New Zealand Sharemarket Today: NZX 50 Slips as Nvidia Tech Rout Ripples Across Asia

New Zealand’s stock market finished slightly lower on Friday as a sharp reversal in global tech stocks, led by Nvidia, washed through Asia‑Pacific markets and into the NZX. The benchmark S&P/NZX 50 Index closed at 13,419.40, down 20 points (‑0.15%), with about 37 million shares trading hands for roughly $138 million. ^[1]

Despite the modest headline move, the session was busy underneath the surface. Data‑centre and rate‑sensitive names came under pressure, while selected growth and healthcare stocks – notably AFT Pharmaceuticals, Turners Automotive and Gentrack – rallied strongly on earnings and deal news. ^[2]

New Zealand stock market wrap – 21 November 2025

Index: S&P/NZX 50
Close: 13,419.40
Change: ‑20 points (‑0.15%)
Market breadth: ~55 gainers vs 90 decliners on the main board
Turnover: Around $137.9m in value traded ^[3]

Local investors were digesting a late‑session slide on Wall Street, where the Nasdaq fell about 2.2% and the S&P 500 about 1.6% after Nvidia’s post‑result rally abruptly reversed and the chipmaker finished around 3% lower on the day. ^[4]

That global risk‑off tone set the backdrop for a mixed session in New Zealand, with:

Exporters and defensives holding up relatively well
Growth and tech‑linked names under pressure from higher‑for‑longer rate fears
Stock‑specific earnings stories driving many of the day’s largest moves ^[5]

Global tech sell‑off hits NZX as Nvidia rally unwinds

A day earlier, markets had cheered Nvidia’s headline earnings, only to rethink the quality and sustainability of those numbers overnight. That rethink triggered a sharp intraday reversal in US equities and quickly filtered into Asia. ^[6]

In New Zealand:

Infratil, which has become a local proxy for global data‑centre and digital‑infrastructure growth, fell around 40 cents to about $11.55 as investors rotated out of AI‑themed names. ^[7]
Broader sentiment across growth and tech was cautious, even as some company‑specific stories bucked the trend.

Analysts noted that while the NZ market did soften, it still held up better than many offshore peers, helped by its relatively high weighting to utilities, infrastructure and defensive healthcare names. ^[8]

Earnings season in focus: key NZX movers

AFT Pharmaceuticals surges on record revenue

AFT Pharmaceuticals (NZX: AFT, ASX: AFP) was the standout performer, jumping about 10% to roughly $3.75, making it the best‑performing stock on the main board for the day. ^[9]

The move followed yesterday’s half‑year result, where AFT reported its 10th consecutive first‑half revenue increase, with sales for the six months to 30 September 2025 rising 33% year‑on‑year to $114.9m. Growth was led by Australia and supported by recovering Asian and international markets. ^[10]

The company highlighted:

Ongoing expansion of its global distribution network (sales now in 80+ countries)
A pipeline of in‑house and in‑licensed products gaining traction offshore
A focus on deploying R&D into commercial launches rather than early‑stage experiments ^[11]

For the broader market, AFT’s result underscored that export‑orientated healthcare and specialty pharma remains one of the brighter spots on the NZX, even in a choppy macro environment.

Turners Automotive keeps rallying after strong half‑year

Turners Automotive (NZX: TRA) extended its post‑result rally, adding about 25c to $8.02. ^[12]

Yesterday the company reported:

Net profit up around 13% for the first half
Guidance for a record full‑year pre‑tax profit of roughly $60m
A notably upbeat outlook for growth in its finance book, with management signalling that funding growth may come at a lower capital cost than the market had assumed ^[13]

Investors appear to be rewarding Turners’ diversified business model (used cars, finance and insurance) and its ability to grow earnings despite a subdued consumer backdrop.

