New Zealand Stock Market Today: NZX 50 Jumps 0.6% as Gentrack Soars Ahead of RBNZ Rate Decision (24 November 2025)

The New Zealand sharemarket kicked off the week on a strong note on Monday, 24 November 2025, with the benchmark S&P/NZX 50 Index climbing around 0.6% to about 13,500 points, adding roughly 80 points by the close. ^[1]

A powerful rally in technology stocks – led by software developer Gentrack – combined with solid gains in transport, airports and selected healthcare and industrial names, helped offset softness in consumer names and some small caps. At the same time, investors continued to position for an expected 25-basis-point cut to the Official Cash Rate (OCR) by the Reserve Bank of New Zealand (RBNZ) on Wednesday. ^[2]

Headline numbers: NZX 50, breadth and volumes

According to official NZX index data, the S&P/NZX 50 closed at 13,499.85, up 80.45 points or 0.60% on the day. ^[3]

The index traded as low as 13,370 in the morning before grinding higher into the close. ^[4]
Market breadth was constructive, with more gainers than decliners on the main board – 86 stocks up versus 54 down, signalling broad participation in the rebound. ^[5]
Turnover spiked to about 71.3 million shares worth $472.9 million, boosted by index-related rebalancing flows. ^[6]

Trading was extended by 45 minutes in the evening “Adjust” session to accommodate the quarterly MSCI equity index review, prompting a late burst of price and volume activity as global managers adjusted portfolios. ^[7]

Sector-wise, the official S&P/NZX sector table shows a clear risk-on tilt: ^[8]

Information Technology: up about 9.0%, the standout performer.
Materials: up around 2.3%.
Industrials: up about 1.0%.
Utilities, health care and financials were modestly higher.
Consumer Discretionary and Consumer Staples slipped roughly 0.6–1.0%, as retailers and food names lagged.

Gentrack rockets on earnings surprise and upbeat outlook

The clear star of the session was software company Gentrack (GTK), which delivered a strong full-year result and an optimistic outlook for FY26 and beyond.

The stock surged about 18% to $9.28, making it one of the top-performing names on the NZX main board. ^[9]
Gentrack reported FY25 revenue of about $230m, up 8%, with recurring revenue rising 13%.
Net profit after tax jumped around 119% to roughly $21m, reflecting operating leverage as its utilities and airports software businesses scale. ^[10]
The company is not paying a dividend, choosing instead to reinvest in product and growth initiatives, but signalled confidence that revenue growth should accelerate in FY26 thanks to a robust pipeline. ^[11]

Operationally, Gentrack highlighted:

A key milestone with Genesis Energy going live on its new cloud-based g2.0 platform, integrating Salesforce CRM.
Upcoming deployments at ACEN in the Philippines and Pennon Water Services in the UK, underscoring the company’s growing international footprint. ^[12]

Analysts quoted in local coverage noted that the stock has had a tough year, but Monday’s rally reflected renewed confidence in multi‑year earnings growth and rising recurring revenue, particularly in the utilities and airports segments. ^[13]

Other big movers: tech, logistics, infrastructure and healthcare

Beyond Gentrack, several mid- and large-cap names added momentum to the NZX 50: ^[14]

EROAD (ERD) jumped nearly 10%, featuring among the top gainers on the main board as investors continued to rotate back into growth and tech-adjacent names. ^[15]
Freightways advanced just over 2% to around $14.21, helped by improving risk sentiment and ongoing interest in logistics plays. ^[16]
Auckland International Airport climbed about 2.4% to $8.01, as tourism and travel exposure remained in favour. ^[17]
Chorus gained around 16 cents to just under $10, supported by its defensive cashflows and ongoing income appeal. ^[18]
In health and insurance, Sanford, Vulcan Steel, Vital Healthcare Property Trust and Tower all posted gains of roughly 2–3%, reflecting appetite for yield and quality earnings. ^[19]

On the small-cap and warrant side, the NZX’s own end-of-day board showed: ^[20]

Me Today warrants (MEEWA, MEEWB) up about 33%, reacting to recent capital-raising activity.
Santana Minerals (SMI) up nearly 4.9% to $0.97, helped by regulatory progress at its flagship gold project (more below).

a2 Milk, Genesis, Ryman and Kiwi Property in the news

Several high‑profile issuers released material updates that shaped investor sentiment across the day.

a2 Milk: China approval inches closer

The a2 Milk Company (ATM) announced it had received key approvals from New Zealand’s Ministry for Primary Industries (MPI) and China’s GACC to advance regulatory steps for transitioning two China‑label infant formula registrations from its Pōkeno facility to a2 Milk‑branded products. ^[21]

The final regulatory hurdle is an application to China’s State Administration for Market Regulation (SAMR), expected to be lodged in December, with a review taking around six months.
Despite the positive update, a2 Milk’s share price eased about 1.5% to $10.72, reflecting profit‑taking after strong recent gains and lingering regulatory risk. ^[22]

