New Zealand Sharemarket Today (17 November 2025): Black Pearl Returns, Comvita Deal Collapses, Warehouse Cost Reset in Focus

New Zealand’s stock market heads into Monday’s session under a cloud of caution after a sharp end‑of‑week sell‑off and a flurry of corporate announcements that could drive stock‑specific volatility through the day.

On Friday, the S&P/NZX 50 Index fell 133.41 points, or 0.98%, to close at 13,464.46, with 106 decliners and just 34 gainers, as local investors followed Wall Street’s worst day in a month. ^[1] Heavyweights such as Mainfreight, Infratil, Fisher & Paykel Healthcare and Meridian all eased, while smaller cap Comvita slumped after uncertainty over its takeover deal. ^[2]

As of early Monday, the NZX Main Board is in pre‑open, with no gainers or decliners yet recorded and daily volume and value still at zero — meaning the benchmark remains anchored at Friday’s close while investors digest fresh news. ^[3]

Below is a look at the key developments for 17 November 2025 that are likely to shape sentiment on the New Zealand sharemarket.

Market backdrop: cautious start after global risk‑off

Friday’s sell‑off was driven largely by offshore leads. US indices fell between 1.65% and 2.29% as technology names sold off and investors reassessed the outlook for the US economy amid limited fresh data. ^[4]

Locally, that translated into broad‑based weakness on the S&P/NZX 50, with transport and logistics group Mainfreight giving back part of its strong post‑result rally and infrastructure investor Infratil also slipping over the week. ^[5] Comvita and a clutch of smaller tech and growth names, including Eroad and Vista Group, featured among the notable fallers. ^[6]

Against that backdrop, Monday’s open is set up as a test of whether bargain hunters step in, or whether investors stay defensive in the face of a soft domestic economy and global uncertainty.

Comvita shareholders kill Florenz takeover; recapitalisation now in play

One of the most consequential pieces of news for the NZX small‑cap universe is the collapse of the proposed takeover of Comvita Limited (CVT) by Florenz Limited.

At a special meeting on Friday, Comvita shareholders voted on a scheme of arrangement that would have seen Florenz acquire the business for 80 cents per share. ^[7] The scheme required at least 75% approval of votes cast in each interest class and more than 50% of all shares on issue to be voted in favour. ^[8]

Polling results released on Monday show: ^[9]

Among non‑Florenz‑associated shareholders, 54.29% of votes cast supported the deal, well below the 75% threshold.
In aggregate, 54.34% of all votes cast were in favour, representing 44.25% of Comvita’s total shares on issue.
Because the super‑majority hurdle was not met, the scheme will not proceed and the Scheme Implementation Agreement has been terminated by mutual agreement.

Comvita’s board told the market it is now working with lenders and advisers on “alternative options”, explicitly including a recapitalisation process to stabilise the business, reduce risk to shareholders and position the company for renewed growth. ^[10]

Share price reaction was swift even before the final poll result was released: Comvita closed 6.5 cents lower at 53 cents on Friday after the company indicated it had approached its banking syndicate to request further support while it works on recapitalising the business. ^[11]

What it means for investors:

The failed bid underscores how difficult it can be to secure shareholder support for low‑premium deals in stressed situations.
Attention will now shift to how Comvita raises fresh capital – whether via a deeply discounted equity raise, asset sales, strategic investors, or some combination of the three.

Black Pearl Group raises A$10.2m and returns from trading halt

Tech and AI exposure on the NZX is back in focus after Black Pearl Group Limited (BPG) announced the completion of a significant capital raising and an end to a trading halt.

