Fisher & Paykel Healthcare started July on the front foot as it clawed back earlier losses during June’s index reweighting, lifting the S&P/NZX 50 index higher in a widespread domestic rally.
The kiwi dollar pushed to new 2025 highs as business confidence continues to recover, albeit at a slower pace than many economists were expecting and damping hopes for the Reserve Bank to cut rates next week.
Meanwhile, Metro Performance Glass secured a new lifeline with Australian metals distributor Amari Metals Australia agreeing to take a cornerstone stake in the glass products manufacturer.
And trans-Tasman storage firm Kennards Self Storage has emerged as the buyer of Auckland-based National Mini Storage.
Warmer weather
The NZX50 jumped 131.71 points, or 1.1%, to 12,734.53, with 29 stocks gaining, 12 falling, and nine unchanged. Turnover across the main board was $142.2 million.
The New Zealand Institute of Economic Research’s quarterly survey of business opinion showed growing optimism among firms about the economy and their own trading in the coming year, although readings for experienced activity added to the view that June was a tough period.
The kiwi dollar traded at 60.93 US cents at 5pm in Auckland from 60.74 cents yesterday, with economists predicting the Reserve Bank will keep the official cash rate at 3.25% when it reviews policy next week.
“We suspect NZ sentiment measures will gradually improve over 2025 despite the volatile global scene that still runs the risk of weighing on NZ hiring and investment decisions,” ASB Bank senior economist Mark Smith said in a note. “We have pencilled in a 25-basis point RBNZ cut in August and a 3% OCR endpoint but note that the NZ outlook is highly uncertain with both upside and downside risks.”
Property companies, which are typically sensitive to interest rates, were broadly stronger, with Vital Healthcare Property Trust up 2.3% at $1.97, Goodman Property Trust gaining 2.3% to $1.975, and Property for Industry rising 2.2% to $2.28.
Jeremy Sullivan, an investment adviser at Hamilton Hindin Greene, said the central bank doesn’t want inflation to reignite and may want to keep its powder dry to respond in either direction
“It’s arguably got a stimulatory stance with lower rates still working through the system,” Sullivan said.
Time to trade
Exporters shrugged off the strength in the kiwi dollar, leading the local index higher.
Skellerup Holdings, which is among those exposed to the US tariff regime, climbed 5.1% to $4.95, while F&P Healthcare gained 3.8% to $37.42, regaining losses from the recent index reweighting.
Spark New Zealand was the most heavily trading stock on a volume of almost 3 million as it climbed 1.7% to $2.47.
SkyCity Entertainment Group posted the biggest decline on the benchmark, falling 5.3% to 89 cents.
Metro Performance Glass fell 5.9%, or 0.3 of a cent, to 4.8 cents after the glass products maker completed a binding conditional agreement with wholesale investors to raise between $15 million and $24 million at 3 cents a share, which will bring Amari in as a cornerstone shareholder.
Warehouse Group was unchanged at 80 cents after warning it may report a loss before interest and tax, with a late winter and subdued consumer confidence leading to increased promotions to push sales.
The old firm
Jarden’s New Zealand investment banking business showed a big jump in fees in the March 2025 year, with the Jarden Securities unit – the local arm that’s required to file financial statements – reporting $15.9 million of investment banking fees and commission compared to $3.4 million a year earlier. Total fees and commissions rose 18% to $59.8 million, with brokerage and FX nudging up to $38.7 million. Net profit increased to $12.6 million from $10 million a year earlier.
In merger and acquisition news, National Mini Storage was bought by Kennard for an undisclosed sum, adding its 13 Auckland operating storage centres and one development site to the trans-Tasman group’s now 126 locations.
Meanwhile, Kaingaroa Timberlands – which counts the NZ Superannuation Fund as a shareholder – bought Te Waihou Plantations and its 9,200 hectares of existing forestry in south Waikato to an existing estate of 215,000 hectares in the central North Island.
And Ngāti Toa’s Switched On Group has bought facilities and asset management firm PAE New Zealand for an undisclosed sum.
Reporting by Paul McBeth. Image from Curious News.