Genesis Energy: greenlight for major solar project

Genesis Energy (GNE) confirmed a Final Investment Decision (FID) on the $236m Edgecumbe Solar Farm in the Bay of Plenty. ^[23]

The 136MWp plant is expected to generate roughly 238GWh per year, enough to power around 29,800 homes, and will support Genesis’ broader Gen35 strategy to deliver 500MWp of solar capacity.
Construction is due to begin shortly, with first generation targeted for late FY27.
The project will initially be funded on balance sheet, with management flagging potential capital recycling once the asset is operating. ^[24]

The stock nonetheless appeared among modest decliners in Monday’s NZX50 list, suggesting some investors used the news to lock in recent gains after a strong multi‑month run. ^[25]

Ryman Healthcare: refinancing strengthens balance sheet

Retirement village operator Ryman Healthcare (RYM) announced it has fully refinanced its $2.0bn syndicated loan facilities, extending average tenor to about five years and adding flexibility to its debt structure. ^[26]

Including a $150m retail bond, Ryman now has total facilities of roughly $2.2bn and more than $500m of headroom at 30 September. ^[27]
The board will review capital management and dividends in FY26, once the balance-sheet reset is complete.

Shares in Ryman ticked up to about $2.89, as the market welcomed reduced refinancing risk in a period of falling interest rates. ^[28]

Kiwi Property: solid half-year, cautious property backdrop

Commercial landlord Kiwi Property Group (KPG) delivered HY26 net rental income of $102m, up 7%, with operating profit before tax rising 11.5% to $62.9m. However, net profit after tax slipped to $9.8m due to fair value movements on its portfolio. ^[29]

AFFO increased 7.2% to $51.9m, supporting an interim dividend of 2.8 cents per share, up 3.7%. ^[30]
Net tangible assets per share eased to $1.12, while the portfolio value held around $3.3bn, with gearing steady at about 38.5%. ^[31]

The stock edged slightly lower, suggesting investors remain cautious on property valuations even as operational metrics improve. ^[32]

Metroglass and Kingfish: earnings and portfolio updates

Metroglass: turnaround on track after recapitalisation

Metro Performance Glass (MPG) reported unaudited 1H26 revenue of $108m, down about 5% year‑on‑year, but delivered a much stronger profit profile. ^[33]

Key points from the NZX announcement: ^[34]

Net debt slashed from $60.5m (31 March 2025) to $27.4m following the September capital raise.
Profit before interest and tax swung from a $1.08m loss to a $9.54m profit.
Profit before significant items rose to $964k from $349k.

Management noted that market softness continues in core construction end‑markets, but stressed that efficiency gains and consolidation of processing sites are improving margins, with delivery‑in‑full‑on‑time (DIFOT) above 90–95%. ^[35]

Kingfish: lower profit but steady dividends

Listed investment company Kingfish Limited (KFL) posted an interim net profit of $16.4m, down about 62% from the prior comparable period, on revenue of roughly $20m (–57% year‑on‑year). ^[36]

Net tangible assets per share dipped from $1.41 to $1.34, reflecting more modest portfolio returns in the half.
The board maintained its quarterly dividend pattern, declaring an interim distribution of 2.7 cents per share, in line with its long‑running policy of paying 8% of opening NTA per annum. ^[37]

For income‑focused investors, the update reinforced Kingfish’s role as a yield vehicle tied to domestic equities, even as capital returns fluctuate with the cycle.

Capital management and ETF flows: Bremworth, Air New Zealand and Smartshares

Bremworth: share cancellation trims register

Bremworth Limited filed a capital change notice confirming the acquisition and cancellation of 1,472,154 fully paid ordinary shares previously issued to its long‑term incentive (LTI) trust. ^[38]

While the transaction is modest in size, it slightly reduces the effective free float and signals continuing use of buybacks and incentive structures to manage the shareholder base.

Air New Zealand: ongoing share buyback

A separate notice confirmed the ongoing execution of Air New Zealand’s on‑market and off‑market share buyback programmes, originally announced in February 2025. The buybacks cover both the NZX and ASX listings, as well as an agreement with the Crown to repurchase shares held by the government. ^[39]

Air New Zealand’s stock was among the milder decliners in the NZX50, slipping around 2% on the day, with the buyback helping to cushion the move amid macro uncertainty and fuel-price volatility. ^[40]

Smartshares ETFs: NTA updates across the board

Smartshares Limited, the NZX‑owned ETF manager, released updated Net Tangible Asset (NTA) figures and units on issue for its broad suite of exchange‑traded funds as at 21 November 2025. ^[41]

These regular disclosures give transparency on portfolio values and unit growth, and Monday’s reporting reinforces the central role of ETFs in local investors’ diversification strategies – particularly NZ Top 50, NZ Top 10 and NZX 50‑tracking funds, which mirrored the day’s 0.4–0.8% gains. ^[42]

