NZX50 snaps 4-day gain as blue chips weigh; miners rally

New Zealand’s S&P/NZX 50 index edged lower as it snapped a four-day gain in light holiday trading, with blue chip companies including Fisher & Paykel Healthcare, Ebos Group and Meridian Energy among those weighing on the benchmark.

Stock markets across Asia were mixed following a subdued lead from Wall Street on Boxing Day, although soaring prices of silver and gold buoyed mining companies on both sides of the Tasman, including Santana Minerals, Manuka Resources and New Talisman Gold Mines.

Import fuels terminal Channel Infrastructure was among those on the red side of the ledger as the few investors checking in on the local markets weighed up the impact of the proposed merger of the Gull and NPD low-cost petrol chains, while local logistics firm Move Logistics and courier operator Freightways both rallied.

And retailers were mixed as the all-important Christmas and New Year sales continue, with KMD Brands at the top of the NZX50’s leaderboard, while Hallenstein Glasson Holdings, Warehouse Group and Michael Hill International declined on the day.

Red like Santa

The NZX50 was marginally lower as it dipped 3.07 points to 13,525.99, with 16 stocks falling, 25 gaining and nine unchanged. Turnover was $46.6 million, of which Auckland International Airport accounted for $4.4 million as it advanced 0.5% to $8.32.

Blue chip companies weighed on the local index in the thin holiday trading, with Fisher & Paykel Healthcare slipped 1% to $37.47, Ebos Group declining 1.5% to $27.63 and Meridian Energy falling 0.7% to $5.51.

Markets across Asia were mixed, with Australia’s S&P/ASX 200 index down 0.3% in late trading and Japan’s Nikkei 225 dipping 0.3%, while Hong Kong’s Hang Seng surged 1.5% and Singapore’s Straits Times Index gained 1.5% with tech stocks buoying those bourses.

Silver prices retracted from their records and gold futures were down 0.4% at US$4,533 an ounce at 5pm in Auckland, with the elevated prices for precious metals stoking demand for mining companies. On the NZX, would-be gold miner Santana Minerals was among the top 10 traded NZ securities by Sharesies users, climbing 3.9% to $1.08, while Manukau Resources – which has a silver mine in New South Wales – surged 13% to 10.2 cents. New Talisman Gold Mines gained 4% to 2.6 cents, while Minerals Exploration was unchanged at 23 cents.

The Smart gold exchange traded fund rose 1.2% to $4.188, and has gained almost 65% so far this year.

Rising temperatures

Channel Infrastructure fell 1.7% to $2.87 after low-cost petrol chains Gull and NPD announced plans to merge their businesses to create the second-biggest transport fuels retailer behind Ampol’s Z Energy. Gull owns its own import terminal in Mount Maunganui.

The pair are promising to bring down petrol prices and local transport firms rallied, with Move Logistics up 4% at 26 cents and courier operator Freightways gaining 1.2% to $14.21.

Brent crude oil futures rose 1.1% to US$60.86 a barrel as heightened tensions between the US and Venezuela has led to a decline in tanker traffic near the Latin American nation, reversing an earlier decline ahead of US President Donald Trump’s efforts to broker a ceasefire between Russia and Ukraine.

Carrier Air New Zealand was unchanged at 58 cents.

Investore Property led the NZX50 lower, falling 1.7% to $1.135.

KMD Brands posted the biggest gain on the NZX50, up 3.7% at 28 cents as it continues its choppy trading at either end of the leaderboard. Retailers were generally softer in what’s traditionally the busiest season for them, with Briscoe Group advancing 0.2% to $5.11, while Hallenstein Glasson Holdings dipped 0.2% to $9.76.

Outside the benchmark, Warehouse Group fell 1.4% to 73 cents and Michael Hill International declined 3.7% to 39 cents.

Exporters Comvita and a2 Milk Co were among the day’s gainers as China’s government pledged to boost support for the world’s second biggest economy in 2026. Both firms count China as a key market, and a2 Milk rose 1.2% to $10.65 and Comvita advanced 2% to 52 cents.

Vista Group International fell 0.4% to $2.59. Walt Disney’s ‘Avatar: Fire and Ash’ movie topped the US box office for a second weekend in a row, although ticket sales for Christmas releases are down on the prior year.

Reporting by Paul McBeth. Image from Curious News.