Oceania Healthcare back in the black but shares ease

Retirement village and aged‑care operator Oceania Healthcare (NZX: OCA) released its half‑year numbers under the banner “Momentum Building on Stronger Foundations”. The company:

Swung from a $17.1m loss a year earlier to a reported net profit of $4.9m
Lifted pro‑forma underlying NPAT by about 19% to $24.1m
Reported total comprehensive income of $40.4m, reflecting fair‑value gains and cost reductions ^[14]

Operationally, Oceania highlighted:

Improved sales conversion and a 5% lift in sales volumes to 271 units
Strong demand for premium care suites and better care‑segment margins
Lower gearing, with leverage brought back into its 30–35% target range ^[15]

However, free cash flow from operations remained negative and the board chose not to declare an interim dividend, signalling a continued focus on balance‑sheet repair. ^[16]

The market reaction was muted to slightly negative: Oceania’s share price edged down to around 82c, with some investors apparently looking for faster traction in new sales and a clearer pathway to sustainable positive free cash flow. ^[17]

Gentrack climbs on fresh wins for its g2 platform

Utilities‑software specialist Gentrack (NZX/ASX: GTK) was another strong mover, rising roughly 4–5% to about $7.85–$7.90. ^[18]

The stock reacted to a cluster of announcements showing accelerating momentum for its cloud‑based “g2” billing and CRM platform:

Pennon Water Services in the UK has selected g2 to modernise its business‑water customer operations – Gentrack’s first water‑sector g2 client in that market. ^[19]
A separate update flagged that g2 is now live at Genesis Energy in New Zealand, supporting the utility’s “Gen35” strategy to simplify and automate retail operations. ^[20]

Together, the deals extend Gentrack’s reach to more than 150,000 additional non‑residential accounts and reinforce the narrative that the company’s multi‑year investment in g2 is translating into global growth and index inclusion (it joined the S&P/NZX 20 Index earlier this year). ^[21]

EROAD’s loss and goodwill write‑down weigh on the stock

Telematics and fleet‑management firm EROAD (NZX/ASX: ERD) was under pressure after its H1 FY26 update titled “Strong cash flow supports focused ANZ market expansion”. The release emphasised improving operating cash generation and a sharper focus on Australia and New Zealand, but the headline numbers told a more complex story. ^[22]

Key points:

Net loss of about $146m for the half, versus an $11m loss a year earlier
The result was dominated by a non‑cash goodwill impairment of around $135m
Underlying revenue and cash flow trends were more positive, with management highlighting a refocused growth plan in its core ANZ markets ^[23]

The market looked through the “strong cash flow” message and focused on the size of the impairment: EROAD’s share price slipped around 5.5c to about $1.485. ^[24]

Big corporate announcements: Air New Zealand, Chorus and Sky TV

Air New Zealand cancels its on‑market buyback

Air New Zealand (NZX/ASX: AIR, AIZ) announced that it will cancel its on‑market share buyback at the close of trading on Tuesday 25 November 2025. ^[25]

Details from the update:

The buyback began in March 2025 and allowed for up to $100m in repurchases
To date, the airline has bought back around 133 million shares for roughly $80m
Management framed the programme as a mechanism to return surplus capital after meeting operational and growth needs, and indicated that the cancellation reflects an updated view of capital priorities and market conditions ^[26]

Investors will now be watching closely for any changes to capex plans, fleet investment, or dividend policy as the airline balances earnings recovery with balance‑sheet discipline.

Chorus taps euro bond market with €400m issue

Network operator Chorus (NZX/ASX: CNU) priced a €400m (seven‑year) Euro Medium Term Note (EMTN) under its existing programme. ^[27]

Key terms:

Maturity: 26 November 2032
Coupon: 3.529% per annum, fixed
Use of proceeds: Refinancing existing notes and general corporate purposes, aligned with ongoing fibre‑infrastructure investment ^[28]

The deal continues Chorus’ strategy of diversifying funding sources and locking in relatively attractive long‑term funding at a time when global rates remain elevated but volatile.