Black Pearl said it has successfully closed a placement of new fully paid ordinary shares, raising approximately A$10.2 million (about NZ$11.7m) in gross proceeds. ^[12] The offer, first announced last Thursday, closed on Friday and was described as well supported by both existing and new institutional investors, plus clients of retail broker firms. ^[13]

Key details:

Use of proceeds: While the announcement doesn’t spell out a detailed use‑of‑funds breakdown, the capital injection strengthens the balance sheet for further growth in its AI‑driven data and marketing platform targeted at US small and medium‑sized businesses. ^[14]
New shareholders: Management highlighted the arrival of new Australian institutional investors as a key objective of the raise, boosting Black Pearl’s visibility and investor base across the Tasman. ^[15]
Trading status: A trading halt was granted to facilitate the offer. With the placement complete, trading in BPG shares is scheduled to resume today, Monday 17 November. ^[16]
Settlement: The new shares are due to be allotted on Friday, 21 November 2025. ^[17]

Black Pearl describes itself as a “market-leading data technology company” that delivers AI‑driven sales and marketing tools, operating from Wellington and Phoenix, Arizona. ^[18]

Market watch:

With AI‑themed stocks still polarising investors, today’s price action in BPG will be closely watched as a gauge of appetite for small‑cap tech placings after a choppy year for growth names.
The presence of Australian institutions may provide a backstop of demand if the wider market remains volatile.

Warehouse Group: slight sales growth, big cost reset

Retail giant The Warehouse Group (WHS) has set the tone for the consumer sector with a trading update and a major cost‑cut programme.

For the 13 weeks to 2 November 2025 (FY26 Q1), the group reported: ^[19]

Group sales of $674.1 million, up 0.9% on the same period a year earlier.
Group like‑for‑like same‑store sales up 0.1%.
The Warehouse chain sales of $389.0m, up 0.7%, with same‑store sales also up 0.7%.
Warehouse Stationery sales of $52.2m, up 2.6%, with like‑for‑like up 1.4%.
Noel Leeming sales of $230.7m, up 0.7%, but with like‑for‑like same‑store sales down 1.6%, reflecting softer demand for big‑ticket electronics.

Management painted a picture of a highly promotional retail environment, with average selling prices down 2.4% due to discounting, a growing grocery mix and clearance activity. Group gross margin is 40 basis points lower year‑to‑date than a year earlier, despite improvements at Noel Leeming and Warehouse Stationery, because margins at The Warehouse remain under pressure. ^[20]

Chief executive Mark Stirton said store traffic and conversion have both improved and units sold are up, but warned that the company is “not yet seeing” enough full‑price sales in home and apparel to materially lift margins. ^[21]

To tackle that, The Warehouse Group is launching a comprehensive cost reset programme, aiming to push its cost of doing business below 31% of sales. The plan includes: ^[22]

A proposed restructure of head office roles, while maintaining frontline positions in stores.
Further leveraging its partnership with Tata Consultancy Services (TCS) and considering co‑sourcing additional functions.
A strong focus on “disciplined delivery” and margin recovery through FY26.

Investor implications:

WHS is signalling that profitability, not just sales growth, is now front and centre, which may be welcomed by income‑focused investors if execution is credible.
However, restructuring costs, execution risk and the impact on staff morale will all be in the spotlight as the market weighs the long‑term benefits of a leaner cost base.

Synlait Milk exits North Island footprint

In the dairy sector, Synlait Milk is poised to draw attention after BusinessDesk reported that the company is preparing to “say goodbye” to its North Island operations. ^[23]

Key points from that coverage: ^[24]

Synlait is handing over the keys to its Pōkeno manufacturing site and associated Auckland warehouse to new owner Abbott, in a $307 million deal.
The sale effectively ends a long‑running and costly expansion push beyond Canterbury, which the article describes as having turned into a more than $400m misstep for the company.
Management is expected to focus squarely back on Canterbury operations once the deal completes, with the move seen as drawing a line under a troubled chapter ahead of dairy companies’ AGM season.

For equity investors, the main questions are how much the transaction de‑risks Synlait’s balance sheet and whether it can rebuild credibility after years of operational and capital‑allocation challenges.

Alvarium under scrutiny as investor seeks to withdraw $10m

New Zealand’s wealth‑management sector is also in the headlines.

A BusinessDesk markets investigation reports that an investor with up to $10 million invested in Alvarium is attempting to withdraw funds, claiming a product that was presented as low‑risk is now exposed to “stressed” assets and could suffer heavy losses. ^[25]

According to the article: ^[26]

The investor at one point had up to $20m placed with the firm and has already pulled out about half after becoming concerned about how the funds were managed.
He is now pushing to exit the remainder over fears of losing capital as asset valuations are reassessed.

