New Zealand Stock Market Today: NZX 50 Climbs 0.8% as Earnings Season Lifts Sentiment

WELLINGTON – New Zealand’s stock market snapped its recent losing streak on Thursday, 20 November 2025, with the benchmark S&P/NZX 50 Index closing 0.84% higher at 13,439.40, up 112.5 points from Wednesday’s finish of 13,326.90. Turnover on the main board was about NZ$118 million with roughly 30.1 million shares traded, as investors digested a flurry of local earnings alongside a powerful global rally sparked by Nvidia’s blockbuster results. ^[1]

Key numbers: New Zealand stock market today

S&P/NZX 50 Index: 13,439.40, +0.84% (up 112.5 points) ^[2]
Breadth: Around 43 gainers and 33 decliners among NZX 50 constituents by mid‑afternoon. ^[3]
Turnover: Approx. NZ$117.9m value, 30.1m shares traded on the main board. ^[4]
Top main‑board gainers: PaySauce, New Talisman Gold Mines, Enprise Group, AFT Pharmaceuticals, PGG Wrightson. ^[5]
Top main‑board decliners: Barramundi warrants, TruScreen Group, Accordant Group, Move Logistics, T&G Global. ^[6]

Over the last six months, the NZX 50 is still up about 5.9%, and roughly 5.2% over the past year, even after a choppy November. ^[7]

Nvidia-powered global rally lifts the NZX 50

New Zealand shares rode the tailwind from a broad Asian equity rally after U.S. chip giant Nvidia posted eye‑watering quarterly revenue and guided even higher, easing fears that the AI boom had run ahead of fundamentals. ^[8]

Across the region:

Japan’s Nikkei 225 jumped about 2.6%,
South Korea’s Kospi climbed nearly 2%, and
Taiwan’s market surged more than 3%, led by semiconductor names in Nvidia’s supply chain. ^[9]

An Asia‑Pacific snapshot from RTT News showed New Zealand’s S&P/NZX 50 climbing 0.84% to 13,439.40, in line with this global “relief rally”. ^[10]

At the macro level, investors are also wrestling with:

Delayed U.S. jobs data, now due after the Federal Reserve’s December meeting, which has reduced the odds of another 2025 rate cut; ^[11]
A modestly stronger U.S. dollar as markets reassess the Fed’s path; ^[12]
Ongoing geopolitical and trade tensions that continue to influence commodity prices and risk appetite. ^[13]

Despite that complicated backdrop, New Zealand’s market joined the global upswing as local investors focused on company‑specific stories and a cluster of upbeat earnings updates.

Big NZX 50 movers: infrastructure, utilities and tourism

By mid‑afternoon, market breadth was clearly positive, with Infratil, Gentrack, Chorus and SkyCity all up about 2% on the day. ^[14]

Infratil (IFT) – The infrastructure investor gained roughly 2%, adding to a strong six‑month return but still slightly lower over the past year. ^[15]
Gentrack (GTK) – Also up around 2%, though still nursing double‑digit declines over the month and year as investors weigh the outlook for utility and airport software spending. ^[16]
Chorus (CNU) – The fibre network operator climbed about 2%; its share price is up mid‑teens over six months and modestly higher year‑on‑year. ^[17]
SkyCity Entertainment (SKC) – The casino operator rose around 2%, capping an 11% monthly gain but remains sharply lower than a year ago as investors continue to factor in regulatory and earnings risks. ^[18]

On the downside within the NZX 50:

Kathmandu Brands (KMD) and Oceania Healthcare (OCA) each traded about 3% lower, with Kathmandu now down heavily over the past year despite a recent rally in Oceania. ^[19]
Tourism Holdings (THL) and a2 Milk (ATM) both slipped around 2%, even though each has delivered strong six‑month and 12‑month share price gains. ^[20]

BusinessDesk noted that the New Zealand market reversed Wednesday’s losses, with My Food Bag rallying on its half‑year earnings while a2 Milk “faltered” after its annual meeting and guidance update, underscoring how selectively investors are rewarding growth stories. ^[21]

Top main‑board gainers and decliners

Official NZX data showed a clear risk‑on tone in smaller and mid‑cap names: ^[22]

Biggest gainers (NZX Main Board)