Sky Network Television holds 2025 AGM as new era begins

Sky Network Television (NZX/ASX: SKT) held its 2025 Annual Shareholders’ Meeting in Auckland, releasing the chair and CEO addresses plus an investor presentation. ^[29]

While the full details sit in the deck, commentary from the meeting and prior FY25 results materials emphasised:

Integration of the recently acquired Discovery NZ (now rebranded Sky Free), expected to lift advertising and digital revenues
FY26 standalone Sky guidance pointing to revenue of $745–$770m, EBITDA of $142–$162m and a dividend of at least 30c per share, up sharply from FY25’s 22c dividend
A focus on premium sports and entertainment rights (including extended NZ Rugby rights) to underpin subscription cash flows ^[30]

The AGM effectively marks the start of a new capital‑management chapter for Sky, with the board signalling confidence in cash generation but caution around additional buybacks post‑acquisition.

Capital raising and small‑cap growth stories

TradeWindow pauses trading to raise A$5m and pursue ASX listing

Digital trade‑platform provider TradeWindow (NZX: TWL) entered a trading halt this morning as it launched a A$5m (≈NZ$5.76m) capital raising via a conditional placement at A$0.22 / NZ$0.25 per share, representing about a 20% discount to its recent VWAP. ^[31]

The funds will be used to:

Accelerate development of Freight AI, the company’s next‑generation freight‑forwarding operating system
Strengthen the balance sheet, including repayment of debt
Support growth in Australia, New Zealand and other markets
Facilitate a Foreign Exempt Listing on the ASX, broadening its investor base ^[32]

Trading is expected to resume once the placement is completed and the market has digested the pricing, with a share purchase plan for existing investors to follow subject to shareholder and ASX approvals.

Blackpearl Group delivers strong half‑year execution

Marketing‑technology group Blackpearl (NZX: BPG) released its HY FY26 result, describing it as “strong execution across all priorities”. Management highlighted progress on:

Accelerating annual recurring revenue (ARR)
Advancing the Blackpearl Engine platform
Launching a new AI‑enabled product
Acquiring a “highly synergistic” venture to bolster its B2B marketing capability ^[33]

The result follows earlier capital‑raising activity that brought new and existing investors onto the register to support the acquisition strategy, reinforcing Blackpearl’s positioning as a small‑cap SaaS growth story on the NZX. ^[34]

Macro backdrop: RBNZ in focus as markets price next rate cut

Beyond individual stocks, the Reserve Bank of New Zealand (RBNZ) loomed large in traders’ minds. The central bank delivers its next Official Cash Rate (OCR) review on Wednesday, with markets widely expecting a 25‑basis‑point cut to 2.25%, following October’s move down from 3.0% to 2.5%. ^[35]

A weekly global markets update from AMP and other macro commentary point to:

Ongoing risk‑averse sentiment driven by questions over tech valuations
Uncertainty around the path of US rates after softer data but hawkish central‑bank rhetoric
A global growth slowdown that keeps pressure on central banks – including the RBNZ – to balance inflation control with growth risks ^[36]

On the NZX, that backdrop is:

Supporting interest in defensives and high‑dividend names (utilities, infrastructure, some property)
Creating more volatility in growth, tech and cyclicals tied to global trade and capital markets

What to watch on the New Zealand sharemarket next week

Investors eyeing the week ahead will be focused on several catalysts:

RBNZ OCR decision (Wednesday): Any deviation from the widely expected 25bp cut – or a change in the forward‑guidance tone – could move the NZD and rate‑sensitive sectors such as retirement, property and infrastructure. ^[37]
Fisher & Paykel Healthcare (FPH) half‑year result: FPH, the NZX’s largest stock, reports on Wednesday. The company has already guided to revenue of about $1.075b and net profit around $200m, implying modest revenue growth but a strong profit rebound. Friday’s 26c fall to $36.88 suggests investors are positioning cautiously ahead of the numbers. ^[38]
Further earnings detail from Oceania, EROAD, AFT and Gentrack: Investor briefings and webinars over the coming days will give more colour on margins, capital allocation and growth plans. ^[39]

For now, New Zealand’s sharemarket is drifting rather than breaking, holding most of this month’s gains even as global tech volatility has spiked. Today’s session showed that stock‑specific stories – particularly around earnings quality, cash flow and AI‑linked growth – can still generate significant moves, even when the index itself barely budges.

Ep 296 | 3 stocks now control the market #shorts