; Skellerup keeps breaking records

New Zealand’s S&P/NZX 50 index has joined stock markets around the world into positive territory, with Skellerup Holdings leading the benchmark higher after the rubber goods maker rose to a five-month high after notching up another record profit.

SkyCity Entertainment Group pressed ahead with plans to raise $240 million to repair its balance sheet, but is looking to sell assets as it attempts to rein in a heavy debt load.

Elsewhere, corporate news was heavy with results from Auckland International Airport, Heartland Group Holdings, Colonial Motor Co and NZ Rural Land Co, while Fisher & Paykel Healthcare gave an upbeat outlook at its annual meeting.

And Xero’s executive pay got a symbolic strike at the accounting software firm’s annual meeting, where the proxy advisory firms recommended shareholders oppose the remuneration report.

Good things take time

The NZX climbed 122.77 points, or 0.9%, to 13,194.07, and is up 0.6% so far this year, having languished on the red side of the year-to-date ledger in much of 2025. Within the index, 33 stocks gained, 12 fell and five were unchanged. Turnover across the main board was $109.3 million.

Skellerup led the benchmark higher, climbing 6.4% to $5, having hit a five-month high during the trading session, after reporting another record profit and signalling it sees scope for more growth over the coming 12-to-36 months.

“The business has been a fantastic performer, but it goes a little unnoticed,” said Peter McIntyre, an investment adviser at Craigs Investment Partners. “Even though our economy is primarily an agriculture and exporting nation, people aren’t overly exposed to that sector.”

Among other companies reporting today, Heartland Group Holdings gained 4.9% to 86 cents after meeting earnings guidance and forecasting a big step up in underlying profit for the June 2026 year.

Meanwhile, Auckland International Airport dipped 0.6% to $7.75 after the country’s main gateway reported a 14% lift in operating earnings, in line with expectations, while providing a tentative outlook.

Colonial Motor Co was unchanged $7.20 after reporting profit held up through a tough environment, while NZ Rural Land Co fell 1.9% to $1.04 before it reported a 39% increase in first-half adjusted funds from operations after trading closed.

SkyCity Entertainment Group stayed in a trading halt after confirming plans to raise $240 million in at 70 cents a share in an accelerated non-renounceable entitlement offer, and is also looking at selling its Auckland headquarters and carparking concession to shore up its balance sheet.

Finding mojo

Fisher & Paykel Healthcare climbed 2.1% to $41.25 after forecasting a 13% lift in first-half revenue ahead of today’s annual meeting. The medical device maker’s forecast was based on currency rates which have softened since the Reserve Bank lowered the track for future interest rate cuts.

The kiwi dollar traded at 58.18 US cents at 5pm in Auckland from 58.27 cents yesterday.

McIntyre said Australia’s ResMed recently reported a strong result, and the guidance is a continuation of F&P Healthcare performing well.

“It’s a growth orientated stock and it has its fluctuations but, again, it’s being driven higher by the outlook,” he said.

Among other companies posting gains on the day, Briscoe Group rose 4.9% to $5.74, Freightways advanced 3.7% to $12.50 and a2 Milk Co increased 3.5% to $9.68.

Summerset Group Holdings posted the biggest decline on the benchmark, falling 2% to $10.70, while Fletcher Building slipped 1.6% to $3.03.

Fonterra Shareholders’ Fund units increased 0.3% to $6.96 after the dairy exporter narrowed its forecast farmgate payout range, lifting the midpoint to $10.15 per kilogram of milk solids from $10/kgMS.

Precinct Properties NZ was the most heavily traded stock on the bourse with a volume of 3.3 million, increasing 0.4% to $1.275.

Across the Tasman, Xero was down 0.5% after shareholders delivered a rebuke to the board in voting against the remuneration report at today’s annual meeting. Because Xero is still incorporated in New Zealand, the first strike is symbolic and won’t trigger a board spill if repeated next year.

Reporting by Paul McBeth. Image from Curious News.