PaySauce (PYS) – Up about 10.7% to 31 cents, putting the payroll software provider at the top of the performance table, with its 12‑month gain approaching 50%.
New Talisman Gold Mines (NTL) – Added 10% to 4.4 cents, continuing a volatile run for the micro‑cap gold explorer.
Enprise Group (ENS) – Rose nearly 6% to 53.5 cents; the tech investment group has been highlighting growth in its MYOB‑focused software and services portfolio. ^[23]
AFT Pharmaceuticals (AFT) – Gained 4.62% to NZ$3.40 after unveiling strong half‑year results (see below). ^[24]
PGG Wrightson (PGW) – Climbed just over 4% to NZ$2.31, extending an already solid 12‑month rebound for the rural services group. ^[25]

Biggest decliners

Barramundi warrants (BRMWI) – Fell about 11% to 1.6 cents, making the investment company’s call warrants the session’s weakest performer. ^[26]
TruScreen Group (TRU) – Down roughly 5% to 1.9 cents, continuing a tough year for the cervical cancer screening device maker. ^[27]
Accordant Group (AGL) – Dropped about 4.8% to 29.5 cents, leaving the recruitment and staffing firm almost half its level of a year ago. ^[28]
Move Logistics (MOV) – Lost 4.6% to 21 cents amid ongoing concerns about demand and freight margins. ^[29]
T&G Global (TGG) – Eased around 4.4% to NZ$2.20, giving back some of its strong 12‑month gain as horticulture investors re‑assess earnings sensitivity to weather and export conditions.

Goodman Property Trust: logistics landlord delivers robust interim result

One of the day’s most closely watched releases came from Goodman Property Trust (GMT), a major owner of warehouse and logistics assets around Auckland.

GMT’s interim results for the six months to 30 September 2025 showed:

Total portfolio value:NZ$4.7 billion, including external capital partners in the new Highbrook Fund.
Net property income: Up 7.5% to NZ$119.7m, driven by earlier‑than‑expected development completions and like‑for‑like rental growth of about 5.2%.
Operating earnings before tax: Increased 10.4% to NZ$83.1m, supported by new management fee income from the Highbrook fund.
Cash earnings: Up 6.7% to 3.99 cents per unit.
Distributions: Lifted 5% to 3.4125 cents per unit for the half, with full‑year distribution guidance of 6.825 cents reaffirmed.
Statutory profit after tax: Rose 35.8% to NZ$61.8m.
Capital recycling: Nearly NZ$700m of assets sold or syndicated, cutting the look‑through loan‑to‑value ratio to 19.6% and boosting liquidity.

Management emphasised that the combination of low gearing, strong occupancy (97.7%), and a long lease profile positions GMT to continue growing earnings and distributions, with a potential move to a stapled structure under consideration for 2026.

For the broader New Zealand stock market, GMT’s update reinforced the idea that industrial property and logistics remain one of the market’s more resilient income plays, even as higher interest rates pressure other parts of the real estate sector.

AFT Pharmaceuticals: 10th straight first‑half revenue increase

Healthcare name AFT Pharmaceuticals (AFT) enjoyed a strong session after reporting a record first‑half revenue result. For the six months to 30 September 2025, AFT said:

Operating revenue jumped 33% year‑on‑year to NZ$114.9m, its 10th consecutive first‑half increase since listing.
Growth was led by Australia, with particularly strong sales in over‑the‑counter and prescription medicines, while Asia and other international markets rebounded sharply from temporary disruptions in the prior period.
EBITDA improved to NZ$6.6m and operating profit to NZ$4.7m, swinging from losses a year earlier as new products scaled up.
Net profit after tax came in at NZ$2.7m, versus a loss in the prior year.
The company reaffirmed FY26 operating‑profit guidance of NZ$20–24m and reiterated a medium‑term target of NZ$300m in annual revenue by FY27.

AFT also highlighted progress in its R&D pipeline, including late‑stage work on an intravenous iron formulation (recently licensed into China after the half‑year), antibiotic eye drops and paediatric pain treatments, as well as expansion of business hubs in the UK, Canada and South Africa.

Investors appeared to welcome both the return to profitability and the reaffirmed growth roadmap, helping push AFT into the day’s top five gainers.

a2 Milk: guidance upgrade but a softer share price

Dairy nutrition heavyweight a2 Milk dominated headlines after it upgraded its FY26 revenue guidance at its annual shareholder meeting. According to its NZX release, the company now expects:

Low double‑digit revenue growth in FY26 versus FY25,
Stronger‑than‑expected trading across Infant Milk Formula (IMF), Other Nutritionals and Liquid Milk,
A weaker New Zealand dollar to inflate reported sales and costs, with only a modest net impact on EBITDA due to hedging,
EBITDA margin of around 15–16%,
Net profit after tax expected to be slightly ahead of FY25,
Cash‑conversion of roughly 80–90%, with capital expenditure of NZ$60–80m.