The story is likely to sharpen focus on disclosure, suitability and liquidity in wealth‑management products, particularly those marketed to high‑net‑worth clients. While the article centres on a single investor dispute, the optics could influence confidence in parts of the advisory and private‑funds space.

Fixed‑income and rulebook changes effective from today

It’s not just equities making news on 17 November.

Infratil bond rate reset

NZX has confirmed that the interest rate on Infratil Limited’s IFTHA bonds has been reset to 3.90% per annum, effective from Friday 14 November 2025, with the new rate reflected in the trading system from market open today. ^[27]

That reset will be of interest to income investors comparing listed bond yields with bank term deposits and other fixed‑income options.

Business continuity and disaster recovery rules

On the regulatory side, NZX has overhauled its business continuity and disaster recovery (BCP/DR) framework for market participants. Following consultation and regulatory approval, new requirements covering the NZX Participant Rules, Derivatives Market Rules, and Clearing & Settlement Rules take effect today, Monday 17 November 2025. ^[28]

The updated rules are backed by a new Business Continuity and Disaster Recovery Guidance Note, aimed at clarifying expectations around how brokers, clearing participants and other intermediaries plan for and manage operational disruptions. ^[29]

Ongoing governance reforms

Alongside those operational changes, NZX is also progressing previously announced adjustments to its Corporate Governance Code and Listing Rules following a review of director independence settings. While the next major disclosure step — mandatory reporting where certain independence “red flags” apply — doesn’t kick in until balance dates on or after 31 March 2026, the timetable and mark‑ups are already published for issuers. ^[30]

For listed companies, the direction of travel is clear: more transparent and prescriptive governance reporting, which over time should support investor confidence.

Macro backdrop: a “jalopy” economy and key data ahead

Macro‑economically, the tone for the week is being set by Westpac’s “Australia and NZ Weekly”, which characterises the New Zealand economy as a “jalopy struggling in the mud” – a colourful way of describing sluggish growth and persistent headwinds. ^[31]

The note highlights: ^[32]

Ongoing softness in activity and confidence despite some stabilisation in inflation.
Upcoming New Zealand releases this week, including selected price indices and trade balance figures, which will feed into expectations for the Reserve Bank of New Zealand.
A busy global calendar that could add volatility to local risk assets.

Dedicated economic calendars show a full slate of Kiwi data and events for 17 November and the days ahead, though the most market‑moving numbers may land later in the week. ^[33]

For the equity market, the macro backdrop reinforces the “low growth, selective stock‑picking” narrative: solid balance sheets, defensive earnings and credible cost control (like Warehouse Group’s reset) are likely to stay in favour.

Key things for NZX investors to watch today (17 November 2025)

As trading gets underway, these are the focal points for New Zealand stock‑market participants:

Black Pearl Group (BPG): How the share price reacts to the A$10.2m placement and resumption of trading, and whether new Aussie institutions provide visible support on the bid. ^[34]
Comvita (CVT): Price and volume after the Florenz scheme’s failure, and any further signals from the board on recapitalisation options or asset sales. ^[35]
The Warehouse Group (WHS): Market response to modest sales growth versus margin pressure and the scale of the planned cost reset. ^[36]
Synlait Milk (SML): Investor reaction to the Pōkeno and Auckland exit, and how the deal is viewed in terms of debt reduction and future strategy. ^[37]
Wealth and funds sector: Any spill‑over sentiment from the Alvarium story or from continuing coverage of private funds’ handling of illiquid or stressed assets. ^[38]
Fixed‑income names: Pricing and liquidity in IFTHA and other listed bonds, as investors absorb the new 3.90% coupon and reassess risk‑reward. ^[39]
Macro and global leads: Whether Wall Street stabilises or extends Friday’s slide, and how that feeds through to New Zealand defensives, exporters and rate‑sensitive growth stocks. ^[40]

This article is for information only and does not constitute financial advice. Investors should consider their own circumstances or seek professional guidance before making investment decisions.

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