Santana Minerals and gold: regulatory green light sparks buying

Gold explorer Santana Minerals (SMI) had an eventful day:

Trading in the stock was halted before market open after NZX Regulation approved a halt request. ^[43]
Later in the day, the company confirmed that the Environmental Protection Authority (EPA) has accepted its application for the Bendigo–Ophir Gold Project in Central Otago under New Zealand’s Fast‑track Approvals Act. ^[44]

The application now goes to an expert panel, with a decision expected within about six months. Investors responded positively:

Santana’s share price rose roughly 4.9% to $0.97, placing it among the main board’s top performers. ^[45]

The move highlights ongoing interest in domestic gold projects, particularly those that can navigate the regulatory process quickly in a still‑uncertain global growth environment.

Laggards: retail, small caps and payroll tech under pressure

Not every stock shared in Monday’s optimism. NZX data shows several consumer and small‑cap names underperformed: ^[46]

Savor (SVR) fell about 8%, the biggest main‑board loser.
2 Cheap Cars Group (2CC) dropped around 7.4%, extending a tough year for the used‑vehicle retailer amid tighter consumer spending and regulatory scrutiny. ^[47]
New Zealand King Salmon (NZK) lost more than 4%, as investors remain wary of cyclical earnings in aquaculture. ^[48]
Kathmandu (KMD) slipped about 3.6%, and PaySauce (PYS) fell just over 3%, reflecting some profit‑taking in smaller growth and consumer names. ^[49]

These moves underline that, even on an index up‑day, stock‑specific stories and sector headwinds still matter – particularly for companies exposed to discretionary demand and early‑stage growth models.

Global backdrop: Fed rhetoric, ASX rally and the RBNZ countdown

Monday’s local rally did not happen in a vacuum. Markets across Asia‑Pacific were buoyed by:

A positive lead from Wall Street, where US indices rallied on Friday after New York Fed President John Williams suggested interest rates could be cut “in the near term.” ^[50]
Futures pricing now implies a better‑than‑even chance of a Fed cut in December, reinforcing the global pivot from hiking cycles to easing. ^[51]
Across the Tasman, Australia’s S&P/ASX 200 climbed around 1.2%, with industrials, financials and health stocks leading, providing a supportive regional backdrop for NZX risk assets. ^[52]

For New Zealand specifically, the focus is squarely on the RBNZ’s Monetary Policy Statement on Wednesday, 26 November 2025: ^[53]

The official OCR is widely expected to be cut by 25bps to 2.25%, with Westpac, BofA and the NZIER Shadow Board all leaning toward this outcome. ^[54]
Markets are effectively fully pricing in at least a quarter-point move, and some commentary suggests a small risk of a larger cut if the RBNZ wants to get ahead of slowing domestic growth. ^[55]
The New Zealand dollar hovered near US$0.56, reflecting both the easing outlook and global risk appetite. ^[56]

The combination of global Fed optimism and local easing expectations helped lift risk assets on the NZX, particularly those leveraged to growth and long‑duration cashflows, such as software, infrastructure and property.

What Monday’s move means for investors

For local and international investors following the New Zealand market, today’s session highlighted several themes:

Tech is back in the driver’s seat
- The outsized move in Gentrack – backed by genuine earnings growth and pipeline visibility – shows there is still significant appetite for quality growth stories, particularly those tied to energy transition and infrastructure digitisation. ^[57]
Rate-cut positioning favours yield and defensives – but with a twist
- Utilities, infrastructure and selected healthcare names saw steady buying, consistent with the idea that lower rates support long‑duration, cash‑generative assets. ^[58]
- However, the weakness in some consumer stocks suggests investors remain cautious about household demand and discretionary spending, even in a lower‑rate environment. ^[59]
Balance-sheet repair is being rewarded
- Ryman’s refinancing and Metroglass’s sharp debt reduction both attracted positive attention, underscoring a market preference for stronger balance sheets as the cycle turns. ^[60]
Regulatory milestones can be major catalysts
- a2 Milk’s progress through Chinese regulatory channels and Santana Minerals’ fast‑track application with the EPA show how regulatory news can move stocks sharply, in both directions. ^[61]

The road ahead this week

Looking beyond today’s close, investors in the New Zealand market will be watching:

Wednesday’s RBNZ decision (26 November 2025) – not just the headline OCR move, but also the projection track and language around future cuts, which will drive rate markets and bank funding costs. ^[62]
Any follow‑up commentary from the major banks and rating agencies on the outlook for growth, unemployment and house prices.
Additional corporate guidance from NZX‑listed companies digesting lower funding costs, including potential changes to dividend policies or capex plans.

For now, Monday’s trade suggests the NZX 50 has found its footing after recent volatility, with global central‑bank tailwinds and a burst of positive company‑specific news lifting the benchmark back toward the top of its recent range.

Weekly Finance Update 1 | OCR, Interest Rates, Stock Markets