Despite this upbeat outlook, both Australian and New Zealand commentaries noted that a2 Milk’s share price eased on the day, as investors weighed already‑strong 12‑month gains and digested details from the AGM presentations.

The reaction underlines a familiar NZX theme in 2025: guidance upgrades are no guarantee of an immediate rally, especially when valuations already price in a large part of the recovery story.

My Food Bag and Turners: domestic demand on display

Two domestically focused consumer names also took centre stage.

My Food Bag: growth, cash generation and a dividend

Meal‑kit provider My Food Bag (MFB) reported H1 FY26 revenue of NZ$85.4m, up 3.8% on the prior year, with:

Gross margin of 48.5%,
EBITDA of NZ$7.2m and NPAT of NZ$2.9m,
Net debt reduced to NZ$5.5m,
Free cash flow of NZ$3.1m, and
Active customers rising to 61,300, supporting 4.6% year‑to‑date revenue growth.

The board declared a fully imputed interim dividend of 0.75 cents per share, payable in December – a key signal that management believes the turnaround is gaining traction. Management highlighted product innovation, including a Diabetes Plan and the My Food Bag Shop, as drivers of customer engagement and incremental revenue.

BusinessDesk reported that My Food Bag shares rallied on the update, making the stock one of the day’s standout small‑cap performers.

Turners Automotive: record half‑year profit

Used‑vehicle and financial services group Turners Automotive (TRA) delivered a record HY26 result, saying it had “maintained momentum” despite a challenging consumer backdrop. Key numbers versus the prior half:

Revenue: NZ$219m, +5%
EBIT (adjusted): NZ$34.1m, +10%
Profit before tax: NZ$30.4m, +13%
NPAT: NZ$21.9m, +13%
EPS: 24.2 cents, +11%
Interim dividend: 8.0 cents per share (fully imputed)

Turners pointed to:

Finance as its fastest‑growing division, with 18% profit growth and a 13% larger loan book,
Ongoing growth in insurance premiums (around 10%),
Margin expansion in auto retail thanks to tighter inventory management, and
A $200m securitisation that reduces funding costs and supports further lending.

Management reiterated a full‑year NPBT target of about NZ$60m, implying potential dividends of at least 32 cents per share, up from 29 cents last year.

For investors looking at New Zealand’s domestic economy, Turners’ result — and its confidence in ongoing dividend growth — suggests household demand may be cooling but far from collapsing, especially in used vehicles and associated finance.

Macro backdrop: New Zealand dollar and data watch

The New Zealand dollar was relatively subdued against the U.S. dollar, with Trading Economics data showing NZD/USD around 0.5606, up roughly 0.2% on the day but about 2.4% weaker over the past month as markets adjusted to shifting Fed and RBNZ expectations.

On the local data front, traders were eyeing October trade figures and credit‑card spending data scheduled for later today, along with upcoming Q3 retail sales and an RBNZ rate decision next week, all of which will shape views on how long domestic interest rates need to stay restrictive.

Globally, attention remains fixed on:

The delayed U.S. jobs report that will now arrive after the Fed’s final 2025 meeting;
Ongoing debate about how far central banks can ease policy in 2026; and
Whether Nvidia’s latest results truly mark a fresh leg higher for AI‑linked equities or simply a breather in what has been a volatile year.

What today’s move means for investors

Today’s 0.8% rise in the NZX 50 doesn’t, by itself, signal a new bull market — especially after a rough patch over the last five sessions — but it does underline a few themes that matter for anyone watching the New Zealand stock market:

Earnings still matter more than macro noise.
Companies that can show profitable growth with strong balance sheets — like GMT, AFT and Turners — are still being rewarded, even in a higher‑rate environment.
Valuation discipline is back.
The muted reaction to a2 Milk’s guidance upgrade shows that markets are less willing to chase stories that have already re‑rated sharply, even when the fundamentals are improving.
Smaller growth names can still move sharply.
Double‑digit moves in PaySauce, New Talisman and Enprise highlight that liquidity is thinner in small caps — good news on a quiet day can still drive outsized price swings.
The global AI trade is influencing local sentiment.
Nvidia’s results don’t directly change New Zealand earnings, but today’s rally shows how global risk appetite feeds through quickly to the NZX, especially via tech, infrastructure and high‑growth names.

For now, the takeaway is simple: New Zealand stocks joined a global relief rally on 20 November 2025, with logistics property, healthcare and diversified financials leading the charge — and investors increasingly selective about which growth stories they back.

How To Find Cheap Recovery Stocks | NZX Stocks